CFTC Chairman Gary Gensler: OTC derivatives dealers will be subject to robust oversight
21 July 2010
Gensler welcomed the fact that standardized derivatives will be required to trade on open platforms and be submitted for clearing to central counterparties which will greatly improve transparency and lower risk in the marketplace.
Commodity Futures Trading Commission Chairman Gary Gensler today commented on the Senate passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The House of Representatives previously passed the bill, which now heads to the President’s desk.
Chairman Gensler said:
’The Wall Street reform bill passed today is historic and comprehensive. Over-the-counter derivatives dealers will – for the first time – be subject to robust oversight for their derivatives activities. Standardized derivatives will be required to trade on open platforms and be submitted for clearing to central counterparties. This will greatly improve transparency and lower risk in the marketplace. I look forward to the President signing this crucial legislation. The CFTC stands ready to implement the Dodd-Frank Act to best protect the American public.’
© CFTC - Commodity Futures Trading Commission
