By Silla Brush - 05/14/10 02:29 PM EDT
A top financial regulator said Friday the government would look for new regulations on agricultural swaps after broader Wall Street overhaul legislation is enacted.
Commodity Futures Trading Commission Chairman Gary Gensler said in a speech that pending congressional legislation is likely to leave untouched current regulations on agricultural swaps. Gensler said current regulations allow for agricultural swaps only if they are between eligible parties and if they are not on a clearinghouse.
Gensler said the CFTC would pursue new rules to make regulation of agricultural swaps "consistent" with regulations of other types of swaps.
"We would address whether to generally allow the clearing of agricultural swaps or to continue to make decisions on clearing on a case-by-case basis as we do now," Gensler said.