Transcript

CFTC Announces Public Meeting of the Technology Advisory Committee

Full Committee to Focus on Possible Technological Solutions to Improve Direct Access to Customer Segregated Accounts

The Commodity Futures Trading Commission (CFTC) announced that the Technology Advisory Committee will hold a public meeting.

This meeting will focus on identifying and exploring technological issues and possible solutions relating to the ability of the CFTC, self-regulatory organizations and futures commission merchant (FCM) customers to verify the location and status of funds held in customer segregated accounts.

Commissioner Scott D. O’Malia, the chairman of the TAC, stated, “The CFTC and front-line regulators cannot rely on solutions triggered only after the whereabouts of customer funds are in question. We need to develop technological solutions that enable real-time detection and automated alerts of unauthorized transfers of customer funds.”

Panelists and TAC members will explore potential technological solutions directed at enhancing the protection of segregated customer funds through means such as the provision of direct, automated access to depository institutions and the unique legal and technological issues that accompany such access. A complete agenda for the meeting will be available prior to the July 26th meeting.

The TAC meeting is open to the public with seating on a first-come, first-served. Audio of the meeting will be available via a listen-only conference call. Additionally, a video recording of the meeting will be published through a link on the CFTC’s website.

All written submissions provided to the CFTC in any form will also be published on the CFTC.

 Listening Information: The CFTC has made available the following options to access the meeting. Call in to a toll-free telephone line to connect to a live audio feed. Call in participants should be prepared to provide their first name, last name and affiliation. Conference call information is listed below:

The meeting will be open to the public on a first come, first served basis.

Last Updated: August 15, 2012