Bank of Canada Governor Mark Carney has asked a federal panel studying securities regulation to include derivatives as part of its review, reports Bloomberg News.

Carney told the Expert Panel on Securities Regulation that it was widely acknowledged that regulators failed to keep up with fast changes in derivatives and the way they are bought and sold, according to the Globe and Mail.

Daily turnover in the over-the-counter currency and interest-rate derivatives in Canada rose to $71 billion in 2007, up 34% since 2004, the newspaper said, citing the Bank for International Settlements.

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