There is no compelling reason to merge the U.S. equities and futures regulators, said the chairman of the Commodity Futures Trading Commission on Thursday when asked if a merger will be proposed.

I think a merger for merger's sake would not meet that test of improving the regulatory system, CFTC Chairman Gary Gensler said.

He spoke to reporters after presenting at a Senate hearing a proposal for comprehensive oversight of over-the-counter derivatives dealers and markets.

Gensler did not respond directly to questions on whether the Obama administration would propose a merger. A combination of CFTC and the Securities and Exchange Commission is a recurrent idea when regulatory reform is under discussion.

The chairman of the House Financial Services Committee said on Wednesday that a merger was off the table from his point of view.

(Reporting by Charles Abbott; Editing by Andre Grenon)