The US futures regulator on Wednesday insisted traders should be able to choose between exchanges that offer trading and clearing of over-the-counter derivatives, signalling that the Obama administration may be starting to address barriers to competition in exchange-traded derivatives markets.

Gary Gensler, chairman of the Commodity Futures Trading Commission, said in congressional testimony that as OTC derivatives became standardised and moved onto exchanges and other electronic platforms, open positions between the various platforms should be “fungible”.