Transcript

Global Markets Advisory Committee Meeting, July 15, 2008

Committee to Discuss Risk Management Practices for Direct Market Access and Current Legislative Proposals Affecting Foreign Boards of Trade

The Commodity Futures Trading Commission (CFTC or Commission) will convene a meeting of its Global Markets Advisory Committee on Tuesday, July 15, 2008, to obtain information on the views of futures industry and market users concerning customers having direct market access (DMA) to an exchange’s electronic trading platform. The Committee is comprised of a variety of individuals who have an extraordinary amount of experience and expertise involving global futures markets issues. Topics to be addressed include the risks and benefits of DMA, including the challenges to risk management, how exchanges and intermediaries have responded to these risks, and whether there is a need for industry-wide guidance. The Committee will also discuss other issues of current importance to global futures markets, including legislative proposals concerning foreign boards of trade seeking access to U.S. customers.

This will be the first meeting of the Committee under the leadership of Commissioner Jill E. Sommers, who the Commission appointed to chair the GMAC earlier this year. “In an era of high speed and high volume electronic trading it is increasingly important for the Commission to gain valuable insights on these particular issues from those who participate in the global markets everyday,” said Commissioner Sommers.

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