Statement from FIA President and CEO Walt Lukken on the Resignation of CFTC Commissioner Scott O’Malia (July 21, 2014)
The Commodity Futures Trading Commission announced today that Commissioner Scott O’Malia will step down later this month. FIA issued the following statement in response to the announcement.
"On behalf of FIA, I want to thank Commissioner O’Malia for his energy, enthusiasm and commitment to public service," said FIA President and Chief Executive Officer Walt Lukken. "Scott was always willing to roll up his sleeves and dive into complex regulatory issues, and under his leadership the CFTC’s Technology Advisory Committee has developed into a remarkably effective forum for thoughtful discussion on the technological innovations that are transforming our industry. I also want to thank him for his efforts to bring the end-user perspective into the regulatory dialogue, particular with respect to Dodd-Frank, and for his emphasis on the value of empirical data in the rule-making process. I wish him all the best in the next phase of his career.”
FIA is the leading trade organization for the futures, options and cleared swaps markets worldwide. FIA’s membership includes clearing firms, exchanges, clearinghouses and trading firms from more than 25 countries as well as technology vendors, lawyers and other professionals serving the industry. FIA’s mission is to support open, transparent and competitive markets, protect and enhance the integrity of the financial system, and promote high standards of professional conduct. As the principal members of derivatives clearinghouses worldwide, FIA’s member firms play a critical role in the reduction of systemic risk in the global financial markets. FIA and its affiliates FIA Europe and FIA Asia make up the global alliance FIA Global, which seeks to address the common issues facing their collective memberships. For more information, please contact Heather Vaughan (hvaughan@FIA.org)at (202) 466-5460 or visit the FIA website at www.FIA.org.
FIA Elects New Chairman and Two New Board Members (July 18, 2014)
FIA announced that Gerald F. Corcoran, chairman and chief executive officer of R.J. O’Brien & Associates LLC, has been elected as chairman of FIA. Two new board members were also chosen: Jan Bart de Boer, board member and chief commercial officer of ABN AMRO Clearing Bank N.V., and Raymond Kahn, head of futures clearing and head of agency derivatives services, Americas, at Barclays.
FIA Statement on House Vote to Reauthorize the CFTC (June 24, 2014)
FIA CEO Walt Lukken Congratulates New CFTC Commissioners (June 3, 2014)
WASHINGTON, D.C., June 3, 2014—Walt Lukken, President and CEO of FIA, issued a statement today congratulating the new Commissioners and Chairman of the Commodity Futures Trading Commission. The Senate voted earlier today to confirm Timothy Massad as CFTC Chairman and Sharon Bowen and Christopher Giancarlo as CFTC Commissioners.
FIA’s Lukken Discusses Global Trends at Shanghai Derivatives Market Forum (May 28, 2014)
Walt Lukken, President and CEO of FIA, discussed global trends in derivatives markets in a keynote speech to government officials and industry leaders during the Shanghai Derivatives Market Forum in Shanghai, China.
Lukken discussed the opportunities and challenges inherent in the transition from over-the-counter trading to exchanges and clearinghouses. He stressed the value in the exchange and clearinghouse model for price discovery and risk management, but urged international regulators to stay alert to the risk that comes from concentrating risk in clearinghouses. In this context, he emphasized the importance of implementing international standards for financial market infrastructures and highlighted the critical role that clearinghouse member firms in funding the financial resources of clearinghouses.
He also stressed the importance of international regulatory cooperation to maintain healthy markets and encourage regulators to move towards mutual recognition or substituted compliance as a mechanism for cross-border regulation and oversight. “I am hopeful that regulators will find value in finding ways to cooperate that allows global markets to exist while effectively protecting the marketplace and its participants.
The Shanghai Derivatives Market Forum, now in its 11th year, brings together government officials and industry leaders to discuss the development of the futures industry in China. This year’s SDMF was co-hosted by the Shanghai Futures Exchange and the China Financial Futures Exchange. In addition to FIA’s Walt Lukken, the speakers included Jiang Yang, vice chairman of the China Securities Regulatory Commission, Tu Guangshao, executive vice mayor of Shanghai, Yin Zhongqing, deputy director of the financial and economic committee of the National People’s Congress, and Chen Youan, chairman of Galaxy Futures.