“MRAC represents an important forum for the industry and the CFTC to confer on issues that impact financial markets. Our mission at FXPA is to advance a sound, liquid, transparent and competitive global currency market, so I look forward to being part of this consequential effort from the CFTC.”
The Foreign Exchange Professionals Association (FXPA) has announced its board member Chip Lowry has been selected as a member of the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC).
Chip Lowry is Senior Managing Director at State Street Global Markets. He’s been with the leading US bank since 1992. He has already served as FXPA chair, and will represent FXPA on the CFTC committee, which is comprised of approximately 30 members. MRAC is sponsored by CFTC Commissioner Kristin Johnson.
Commissioner Johnson was sworn in as a CFTC Commissioner on March 30, 2022, after being nominated by President Joseph Biden in September 2021, and unanimously confirmed by the United States Senate.
“MRAC represents an important forum for the industry and the CFTC to confer on issues that impact financial markets. Our mission at FXPA is to advance a sound, liquid, transparent and competitive global currency market, so I look forward to being part of this consequential effort from the CFTC,” said Chip Lowry.
MRAC was created to address systemic issues that impact financial stability and financial market structure evolution. Specifically, MRAC advises the CFTC on derivatives and related financial markets as they pertain to clearinghouses, exchanges, swap execution facilities (SEFs), swap data repositories, intermediaries, market makers, service providers and end users.
The FXPA is a unique industry body that represents a diverse cross-section of the FX market to advance its mission to collectively represent the interests of professional FX markets participants through education, research, and advocacy. Since 2014, the FXPA has established itself as a respected industry thought leader and resource for global policymakers.
The FXPA has recently engaged on a number of FX-specific and market-wide regulatory and policy issues in the US, Europe, and Asia. More specific to derivative markets, the FXPA has been involved in questions related to the trading and clearing of non-deliverable forwards (NDFs), the regulation of digital assets, post-trade swap data reporting, and swap execution facility (SEF) registration and regulation.
