Isda AGM: No need for Sef Clarification Act, says CFTC's Gensler

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There is no need for draft legislation that attempts to clarify Dodd-Frank Act boundaries on swap execution facilities (Sefs), according to Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC). The bill, HR 2586 – otherwise known as the Sef Clarification Act – attempts to rein in elements of the CFTC's proposed rules on Sefs by restating the scope of Dodd-Frank. "I do not support the need for that bill," Gensler said in response to questions from Risk followin