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CFTC Head Fleshes Out OTC Derivative Rules

Law360 (June 4, 2009, 12:00 AM EDT) -- The U.S. Commodity Futures Trading Commission has reportedly proposed new rules on over-the-counter derivatives trading that would give the CFTC authority to regulate markets and dealers of the derivatives, and impose position limits on derivative holdings.

CFTC Chairman Gary Gensler told the Senate on Thursday that the new rules must apply to all dealers of all types of derivatives, and would probably require a new law, Reuters reported.

Gensler proposed two sets of rules, one for derivative markets and one for dealers, according to Reuters....
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