[Federal Register: February 14, 2000 (Volume 65, Number 30)]
[Page 7363-7364]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]



Notice of the First Renewal of the Global Markets Advisory

SUMMARY: The Commodity Futures Trading Commission has determined to
renew the charter of its ``Global Markets Advisory Committee.'' As
required by Sections 9(a)(2) and 14(a)(2)(A) of the Federal Advisory
Committee Act, 5 U.S.C. app. 2, 9(a)(2) and 14(a)(2)(A), and 41 C.F.R.
101-6.1007 and 101-6.1029, the Commission has consulted with the
Committee Management Secretariat of the General Services
Administration. The Commission certifies that the renewal of this
advisory committee is necessary and is in the public interest in
connection with the performance of duties imposed on the Commission by
the Commodity Exchange Act, 7 U.S.C. 1, et seq., as amended. This
notice is published pursuant to Section 9(a)(2) of the Federal Advisory
Committee Act, 5 U.S.C. app. 2, 9(a)(2), and 41 C.F.R. 101-6.1015.

FOR FURTHER INFORMATION CONTACT: George G. Wilder, Legal Counsel to
Commissioner Barbara P. Holum, at 202-418-5142, or Marcia K. Blase,

[[Page 7364]]

Committee Management Officer, at 202-418-5138. Written comments should
be submitted to Jean A. Webb, Secretary, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street, N.W., Washington,
D.C. 20581.

SUPPLEMENTARY INFORMATION: The globalization of the futures and options
markets has been a principal development of the past decade. Such
global expansion is characterized by:
     An increasing number of futures markets being established
     The increasingly multinational nature of regulated U.S.
     The increasing presence of foreign competitors in the
     The international linking of markets,
     Concerns about international market risk, and
     An increased demand by U.S. market users for global
brokerage services. Markets are inextricably linked through common
products and related market participants. Events that occur in one
market can and frequently do cause global regulatory and business
    The Global Markets Advisory Committee's charter directs the
committee to assist the Commission in gathering information concerning
the regulatory challenges of a global marketplace, including: (1)
Avoiding unnecessary regulatory or operational impediments faced by
those doing global business, such as differing and/or duplicative
regulatory frameworks, lack of transparency of rules and regulations
and barriers to market access, while preserving core protections for
markets and customers; (2) setting appropriate international standards
for regulating futures and derivatives markets and intermediaries; (3)
assessing the impact on U.S. markets and firms of the Commission's
international efforts and the initiatives of foreign regulators and
market authorities; (4) achieving continued global competitiveness of
U.S. markets and firms; and (5) identifying methods to improve domestic
and international regulatory structures.
    The Commission has actively worked with foreign regulators to
address global market issues. Recent global initiatives have been
designed to enhance international supervisory cooperation and emergency
procedures, to establish concrete standards of best practices that set
international benchmarks for regulating futures and derivatives
markets, to encourage improved transparency in those markets, to
improve the quality and timeliness of international information sharing
and to encourage jurisdictions around the world to remove legal or
practical obstacles to achieving these goals.
    The Commission anticipates that the Global Markets Advisory
Committee will provide a valuable forum for information exchange and
advice on these matters. The reports, recommendations and general
advice from the committee will enable the Commission to assess more
effectively the need for possible statutory, regulatory, policy or
programmatic initiatives to address the challenges posed by the
globalization of the marketplace.
    Commissioner Barbara P. Holum will serve as Chairman and Designated
Federal Official of the advisory committee. The committee's membership
will be composed of representatives of the markets, firms and market
users most directly involved in and affected by the globalization of
the industry, and will include, but not be limited to, representatives
of U.S. and foreign exchanges, regulators and self-regulators,
financial intermediaries, market users, traders and academics. The
advisory committee's membership will be balanced in terms of point of
    The Commission has found that advice on specialized matters of the
sort described above is best obtained through the advisory committee
framework rather than through other, more costly, less flexible and
less efficient means of assembling persons from all sectors of the
financial services industry. The Commission has also found that the
Global Markets Advisory Committee will not duplicate the functions of
the Commission, another existing advisory committee, or other means
such as public hearings. The Commission has concluded, therefore, that
the renewal of the Global Markets Advisory Committee is essential to
the accomplishment of its mission and is in the pubic interest.
    Upon publication of this notice in the Federal Register, a copy of
the first renewal charter of the Global Markets Advisory Committee will
be filed with the Chairman of the Commission, the Senate Committee on
Agriculture, Nutrition and Forestry and the House Committee on
Agriculture. A copy of the first renewal charter will be furnished to
the Library of Congress and to the Committee Management Secretariat and
will be posted on the Commission's website at http://www.cftc.gov.

    Issued in Washington, D.C., on February 8, 2000, by the
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 00-3299 Filed 2-11-00; 8:45 am]

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