Transcript

Global Markets Advisory Committee Meeting October 2, 2007

The Commodity Futures Trading Commission (CFTC) will convene a meeting on October 2, 2007 of the Global Markets Advisory Committee (GMAC) that will focus on the European Commission’s (EC) on-going review of regulation of commodity derivatives and possible changes to its existing regulatory approach. Additionally, GMAC will discuss the initial implementation of the EC’s Clearing Code of Conduct as well as potentially extending the Code to exchange-traded derivatives.

“The Commission is pleased and honored to welcome two high-level officials from the European Commission to offer presentations that will cultivate a thoughtful and timely discussion among GMAC members regarding the regulatory issues surrounding new exchange and clearing structures in the U.S,” said CFTC Acting Chairman Walter L. Lukken. “As global regulators looking at global markets, it’s critical that we have a regular dialogue. We can learn from each other’s debates and it provides the opportunity to find ways to harmonize our efforts.”

The lead presenter, David Wright, is the Director for Financial Markets in the Internal Market Directorate of the EC.  He will also discuss the European Union’s implementation of the Markets in Financial Instruments Directive (MiFID).  MiFID goes into effect on November 1, 2007, and will make significant changes to the European regulatory framework to reflect developments in financial services and markets.

Mario Nava, Director of the Office of Financial Markets Infrastructure in the EC, will present an overview of the European Code of Conduct for Clearing and Settlement, which initially only applies to equity securities.

The Commission also welcomes guest commentator, Anthony Belchambers, Chief Executive of the Futures and Options Association, based in London.  Mr. Belchambers will provide the European industry’s perspective of the various initiatives relating to commodity derivatives oversight, and clearing and settlement.

The hearing is open to the public. Audio of the hearing is also available via a listen-only conference call.