Congressional investigators are examining whether stock exchanges and the Securities and Exchange Commission are equipped to police trading activity ahead of market-moving deals, particularly as hedge funds become an increasingly large presence in the financial markets.

At the request of Sen. Finance Committee Chairman Charles Grassley, R-Iowa, the Government Accountability Office earlier this month agreed to examine whether the SEC had adequate procedures in place to oversee stock exchange regulators, including the New York Stock Exchange and NASD.

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