Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues

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Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues
Founded May 11, 2010
Headquarters Washington, D.C.
Products Regulation
Web site www.cftc.gov

The Advisory Committee on Emerging Regulatory Issues was created on May 11, 2010, five days after the so-called "flash crash" on May 6, 2010, when a single trader mistakenly entered a "sell" order of CME Group's e-Mini S&P 500 futures worth $4.1 billion. The order triggered a frenzy of high frequency trading activity that briefly saw the Dow Jones Industrial Average break 700 points in a matter of minutes. While the market stabilized quickly once the error was discovered, the incident highlighted the potential liquidity problems associated with high speed trading.[1]

The joint committee, which is co-chaired by SEC Chair Mary Schapiro and CFTC Chair Gary Gensler, addresses market structure and regulatory issues that may contribute to volatility. The committee's areas of concern include:

  • Identifying of emerging regulatory risks.
  • Assessing and quantifying of the impact of such risks and their implications for investors and market participants.
  • Furthering the SEC's and CFTC's efforts on regulatory harmonization.[2]

Contents

Meetings

Findings Regarding the Market Events of May 6, 2010 - September 30, 2010

September 30, 2010

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Recommendations Regarding Regulatory Response to the Market Events of May 6, 2010 - February 18, 2011

February 18, 2011

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Members

  • Brooksley E. Born, Retired Partner, Arnold & Porter LL.P, Former Chairman CFTC
  • John J. Brennan, Chairman Emeritus and Senior Advisor, Vanguard Group
  • Robert F. Engle, Michael Armellino Professor of Finance, Leonard N. Stern School of Business, New York University
  • Richard G. Ketchum, Chairman and Chief Executive Officer, FINRA
  • Maureen O’Hara, Robert W. Purcell Professor of Finance, Cornell University
  • Susan M. Phillips, Dean and Professor of Finance, The George Washington School of Business, Former CFTC Chairman
  • David S. Ruder, Professor of Law, Emeritus, Northwestern University School of Law,Former SEC Chairman
  • Joseph E. Stiglitz, Professor of Finance and Business Administration,Columbia University

David Ruder – Northwestern University School of Law (Part 1) [INTERVIEW]

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Northwestern Law School professor emeritus David Ruder talks to editor/producer Nicole V. Rohr about his experience as SEC chairman during Black Monday in 1987, and also about what stemmed from the subsequent flash crash in May 2010. Ruder was a part of the President's Working Group on Financial Markets in 1988 and more recently worked on the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues. He discusses findings and changes to rules surrounding circuit breakers, dark pools and naked access. Published February 27, 2012. For more video, visit MarketsWiki.tv.


References

  1. Single U.S. trade helped spark May's flash crash. Reuters. Retrieved on March 8, 2011.
  2. SEC, CFTC Announce Creation Of Joint CFTC-SEC Advisory Committee On Emerging Regulatory Issues. U.S. Securities and Exchange Commission. Retrieved on March 8, 2011.

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