Washington, DC – On October 2, 2007, the Commodity Futures Trading Commission (CFTC) convened a meeting of the Global Markets Advisory Committee (GMAC) focused on European Commission (EC) regulations concerning commodity derivatives. The session centered around the EC’s ongoing review of its regulatory approach and the potential expansion of its Clearing Code of Conduct to include exchange-traded derivatives.
CFTC Acting Chairman Walter L. Lukken emphasized the importance of international regulatory dialogue, stating the need to learn from global debates and harmonize efforts. The primary presenter at the GMAC meeting was David Wright, Director for Financial Markets in the Internal Market Directorate of the EC. Wright detailed the European Union’s implementation of the Markets in Financial Instruments Directive (MiFID), set to take effect November 1, 2007, and the resulting changes to the European regulatory framework.
Mario Nava, Director of the Office of Financial Markets Infrastructure in the EC, presented an overview of the European Code of Conduct for Clearing and Settlement, initially applicable to equity securities. The discussion also included perspectives from Anthony Belchambers, Chief Executive of the Futures and Options Association, based in London, who offered insights into the European industry’s viewpoint on commodity derivatives oversight.
The GMAC meeting, held at the CFTC Headquarters in Washington, D.C., was open to the public and accessible via a listen-only conference call. No penalties or fines were assessed as the meeting was a regulatory discussion and not an enforcement action. The event aimed to foster collaboration and understanding between U.S. and European regulators regarding the evolving landscape of commodity derivatives markets.
Media contacts for the event were Ianthe Zabel and R. David Gary. The last update regarding the meeting was issued on September 28, 2007.
Source: CFTC.gov
Related Federal Cases
- Michael Ron David Kadar, Hate Crimes, Washington 2023 · District of Columbia
- Joshua Lee Hernandez, Capitol Assault, District of Columbia 2021 · Washington
- Bryan Rice, Fentanyl & Gun Crimes, District of Columbia 2024 · District of Columbia
- D.C. Woman, Covid-19 Relief Heist, District of Columbia 2024 · Washington
- DeAngelo Wayne McNeil, Gun & Crack Cocaine, District of Columbia 2024 · District of Columbia
