La Commodity Futures Trading Commission a publié le discours de Gary Gensler, son Président, sur le thème de la réforme du marché des swaps.
Good afternoon, Rich, thank you for that kind introduction and for inviting me to speak about the Commodity Futures Trading Commission’s (CFTC) efforts to implement swaps market reforms.
The CFTC is working to complete commonsense rules of the road to promote swaps market transparency and help protect taxpayers from again standing behind financial institutions.
Swaps, now comprising a $700 trillion notional global market, were developed to help manage and lower risk for commercial companies. But as highlighted in 2008, they also concentrate and heighten risk in financial institutions. The 2008 crisis led to eight million jobs lost, millions of families losing their homes, and thousands of businesses shuttering.
Congress responded with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which brings transparency and competition to the swaps market and lowers its risk to the rest of the economy.
The CFTC has completed 33 reforms with less than 20 to go. Nearly four years after the crisis and two years after Dodd-Frank became law, it’s critical that we finish these reforms to protect the public and promote healthier markets.
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