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To: Richard Mazzarella who wrote (50484)	3/17/2000 2:54:00 PM
From: long-gone	Respond to of 116873

I'll believe it when I see it: Friday March 17, 2:13 pm Eastern Time Summers' speech urges clearer derivatives rules BOCA RATON, Fla, March 17 (Reuters) - Congress should take new steps to clarify U.S. derivatives regulations and help make markets more competitive, U.S. Treasury Secretary Lawrence Summers urged on Friday in the text of a speech he was scheduled to deliver. Summers was slated to address the annual Futures Industry Association conference here but left before delivering the speech Friday morning. Text of his speech was released here afterwards. Summers returned to Washington D.C., to attend an unexpected event at the White House on handgun legislation, FIA president John Damgard said. In his prepared remarks, Summers called on Congress to provide legal certainty for the over-the-counter derivatives market and give regulatory relief to the nation's exchanges. ``This will give the industry the benefits of a clear regulatory and legal environment and thus help to promote U.S. competitiveness at a critical juncture,' he wrote. Summers' speech also addressed the importance of transparent financial markets to the broader U.S. economy as well as the role of the public sector in supervising markets. ``The government cannot impose counterparty discipline, but it can help to enhance the effectiveness of market discipline by creating an environment of greater transparency and disclosure,' Summers added.