NEW YORK - The head of the Commodity Futures Trading Commission declared Wednesday that the time has come to bring the benefits of a central marketplace to the over-the-counter derivatives market, warning that the U.S. could see a repeat of the financial crisis if risks are not reduced and transparency improved.

In remarks prepared for the Council on Foreign Relations in New York, Gary Gensler, chairman of the CFTC, said it is "essential" that the government take significant steps to prevent the next crisis.

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