CFTC urged Congress to require non-major players to use clearinghouses

CFTC urged Congress to require “non-major” financial firms and funds to use clearinghouses to reduce the risk of another market collapse as part of its reform of the swaps market.  Bills approved by two House committees this month to regulate over-the-counter derivatives would require swaps dealers and major market participants to send “standardized” contracts through clearinghouses.”I believe we can improve upon this,” said CFTC Chairman Gary Gensler, by applying the clearing requirement to “transactions with financial firms, hedge funds and other investment funds.”

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