The Securities and Exchange Commission has passed along a request to the Financial Accounting Standards Board that it consider making changes in how to account for derivatives contracts designated as hedging instruments.

The request comes at a time of heightened scrutiny of the derivatives market in the wake of JPMorgan Chase’s admission of a $2 billion loss tied to trading in credit default swaps. The bank has claimed the trades would not have violated the so-called Volcker Rule in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which bans proprietary trading by commercial banks, but allows for some exceptions, as in the case of hedging activities.

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