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Sullivan & Cromwells Jay Clayton tapped to chair agency
Departures of two commissioners could transform the agency.
Tensions high after employees learn agency contracted to spend nearly half a million dollars on labor lawyers.
Wall Street challenge to agency's jurisdiction of overseas swaps markets largely thrown out in U.S. district court.
Agency will bolster examinations of clearinghouses for swaps trades to ensure they don't create new threats to stability of financial markets.
CFTC commissioner cites legal and enforcement issues surrounding agency's regulation of swaps trades performed by U.S.-based firms for overseas affiliates.