Top executives of the two largest U.S. derivatives exchanges say regulators must take further steps to align Dodd-Frank Act rules with those of foreign counterparts to avoid oversight splits that could harm markets.

The Commodity Futures Trading Commission and overseas agencies have a few months to improve coordination before differences hurt business, IntercontinentalExchange Inc. Chairman and Chief Executive Officer Jeffrey Sprecher said at a House Agriculture Committee hearing where he testified alongside CME Group Inc. Executive Chairman Terry Duffy.

"Global financial reform efforts are not being harmonized, and substantial differences remain between regulatory regimes," Sprecher said at today's hearing in Washington. "It is crucial to understand that if countries erect barriers, markets and market participants will be damaged."