For Release: October 20, 2008
CFTC’s Office of International Affairs to host International Symposium and Training Program on Regulation of Derivative Products, Markets, and Financial Intermediaries
Washington, DC – The U.S. Commodity Futures Trading Commission’s (CFTC) Office of International Affairs, in conjunction with the Federal Reserve Bank of Chicago, will host its annual International Symposium and Training program from October 20-24, 2008, at the Federal Reserve Bank of Chicago.
This year’s meeting is expected to draw more than 100 participants and panelists from 32 countries, including: Argentina, Australia, the Bahamas, Brazil, Canada, Colombia, the Czech Republic, Egypt, Ethiopia, Finland, Germany, Hong Kong, India, Italy, Japan, Jordan, Korea, Lithuania, Mexico, the Netherlands, Nigeria, Poland, Portugal, Romania, Singapore, Spain, Switzerland, Taiwan, Thailand, the United Arab Emirates, the United Kingdom, and Uruguay.
Speakers from the CFTC, the International Monetary Fund, the National Futures Association, the Federal Reserve Banks of Chicago and New York, foreign regulatory authorities, U.S. exchanges and financial services firms, and academia will present and lead discussions in a wide range of topics.
The topics to be addressed include, among others: the influence of new classes of speculators such as index traders on futures markets, risk management and customer funds protection in a global environment, the pros and cons of various global regulatory models, the implications of sovereign wealth funds on markets, the benefits of central counterparty clearing of OTC derivatives and lessons learned from the failure of major market participants. Sessions will also address techniques for crisis management, market surveillance, cross-border enforcement, investigations and regulatory cooperation.
Recent events have focused unprecedented attention on the risks that certain credit default swaps pose to the financial system and as a result, this year’s program will include a discussion of the regulatory benefits of clearing such OTC swaps through central counterparties.
Acting Chairman Walter Lukken observed that:
“The ongoing financial crisis demonstrates the close interconnection among global financial markets and firms and the need for regulatory cooperation. I am gratified that the CFTC’s annual program provides a forum for the informal sharing of views among global market regulators, markets and the financial services industry.”
R. David Gary
Last Updated: October 20, 2008