Gary Gensler

We are monitoring the events in Europe, but mostly through our conversations with other regulators at the FSOC.

The CFTC is now working to complete Dodd-Frank rules thoughtfully, not against a close.

They are country elevators.

I think we have to tighten up something about use of money.

I think our financial system failed in part because our regulatory system failed in 2008.

So there is no risk of a taxpayer bailout.

I think that there are a number of things that have changed in our marketplace, and you have addressed one important one.

I thank you for inviting me here today to talk about the changing nature of the derivatives markets and on position limit rules.

I voted for the rule. I did because I think Congress mandated that we do it, but I also believe that it helps promote the integrity of markets.

The derivatives markets have changed significantly since the CFTC opened its doors back in 1975.

I think, frankly, this would have to be a little bit more evidence-based, if we saw something in our futures markets we oversee or a whistleblower or somebody comes to us.

I think we saw some of the downside of weak regulation in 2008.

I think at our core is to ensure that the markets are free of manipulation and fraud.

8 million Americans are out of work today because of that.

No, I think this was an example, actually, of a financial institution having the freedom to fail.

Now, the CFTC is focused on ensuring our regulations are responsive to today's markets.

We have come forward with proposals. These are not final rules, but we have proposed that exchanges and clearinghouses have to have new pre-trade risk filters and pre-trade risk controls.

I think the downside is if we do not protect our markets, the price discovery and the integrity of these markets are weakened.

I do not think that there is any taxpayer money behind this.

But, at some point, people also have to put in perspective that the public out there just feels completely unprotected still, since 2008.

I think that is right. We will complete the rulewriting process. It will be thoughtful.

I think it is our responsibility, each of us, to make sure taxpayers do not stand behind any financial institution, not clearinghouses.

The SEC and CFTC have worked jointly on those definition rules. So in that case we are actually aligned.

We think it is pretty clear: If it is non-financial, it is out.

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