Chairman Gensler's Remarks before the International Monetary Fund Conference

CFTC Chairman Gary Gensler delivered remarks before the International Monetary Fund Conference. Main topics discussed include:

• History and progress of the derivatives markets;

• Various missions of the CFTC, and how the public is benefiting from, according to Gensler: (i) greater access to the swaps market and the risk reduction that comes from centralized clearing; (ii) oversight of swap dealers; and (iii) transparency of seeing the price and volume of each swap transaction, available free of charge on a website like a modern-day tickertape;

• Changing markets, such as the increase in electronic trading;

• The importance of position limits and enforcement authority to police manipulative conduct, according to Gensler.

Chairman Gensler noted that it is a priority of the CFTC to ensure that the cross-border application of Dodd-Frank "appropriately covers the risk of U.S. affiliates operating offshore," including branches of U.S. institutions offshore, guaranteed affiliates offshore, and hedge funds incorporated offshore, but operating in the U.S. Gensler concluded his remarks by pleading for more resources, stating that "the CFTC is not the right size for the new and expanded mission Congress has directed it to perform."

View remarks in full here (links externally to CFTC website).