MSN – Two agencies with oversight of the financial markets are trying to coordinate their regulations to eliminate differences involving similar types of investments and instruments.

The Securities and Exchange Commission, the government’s primary markets watchdog, and the Commodity Futures Trading Commission — which oversees the trading of oil, gas and other commodities as well as financial instruments — have battled in the past over regulatory turf and found separate supporters in Congress.

But as lawmakers craft an overhaul of the nation’s financial rules and consider the Obama administration’s sweeping proposal, the two agencies recently reached an agreement on sharing regulation of the over-the-counter derivatives market. Derivatives are traded in a $600 trillion unregulated market worldwide.

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Tags: commodities, derivatives market, financial-instruments, obama, securities-and-exchange, unregulated market, watchdog