No end user exemptions for CDS - CFTC's Gensler

WASHINGTON, March 9 (Reuters) - Congress should not allow any end-user exemptions for trading and clearing of credit default swaps, a financial instrument blamed for contributing to the recent financial crisis, the head of the Commodity Futures Trading Commission said on Tuesday.

While reform efforts in Congress have not yet addressed bankruptcy laws and the role CDS can play in bankruptcies, "We should seriously consider modifications to address this new development in capital markets," Gary Gensler said in remarks prepared for a speech in New York.

(Reporting by Christopher Doering)