Bloomberg News

Swaps Market Links EU and U.S. in Debt Crisis, Gensler Says

October 13, 2011

Oct. 13 (Bloomberg) -- The U.S. and European Union financial systems are connected by the swaps market, Gary Gensler, head of the U.S. Commodity Futures Trading Commission, said in a speech in London today.

“The current debt crisis in Europe is but a stark reminder of our interconnectedness,” Gensler said. “Central clearing is essential to protect banks customers as much as it is to protect the taxpayers.”

To contact the reporter on this story: Ben Moshinsky in London at bmoshinsky@bloomberg.net

To contact the editor responsible for this story: Peter Chapman at pchapman10@bloomberg.net


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