The European Parliament's economic-affairs committee voted 36-1 to approve a measure that would standardize over-the-counter derivatives contracts and move them through central clearinghouses. The draft law aims to improve transparency in the derivatives market and reduce risk. "This trillion-dollar gray zone must become more transparent," said Werner Langen, a German lawmaker. "We are in favor of transparency and security, especially of derivatives which are traded over the counter and might create turbulence in financial markets."

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