Jim Sinclair’s Commentary
Posted By thestatedtruth.com on March 10, 2010
There are two considerations here…….
1. Wall Street owns Washington and derivatives are their main source of income. That makes it doubtful that meaningful changes will occur.
 2. The argument will be that they did not play the euro short via CDS pressure on debt. They are correct. They played the debt itself short.
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CFTC Chairman Gensler Urges End To Derivatives Secrecy
By Aline van Duyn
Financial Times, London
Wednesday, March 10, 2010
A leading US financial regulator on Tuesday called for the prices of derivatives trades to be disclosed in the same way as stock prices, saying only large Wall Street banks benefited from the current lack of transparency.
Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), said standard credit default swaps and other privately traded over-the-counter derivatives needed drastic reform, reflecting their role in the financial crisis.
His call came as European leaders including Angela Merkel, German chancellor, called for a clampdown on speculative trading in sovereign credit default swaps, which offer investors protection against a government default.
“The only parties that benefit from a lack of transparency are Wall Street dealers,” Mr Gensler told a New York derivatives conference. “Right now we have a dealer-dominated world, and that nearly drove us off a cliff.”
Mr Gensler, a former Goldman Sachs executive, said: “To promote public transparency, standard over-the-counter derivatives should be traded on exchanges or other trading platforms.” He also called for explicit regulation of derivatives dealers and the use of clearing for standard OTC derivatives.
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