November 5, 2010
Good morning. I am pleased to join Chairman Schapiro in welcoming the members of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues to our fourth public meeting. I would like to thank Chairman Schapiro, her fellow Commissioners and the staff of the SEC for all they’re doing on the review of the unusual market events that took place on May 6, 2010, as well as our strong collaboration with regard to the Dodd-Frank Act.
I also would like to thank the staff of the CFTC for all of their hard work planning this meeting, reviewing the circumstances surrounding May 6 and releasing their thorough report on the contributing factors.
I also want to recognize and thank my fellow CFTC Commissioners, Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia.
Since the Joint Advisory Committee last met, CFTC and SEC staff released a through supplemental report on the events of May 6. As outlined in the joint staff report released last month, there were three chapters of those events:
Today’s meeting is primarily for the Committee to hear of the work of its two subcommittees and have an opportunity as a group to have an open discussion about May 6 and their thoughts on what changes should be made to ensure the markets work best for the investing and hedging public.
Before we hear from the subcommittees, we will receive a brief update from the staff, not only on the supplemental report, but also on some recent rule proposals of each of the Commissions.
Some of the ideas that I look forward to hearing about from this expert panel include:
Today’s discussion should be open and candid. The May 6 market events created significant uncertainty in the markets and had significant implications for the investing public and American businesses. This Committee’s mission is to provide recommendations that the CFTC and SEC can implement to improve market integrity and market structures.
I again thank Chairman Schapiro and the SEC, my fellow CFTC Commissioners and staff from both agencies for their hard work on this issue.
Last Updated: November 5, 2010