January 21, 2011

Commodity Futures Trading Commission’s Technology Advisory Committee to Meet January 27, 2011

Committee to discuss pre-trade functionality, direct market access controls and costs and technology challenges in implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) will hold its third meeting on January 27, 2011,at 1:00 p.m. in the CFTC’s Washington, DC headquarters’ Hearing Room. The TAC will discuss pre-trade functionality, direct market access controls and costs and technology challenges in implementing the trade execution, processing and records management requirements of the Dodd-Frank Act. Dr. Michael Gorham, Illinois Institute of Technology (IIT) Industry Professor of Finance and Director of the ITT Center for Financial Markets, will present the Pre-Trade Functionality Subcommittee Report on Direct Market Access Controls.

“As the Commission continues its brisk pace in implementing new regulations under the Dodd-Frank Act, technology remains more important than ever,” TAC Chairman and CFTC Commissioner Scott O’Malia said. “In the over 40 proposed rules released to date, technology is the common thread that runs throughout the challenges imposed by each rulemaking. It is the tool that will enable the CFTC to fulfill its heightened oversight and surveillance responsibilities as mandated by the Dodd-Frank Act in as cost-effective and efficient a manner as possible. The discussion today will help the agency to better understand the investments required and the necessary timetable for implementation of needed technology resources.”

The afternoon session will focus on a presentation and discussion of costs and technology challenges in implementing the trade execution, processing and records management requirements of the Dodd-Frank Act. Various panelists from the private sector will discuss interconnection and execution of swaps, cost of technology investment and the universal ID and data reporting requirements.

“The TAC members have been selected for their deep knowledge and expertise in the financial markets, including technology and market innovations,” Commissioner O’Malia said. “They are charged with keeping the CFTC abreast of technological developments in the swaps market as swap execution facilities and swap data repositories begin to take shape in the upcoming months.”

The TAC meeting is open to the public and will be webcast via the internet. Audio of the meeting will be available via a listen-only conference call.

Media Contact
Laura Gardy
202-418-5354

Last Updated: January 21, 2011