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So for stuff -- five years after the financial -- can you reassure investors.
Markets that there won't won't ever be another AIG.
Five years after the crisis I can't say that we have four more transparent market these complex.
Contracts -- swaps are now publicly report -- in real time when that happen.
Reported to regulators.
We have some -- central clearing her.
Over two thirds of the market now that didn't exist five years ago and only 20% then the dealers are actually and oversight.
-- firms will fail in the future and and our economy's based upon whether to corner grocery store -- When I was growing up -- -- business you don't make payroll and government doesn't comment so what we felt as a more resilient system and a more transparent system.
For the future but -- the London Wales situation which you work.
And took some more risky bets right energy and and banks will take.
Risk that's there in the business rest.
But that situation JPMorgan -- a reminder as to why our reforms need to do.
Bring -- not far flung operations of US financial institutions whether it's a branch.
Or an affiliated overseas they guarantee that it comes -- to reform.
As well and that's that's what that reminded.
So -- there were more.
Investigations and you were not part of so -- the list.
I I guess it wouldn't surprise your viewers that I'm not able to answer that question but I respect that you guessed it.
And other issues trading which -- You've been on.
-- she sees very.
We keep talking about -- regulators keep talking about them but we seem to keep experiencing.
Changes you regular.
What's the status of trying to fix those problems and making sure that we don't have trading but.
Well over 90% of our markets that we -- -- traded electronically.
Through automated training systems and -- we've done a lot.
To revise manner.
Regulations we've actually just recently two weeks ago when that.
I -- -- the public to ask over a hundred questions -- what more we need to do to revise.
I believe -- system needs to be more resilient but there will be glitches even in the future it's it's the nature.
Another issue or -- Are you satisfied.
So settlement this week it is -- work -- In this week we announced but the fourth.
Settlements in this.
Case of benchmarks -- London -- operate which have been pervasively and randomly read.
We need to move 12 alternatives to -- Because this market essentially doesn't exist anymore and banks are left trying to quote to -- on something that more actually doesn't exist.
And -- a journalist.
You he would always like to have real source is real information.
And when you down it's -- fiction and I think that's the challenge we have with live when -- are -- happy with its proposals.
-- -- -- -- so there's two problems that are revealed in these.
International benchmark interest rates one is conflicts of interest in governance.
And I believe that Martin Wheatley and others.
Led the charge.
-- line getting better governance and lessening conflicts of interest.
Taking part of that but secondly there's a question is is there an underlying market observable transactions enough transactions.
And in the case of lives for.
Essentially there -- -- At this point in time self governance -- Is critical.
But it can't be.
A fix -- there aren't.
Enough observable transactions.
So remedies though our followers well that's why that's why here in the US -- financial stability.
Oversight council caught for working internationally and why we are working internationally.
Amongst regulators and market participants to find alternatives alternatives that are anchored an observable transactions have the appropriate governance.
And then embarking on this critical and challenging path of transition.
-- ask a question.
And MF global situation.
Can you reassure.
Investors and that's fixed and there has been speculation pushed back here.
Should margins from.
So as -- as -- commission we've done a tremendous amount.
Our rules around customer protection and and we had two situations including paragraph that highlighted the need to move -- we have now in front of my fellow commissioners.
-- full flying all.
Set of rules on customer protection that I would help will take up by the end -- this coming month.
-- there's any -- possible way over and second.
-- -- And -- one of the most critical reforms that congressman Carson can gather on ads that they repeal it.
This idea that you have trading venues they were not overseas.
And that was to take place two years.
After the passage -- July of last year.
And so next Tuesday we are finally fulfilling that.
Mandate of congress will work with market participants where we find an appropriate well.
Consider some time.
Limited relief -- particular matters such as recording.
Let there not be narrowed down next Tuesday is the -- Two.
Register if your training.
Your -- and succession several articles about.
Are you staying at CDC.
President -- Cuba today.
Who's going to be leading -- to -- it.
My plans right now are you getting your next Tuesday getting through other compliant states in October 9 helping my daughter with -- cannot cut its.
And but my term did expire in April of 2012.
And if it is and stagnant.
Under the laws through the end of this congressional sessions and so.
You can stay I guess I would just say stay --
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