CFTC's Gensler urges changes to derivatives legislation

10/26/2009 | Bloomberg

Gary Gensler, chairman of the Commodity Futures Trading Commission, said Congress should improve the derivatives legislation it was considering by requiring more trades to be routed through clearinghouses. "Broadening coverage could result in substantial further reduction in financial-system risk," Gensler said. He said about half of the global $600 trillion over-the-counter derivatives market is in the U.S. "We want to bring more transactions' onto clearinghouses, he said. "In both bills, there's an opportunity to work with the committee chairs and the leadership to do that."

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