The Securities and Exchange Commission and the Commodity Future Trading Commission have jointly issued a proposed framework that would allow trading of futures on debt indexes, thus creating a new class of tradable derivatives contracts. The new products, said SEC Chairman Christopher Cox in a statement "can provide additional ways to diversify and manage risk. That's good both for capital formation and for the protection of investors." Under federal law, both agencies needed to be involved in allowing an otherwise forbidden trading activity according to the SEC. Following a 30-day comment period, the two commissions expect to adopt final rules by June 30.