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Luminaries join CFTC and SEC’s joint committee
07 June 2010
The two main US financial markets regulators — the Commodity Futures Trading Commission and the Securities and Exchange Commission — have created a joint advisory committee on emerging regulatory issues.
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CFTC
SEC
flash crash
Schapiro
Gensler
Brooksley Born
The first meeting was held on May 24 to discuss the agencies’ preliminary findings on the erratic trading of May 6, the so-called ‘flash crash’.
Co-chaired by Mary Schapiro and Gary Gensler, chairmen of the two commissions, the body will make recommendations on issues relevant to both regulators. It aims to identify emerging regulatory risks, assess and quantify their impact, and further the two agencies’ efforts on regulatory harmonisation.
The members will be: Maureen O’Hara, professor of management, professor of finance, Cornell University; Brooksley Born, former chair of the CFTC; David Ruder, former chair of the SEC; Jack Brennan, former chief executive officer and chairman, Vanguard; Robert Engle, Michael Armellino professor of finance at the NYU Stern School of Business; Richard Ketchum, chairman and CEO, Finra; Susan Phillips, dean and professor of finance, The George Washington University School of Business; and Joseph Stiglitz, professor at Columbia Business School and winner of the 2001 Nobel Prize for Economics.