Good morning. I am pleased to open the third public meeting of the CFTC-SEC Joint Advisory Committee on Emerging Regulatory Issues. Today we will continue our examination of the market events that took place on May 6, 2010.
I thank SEC Chairman Mary Schapiro for co-chairing today’s meeting and the Committee. I look forward to continuing to work closely with Chairman Schapiro on issues relating to May 6 as well as implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act for the first time brings over-the-counter derivatives under comprehensive regulation. To best protect the American public, the CFTC will work closely and consultatively with the SEC on each of our rulemakings. Staff from both agencies have already begun meeting and working together on proposed rulemakings.
I would also like to welcome and thank the members of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues as well as our expert panelists. I look forward to hearing investor perspectives on the contributing factors to the May 6 market events.
I also would like to thank the staff of the CFTC and SEC for all of their hard work planning this meeting and reviewing the circumstances surrounding May 6.
Lastly, I want to recognize and thank my fellow CFTC Commissioners, Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia.
The market events of May 6 require continued review by both the CFTC and SEC. Staff from the two agencies jointly released preliminary findings on May 18. Today’s meeting will be part of an ongoing process of building upon the staff’s May findings, focusing on investor perspectives. In early September the staff will deliver a follow-up report concerning the events of May 6 to the Joint Advisory Committee based on the research they have been conducting these last 3 months. We look forward to hearing the Committee’s response including their recommendations.
I look forward to an informative dialogue with each of today’s panelists. I am hopeful that today’s meeting, along with continued communication amongst committee members, will help provide thoughtful analysis on the market events of May 6.
I again thank both the CFTC and the SEC, staff and our panelists for being here today.
