CFTC discusses detail of derivatives plan
Gary Gensler, the newly appointed chairman of the Commodity Futures Trading Commission (CFTC), today explained how the Government's plan to regulate OTC derivatives should be implemented.
Testifying before the Senate Agriculture Committee, Gensler laid out a two-pronged approach that would involve the regulation of all dealers, as well as the markets themselves. He said all derivatives should be regulated, whether they are standardised or customised.
Pointing to the lack of regulation surrounding AIG Financial - the AIG subsidiary that dealt in derivatives - Lehman Brothers and Bear Stearns before all three collapsed last year, Gensler called for all derivative dealers to be
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