Agency Deals Setback to Markets

The Commodity Futures Trading Commission on Monday decided to allow two futures-type financial instruments to be traded outside organized exchanges, dealing a setback for the futures industry based in Chicago.

In a ruling sought by many banks and businesses, the agency that regulates the nation’s futures exchanges voted to exclude the burgeoning, billion-dollar swap markets from its control.

And, in a defeat for the exchanges, the commission cleared the way for firms to issue directly to the public some over-the-counter instruments that resemble options.

The commission approved a statement saying swap transactions will not be regulated as futures or commodity options.