SECURITIES

SEC Reviews Bankers Trust Derivatives: The Securities and Exchange Commission is for the first time flexing its regulatory muscle in the arcane world of customized securities known as derivatives. The federal watchdog of the stock and bond markets is reportedly investigating whether Bankers Trust New York Corp., a leading dealer of derivatives, violated federal laws when it sold them to Procter & Gamble Co. and Gibson Greetings Inc. Also believed to be investigating is the Commodities Futures Trading Commission, an SEC sister agency that historically has regulated some derivatives dealings. Neither the agencies nor Bankers Trust would comment.