Gary Gensler, chairman of the US Commodity Futures Trading Commission, has reiterated his call for tougher rules governing the over-the-counter (OTC) derivatives market to be introduced in both the US and Europe. However, his comments came as several industrial companies warned that possible new legislation could damage Europe as a centre of hedging.
Gensler, who appeared at the EU conference in Brussels on Derivatives in Crisis: Safeguarding Financial Stability, held on September 25, said regulation of OTC derivatives would require...