Release Number 8407-21

The Market Risk Advisory Committee Announces Agenda for July 13 Public Meeting

July 09, 2021

— The Market Risk Advisory Committee (MRAC) today released the agenda for its upcoming public meeting that will be held on July 13, 2021, at 9:30 a.m. EDT via teleconference in accordance with the agency’s implementation of social distancing due to the coronavirus (COVID-19) pandemic. Acting Chairman Rostin Behnam is the sponsor of the MRAC.

At the meeting, the MRAC will receive final reports on Capital and Skin-in-the-Game and Stress Testing and Liquidity from its CCP Risk and Governance Subcommittee. In addition, the MRAC will receive a status report from the Interest Rate Benchmark Reform Subcommittee and vote on its recommendation for a market best practice that prioritizes derivatives trading in the Secured Overnight Financing Rate (SOFR) for particular market segments, otherwise known as SOFR First. [See CFTC Press Release No. 8394-21]

See the detailed agenda here.

“I commend the Subcommittees on CCP Risk and Governance and Interest Rate Benchmark Reform for their hard work, particularly during challenging times, to bring forth policy recommendations to the MRAC,” said Acting Chairman Behnam. "While the papers from the CCP Risk and Governance Subcommittee provide a glimpse into the areas of discussion that occurred over the past year and half, I recognize there is still much more to do and am committed to continuing a dialogue on these issues. I thank Alicia Crighton and Lee Betsill, the CCP Risk and Governance Subcommittee Chairs, for their leadership, and the Subcommittee for its time and effort as well as steadfast commitment to completing this task. SOFR First, the most recent recommendation of the Interest Rate Benchmark Reform Subcommittee, is a forward-thinking approach to increasing overall SOFR derivatives trading in order to facilitate a smooth transition of exposures from LIBOR to SOFR. As we approach December 31, 2021, it is imperative that banks adhere to the U.S. banking regulators’ supervisory guidance regarding the cessation of new contracts that use USD LIBOR as a reference rate. The Subcommittee’s recommendation complements this guidance. Many thanks to the Subcommittee for this important contribution to the benchmark reform effort.”



Market Risk Advisory Committee Meeting




Tuesday, July 13, 2021


9:30 a.m. – 12:00 p.m. EDT


Viewing/Listening Instructions: Members of the public may access a live feed via streaming or phone. The live feed will be streamed on Call-in participants should be prepared to provide their first name, last name, and affiliation, if applicable. Materials presented at the meeting, if any, will be made available on

Domestic Toll-Free:


International Numbers:

International Numbers

Conference Passcode:



Members of the public may submit public comments in connection with the meeting, identified by “Market Risk Advisory Committee,” by July 20, 2021. Statements may be submitted online. If you are unable to submit comments online, contact Ms. Lewis, via the contact information above, to discuss alternate means of submitting your comments. Statements submitted in connection with the committee meeting will be made available to the public, including publication on The meeting agenda may change to accommodate other MRAC priorities. For agenda updates and more information about this advisory committee, including its members, visit MRAC.

There are five active Advisory Committees overseen by the CFTC. They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets. These committees facilitate communication between the Commission and market participants, other regulators, and academics. The views, opinions, and information expressed by the Advisory Committees are solely those of the respective Advisory Committee and do not necessarily reflect the views of the Commission, its staff, or the U.S. government.