Dealer resistance to OTC reporting 'driven by profit motive', says CFTC
US Commodity Futures Trading Commission chairman Gary Gensler has given short shrift to dealers' complaints that mandated post-trade transparency could damage liquidity in the market.
Speaking at a Chatham House conference in London today, Global financial services: the impact of regulation on competitiveness, Gensler acknowledged stiff resistance from dealers but said financial reform will be incomplete if it doesn't shine greater light on the OTC markets.
"Financial firms have an information
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