The chairman of the Commodity Futures Trading Commission (CFTC) on Thursday defended the agency’s work in developing rules required by the Dodd-Frank Act but said more must be done to regulate the international derivatives market.
The CFTC has come under fire from public interest groups, who say new regulations on swaps and derivatives issued by the agency in accordance with the Wall Street reform law have been weakened under industry pressure.
But Chairman Gary Gensler said the CFTC has completed 90 percent of its rules to bring more oversight to the previously unregulated swaps market, which was a significant contributor to the 2008 economic crisis.
“Swaps market reform is becoming a reality,” Gensler said during remarks at the Sandler O'Neill Global Exchange and Brokerage Conference in New York. “No longer will this market be closed and dark.”