Washington, DC — U.S. Commodity Futures Trading Commission Commissioner Rostin Behnam today announced the creation of the Central Counterparty (CCP) Risk and Governance and Market Structure Subcommittees (Subcommittees) from the current membership of the Market Risk Advisory Committee (MRAC). Commissioner Behnam is the sponsor of the MRAC.
The MRAC established the CCP Risk and Governance Subcommittee to provide reports and recommendations directly to the MRAC regarding current issues impacting clearinghouse risk management and governance. Lee Betsill, Managing Director and Chief Risk Officer, CME Group, and Alicia Crighton, Chief Operating Officer, Prime Services, U.S. Clearing, Goldman Sachs (representing the Futures Industry Association), will serve as co-chairs.
The Market Structure Subcommittee will focus on current issues and events impacting the evolving structure and regulation of the derivatives markets. The subcommittee may consider such topics such as pre- and post-trade transparency and reporting regimes, emerging operational risks, and the impact of competition on liquidity and market concentration. Lisa Shemie, Associate General Counsel, Chief Legal Officer – Cboe FX Markets and Cboe SEF, and Stephen Berger, Managing Director and Global Head of Government & Regulatory Policy, Citadel, will serve as co-chairs.
“I am grateful to the MRAC members who volunteered to join the Subcommittees. The previous MRAC meetings on these topics have provided a solid foundation for further work by the Subcommittees which will provide the MRAC, and ultimately the Commission, with well-reasoned recommendations that will benefit the derivatives industry and market participants,” said Commissioner Behnam.