Bespoke trades should go to exchanges, says Gensler

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Derivatives reform should include a requirement to move all over-the-counter derivatives to regulated exchanges or trade-execution facilities, even if they are considered bespoke and excluded from central clearing, says Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC).

"I believe we can separate the debate of a corporate end-user clearing exemption from whether there should be an end-user exemption from transparency requirements," Gensler remarked at the Futures Industry