RELEASE Number
7819-18

October 3, 2018

CFTC Commissioner Behnam Announces the Establishment of New Subcommittee of the Market Risk Advisory Committee and Seeks Nominations for Membership

Washington, DC — Commodity Futures Trading Commission (CFTC or Commission) Commissioner Rostin Behnam announced today that the Commission has voted to establish the Interest Rate Benchmark Reform Subcommittee (Subcommittee) under the CFTC’s Market Risk Advisory Committee (MRAC).  Commissioner Behnam, sponsor of the MRAC, is seeking nominations for membership on the Subcommittee through a formal request in the Federal Register.  The deadline for submissions is October 16, 2018.

“Following the July 12, 2018, MRAC meeting, which examined global benchmark reform efforts, I am excited to lead this important next step by convening market experts from all disciplines to assist the MRAC, and ultimately the Commission, to find regulatory solutions, within the jurisdiction of the CFTC that will ensure a smooth transition to an alternative risk-free reference rate,” said Commissioner Behnam.

Commissioner Behnam established the Subcommittee to provide reports and recommendations to the MRAC regarding ongoing efforts to transition U.S. dollar derivatives and related contracts to a risk-free reference rate (RFR) -- the Secured Overnight Financing Rate (SOFR) -- and the impact of such transition on the derivatives markets.  Topics and issues this Subcommittee may consider include, but are not limited to, the following:

In the Federal Register Notice published on October 2, 2018, Commissioner Behnam invites members of the public to nominate individuals, not currently serving on the MRAC, for membership on the Subcommittee.  Self-nominations are also acceptable.  Please see the Federal Register Notice for instructions on nomination submissions.