Legislation to regulate derivatives appeared to be on the fast track Thursday as two House committee chairman said they were close to a final agreement on a bill that would significantly curb trading of credit-default swaps and provide strong incentives for banks to bring contracts on to regulated exchanges.

The deal between House Financial Services Committee Chairman Barney Frank and Agriculture Committee Chairman Collin Peterson signals the bill is not likely to get tied up in a jurisdictional fight that could delay or scuttle it.

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