June 25, 2010
By Gregory Meyer and Aline van Duyn
New US financial legislation will turn a regulator established in the 1970s to police American corn and wheat trading into the world’s leading derivatives watchdog.
The Commodity Futures Trading Commission (CFTC) will emerge from the financial reform bill, which is close to completion, with a large new remit, authorised to look beyond futures exchanges to the $615,000bn privately traded over-the-counter derivatives markets.
The CFTC’s likely new clout is a coup for Gary Gensler, a former Goldman Sachs partner who, since assuming the CFTC chairmanship in May 2009, has infuriated Wall Street with his push for drastic derivatives reform and unrelenting criticism of banks and their profit motive…
Read Full Article on Financial Times.
Last Updated: August 6, 2010