UPDATE 1-Wall Street vs commodity traders at US swaps hearing
* CFTC writing rules for swaps for first time * Banks complain that new rules favor futures * Exchanges have launched new products to move clients out of swaps By Douwe Miedema WASHINGTON, Jan 31 (Reuters) - Wall Street banks and Chicago commodity traders on Thursday traded blows before the top U.S. derivatives regulator on whether new rules for swaps unduly favor one or the other of the two groups. The Commodity Futures Trading Commission is drawing up rules for swaps, whi
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