WASHINGTON, June 22 (Reuters) - U.S. securities and futures regulators should first try to divide up oversight of the over-the-counter derivatives market before Congress writes legislation, Senator Jack Reed said on Monday.

"I think they should get the first cut figuring out where the boundaries are," Reed, a Rhode Island Democrat, told reporters after a Senate hearing about derivatives regulation.

Mary Schapiro, chairman of the U.S. Securities and Exchange Commission, said the SEC should police securities-related OTC derivatives while the Commodity Futures Trading Commission should should get responsibility for all other OTC derivatives.

(Reporting by Karey Wutkowski and Charles Abbott; Editing by Richard Chang)