Washington, D.C. — Commodity Futures Trading Commission Commissioner Caroline D. Pham announced today the Commission has established the Global Market Structure Subcommittee, the Digital Asset Markets Subcommittee, and the Technical Issues Subcommittee under the CFTC’s Global Markets Advisory Committee (GMAC). Commissioner Pham is the sponsor of the GMAC and is seeking membership nominations for each Subcommittee. The deadline for submissions is March 14, 2023.

“I am excited to announce the creation of all three GMAC Subcommittees following the expert sessions of our inaugural meeting. This is a critical step towards developing the GMAC’s work program over the next two years and recommending potential solutions to the most significant current and emerging issues in global markets,” said Commissioner Pham. “Importantly, these Subcommittees will support open and transparent engagement with the public to hear diverse viewpoints and promote a level playing field.”

The Commission has established each Subcommittee to provide report(s) and/or recommendations to the GMAC that will identify and examine key issues, and will assess and inform international standards through engagement with international policymakers and authorities in other jurisdictions, with a focus on global market structure, digital asset markets, and technical issues, respectively. 

Topics and issues the Subcommittees may consider include, but are not limited to, the following:

• Global Market Structure Subcommittee: Identifying and assessing key issues and policy proposals with an impact on global markets, including global market structure and access to markets.
• Digital Asset Markets Subcommittee: Identifying and assessing key issues and policy proposals with respect to digital asset markets, including digital finance and tokenization of assets, non-financial activities and Web3, and blockchain technology. 
• Technical Issues Subcommittee: Identifying and assessing key issues and policy proposals with respect to technical requirements that apply to global markets, including financial market infrastructures, market participants, end-users, and service providers. 

In the Federal Register Notice published today, Commissioner Pham invites members of the public to nominate individuals for membership on one or more of the three Subcommittees. Self-nominations are also acceptable. Subcommittee nominations should be emailed to [email protected] or submitted per the instructions and additional information in the Federal Register Notice.

The GMAC was created to advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. Members include financial market infrastructures, market participants, end-users, service providers, and regulators. For more information, visit GMAC. The archived webcast of the GMAC’s February 13, 2023 meeting is available here and the materials are available here.

The GMAC is one of five active Advisory Committees overseen by the CFTC. They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets. These committees facilitate communication between the Commission and market participants, other regulators, and academics. The views, opinions, and information expressed by the Advisory Committees are solely those of the respective Advisory Committee and do not necessarily reflect the views of the Commission, its staff, or the U.S. government.