Market Risk Advisory Committee

CFTC’s Market Risk Advisory Committee
1155 21st Street, N.W.
Washington, DC 20581

June 2, 2015

Agenda

10:00 a.m.

Welcome and Opening Remarks

10:10 a.m.

Panel 1: CYBERSECURITY – CONSIDERING BANK OF ENGLAND’S CBEST PROGRAM
 

Moderator: Andrew Gray, Group Chief Risk Officer, DTCC
 

Guest Panelist: David Evans, Senior Manager, Bank of England
 

Main Questions:

     

    1. What types of financial institutions are participating in the CBEST program?
     

    2. How was the program developed? And how is it maintained?
     

    3. What is the scope of testing?
     

    4. How does CBEST accommodate the evolution of threats and changing technology landscape? How does the program remain up-to-date?
     

    5. What are the lessons learned from the experience so far?
     

    6. What would be some of the costs / benefits of having a similar program for CFTC registrants?

      11:10 a.m.

      Break

        11:25 a.m.

        Panel 2: LIQUIDITY IN THE DERIVATIVES MARKETS
         

        Moderator: Susan McLaughlin, Senior Vice President, Federal Reserve Bank of New York
         

        Guest Panelists:
         

        Isaac Chang, Global Head of Fixed Income, KCG Holdings

        Piers Murray, Managing Director, Global Head of OTC Derivatives Clearing & Prime Brokerage, Deutsche Bank

        Thomas Wipf, Managing Director, Global Head of Bank Resource Management, Morgan Stanley
         

        Main Questions:

           

          1. What is the definition of liquidity?
           

          2. What is the current state of liquidity in the markets overseen by the Commission, or in related markets, in comparison to recent years?
           

          3. What metrics should the Commission use to track the movement of liquidity in, and across, these markets?
           

          4. Has regulation had an effect on liquidity, and if so, how? Are there also non-regulatory causes of movement in liquidity?
           

          5. Has liquidity shifted to other markets?
           

          6. Has there been a concentration of Futures Commission Merchants, and if so, how is that contributing to the availability of liquidity?
           

          7. What are the implications, if any, for market functioning?
           

          8. What are the solutions to these liquidity challenges?
           

          9. What role, if any, should the Commission play in addressing the liquidity movement?

            1:25 p.m.

            Closing Remarks

              1:30 p.m.

              Meeting Adjourned

                Market Risk Advisory Committee Members

                • For further information contact: Petal Walker, Chief Counsel, Office of Commissioner Bowen, at (202) 418–5794 or [email protected]