Gensler Tells ISDA What He Thinks

Gary Gensler is the first U.S. Commodity Futures Trading Commission chairman to speak at an International Swaps and Derivatives Association AGM.

  • 04 May 2012
Email a colleague
Request a PDF

Gary Gensler is the first U.S. Commodity Futures Trading Commission chairman to speak at an International Swaps and Derivatives Assocation AGM. He did not shy away from leveling blame on the industry for the 2008 crisis and ISDA itself for trying to delay the CFTC’s rule writing.

So, attendees got to witness a robust exchange of views as Gensler sat down with ISDA Chairman Stephen O’Connor for a question-and-answer session. Here are some of the highlights:

#1

GG: For those of you not as close to this, about six months ago we finalized clearing rules that are required for gross margining the clearing houses and subsequently in January we finalized something called legally segregated operationally comingled, or what Steve calls “LSOC” rules. Both of these...

SO: I think most of them have an idea of what that is.


Stephen O'Connor and Gary Gensler 

#2

GG: I can’t [comment] on your comment letter. You’ve sent so many eloquent ones.

SO: Thank you. They’re not all me.

GG:I thought Steve wrote all of these.

#3

[After O’Connor asks Gensler to clarify an answer twice]

GG: I might not have a satisfactory answer for what you’re probing. But you can probe a fourth time. That’s how it usually goes.

SO: Yes, let’s move on.

GG: It’s always the lawsuits later.

#4

SO: We are an international organization, as you know...

GG: It’s the “I,” right?

  • 04 May 2012

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 329,208.56 1277 8.09%
2 JPMorgan 321,584.64 1392 7.90%
3 Bank of America Merrill Lynch 296,878.25 1014 7.29%
4 Barclays 249,463.73 926 6.13%
5 Goldman Sachs 218,838.41 733 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 46,136.68 182 7.00%
2 JPMorgan 44,545.29 93 6.76%
3 UniCredit 35,639.50 153 5.41%
4 Credit Agricole CIB 33,211.72 160 5.04%
5 SG Corporate & Investment Banking 32,419.80 126 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,755.50 61 8.94%
2 Goldman Sachs 13,469.15 66 8.76%
3 Citi 9,716.40 55 6.32%
4 Morgan Stanley 8,471.86 53 5.51%
5 UBS 8,248.12 34 5.36%