Statement of Support
Chairman Gary Gensler
July 6, 2012
Washington, DC – Commodity Futures Trading Commission Chairman Gary Gensler today issued the following statement:
“I support the formal reopening of the comment period on the CFTC’s initial margin proposal so that we can hear further from market participants in light of work being done to internationally harmonize an approach to margin.
“The CFTC has been working with the Federal Reserve, the other U.S. banking regulators, the Securities and Exchange Commission and international regulators and policymakers to align margin requirements for uncleared swaps. I think it is essential that we align these requirements globally, particularly between the major market jurisdictions. The international approach to margin requirements in the consultative paper (sponsored by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions) released today is consistent with the approach the CFTC laid out in its margin proposal last year. It would lower the risk of financial entities, promote clearing and help avoid regulatory arbitrage.”
Last Updated: July 6, 2012