Leading voices in the US derivatives and financial markets have greeted Mary Schapiro and Gary Gensler – new heads of the Securities and Exchange Commission and Commodity Futures Trading Commission – with hope and enthusiasm. Industry specialists hope the pair will help restore the damaged US regulatory framework, whose credibility is lower than at any time since the 1930s.
The CME Group put out a statement describing Gensler as an “excellent candidate”.
“Gensler’s experience and understanding of commodity and financial markets, as well as his [past] roles as undersecretary of the Treasury and assistant secretary of the Treasury, make him an excellent candidate to oversee the futures markets,” it said.
Christopher Cox, present chairman of the SEC, praised his successor. “Her experience at both the CFTC and SEC will be invaluable in tackling the challenges of regulatory restructuring that the next Congress...