[Federal Register: October 28, 1999 (Volume 64, Number 208)] [Notices] [Page 58036-58037] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr28oc99-40] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION Notice of Establishment of the Technology Advisory Committee SUMMARY: The Commodity Futures Trading Commission has determined to establish the ``Technology Advisory Committee'' As required by Section 9(a)(2) of the Federal Advisory Committee Act 5 U.S.C. app. 2, Sec. 9(a)(2) and 41 CFR 101-6.1007, the Commission has consulted with the Committee Management Secretariat of the General Services Administration. The Commission certifies that the creation of this advisory committee is necessary and is in the public interest in connection with the performance of duties imposed on the Commission by the Commodity Exchange Act, 7 U.S.C. 1 et seq., as amended. This notice is published pursuant to Section 9(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. app. 2, Sec. 9(a)(2) and 41 CFR 101-6.1015. FOR FURTHER INFORMATION CONTACT: Elizabeth Fox, Legal Counsel to Commissioner James E. Newsome, at 202-418-5052, or Marcia K. Blase, Committee Management Officer, at 202-418-5138. Written comments should be [[Page 58037]] submitted to Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581. SUPPLEMENTARY INFORMATION: Sophisticated communication technology has expanded access to markets and market users. The rise of electronic screen-based trading is changing the face of the financial services industry and along with it, the regulatory concerns of the Commission, of other regulators and of the United States Congress. As electronic trading platforms become more prevalent and in some markets, directly compete with or displace traditional open-outcry trading pits, it is imperative that the Commission keep informed of the ever evolving technological environment, the impact of technology on our markets, market professionals and other market participants, and to consider regulatory reform as appropriate. The Technology Advisory Committee's charter directs the committee to assist the Commission in: (1) Reviewing emerging technologists utilized by financial services and commodity markets and their participants, (2) identifying technology providers for the financial services and commodity markets, (3) analyzing the impact of emerging technologies on financial services and commodity markets, as well as on market professionals and market users, particularly in the areas of system capacities and readiness, order flow practices, and clearing and payment activities, (4) reviewing the Commodity Exchange Act and the regulations promulgated thereunder to assess their applicability to electronic issues and to ensure the Commission's ability to exercise appropriate fraud and manipulation authority, and (5) examining ways that the Commission may respond to the increasing use of technology in financial services and commodity markets through appropriate legislative proposals and/or regulatory reform. The Commission anticipates that the Technology Advisory Committee will provide a valuable forum for information exchange and advice on these matters. The reports, recommendations and general advice from the committee will enable the Commission to assess more effectively the need for possible statutory, regulatory, policy or programmatic initiatives to address the challenges posed by a technology driven marketplace. The committee's membership will include representatives of those markets, firms and market users most directly involved in and affected by the technological evolution of the industry and will be balanced in terms of points of view represented. Toward that end, the Commission is considering for membership a broad cross-section of persons representing technology providers, exchanges, regulatory organizations, financial intermediaries, end-users, traders and academics. The Commission has found that advice on such specialized matters is best obtained through the advisory committee framework rather than through other more costly, less flexible and less efficient means of assembling persons from all sectors of the financial services industry. The Commission has also found that the Technology Advisory Committee will not duplicate the functions of the Commission, another existing advisory committee, or other means such as public hearings. The Commission has concluded, therefore, that the creation of the Technology Advisory Committee is essential to the accomplishment of its mission and is in the public interest. Fifteen days after publication of this notice in the Federal Register, a copy of the charter of the Technology Advisory Committee will be filed with the Chairman of the Commission, the Senate Committee on Agriculture, Nutrition and Forestry, and the House Committee on Agriculture. A copy of the charter will be furnished to the Library of Congress and the Committee Management Secretariat and will be posted on the Commission's website at http://www.cftc.gov. Issued in Washington, DC, on October 20, 1999, by the Commission. Jean W. Webb, Secretary of the Commission. [FR Doc. 99-28105 Filed 10-27-99; 8:45 am] BILLING CODE 6351-01-M
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