Gary Gensler

I believe for small firms that this will actually lower costs of doing the standard product.

I think that we actually already have a number of clearinghouses that have been very well and successfully regulated for decades.

I think that Chair Schapiro summed it up well, but I think, if I might say, one of the great lessons out of this financial crisis is that we had large financial institutions that were, by and large, outside of the regulatory regime.

President Obama has called for action to strengthen market integrity, lower risk, and protect investors.

We need to provide the transparency and efficiency to these markets that we believe we have in our securities and futures and options markets.

Well, I think that--it has never happened, but we cannot rule it out, and we should make sure that--and it is one of the lessons of this crisis, is that we have to make sure that our statutes are up to date so that in an extreme…

I think it is incumbent upon all of us to address over-the-counter derivatives.

I believe, sir, that that should be reported to all the regulators and certainly aggregated in the aggregate positions by underlying commodity.

By regulating the dealers, we get nearly 100 percent of the marketplace.

I am fortunate to have a partner in this effort in SEC Chair Mary Schapiro.

I believe that we must establish a regulatory regime that governs the entire over-the-counter marketplace.

I think that we need to bring a great deal more transparency to the markets, and I think this will actually lower the pricing for the tens of thousands of users.

I think, Senator, you raise a very important point.

We need to ensure integrity in these markets, preventing fraud, manipulation, and other abuses.

I believe, Mr. Chairman, that anything that a clearinghouse would accept for clearing under prudent risk reduction should be accepted for clearing as standardized.

I believe we must urgently move to bring the over-the-counter derivatives marketplace under regulation.

We need to protect the retail public in these markets as we do in other markets we oversee.

I think at the core of the mission of the Commodity Futures Trading Commission is to make sure that the markets are fair and orderly and that there is integrity.

I think one of the lessons is that we need at the Federal level some clear authorities and mandates from Congress as to when a regulator can step in to protect against systemic risk.

As Congress moves forward and possibly further develops this, I would look forward to working with you and the Congress on how to get this right.

We think that there are real benefits to also having it on an exchange.

I think that there should be consistently applied capital rules for the over-the-counter derivatives.

I think that is correct, Senator.

Congress wrote into our statute that this could be unreasonable price fluctuations or the volatility that do not bear resemblance to the fundamentals.

Anything that could get onto clearing, anything a clearinghouse would accept for clearing would be presumptively standard.