For Release: October 1, 2008
Washington, DC – The Commodity Futures Trading Commission (CFTC) today announced that CFTC will serve as co-chair of an international task force designed to study oversight of commodity markets on a global scale.
The CFTC will co-chair the International Organization of Securities Commission’s (IOSCO) newly-created Task Force on Commodity Markets (TFCM), along with the United Kingdom Financial Services Authority. The global commodity derivatives markets have undergone profound changes due to electronic trading, globalization, financial innovation and the entry of new trading participants. Recognizing these evolutions, IOSCO’s Technical Committee has charged the TFCM with examining the current supervisory approaches for overseeing commodity markets worldwide.
“This year the CFTC has taken several steps to evolve with market developments by increasing transparency and marketplace oversight. Given the global nature of the commodity markets, it is important to share views with our international counterparts and to coordinate supervisory approaches,” said CFTC Acting Chairman Walt Lukken. “As commodity markets grow and change, regulators around the globe must consider ways to enhance our approaches to supervision, and I look forward to working with our colleagues to study global commodity market issues.”
IOSCO members from developed and emerging market economies are expected to participate in this effort. The decision to establish the task force was made following discussions among IOSCO members regarding recent volatility in numerous commodities markets.
R. David Gary
Last Updated: October 1, 2008