[Federal Register Volume 65, Number 30 (Monday, February 14, 2000)]
[Notices]
[Pages 7363-7364]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-3299]


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COMMODITY FUTURES TRADING COMMISSION


Notice of the First Renewal of the Global Markets Advisory 
Committee

SUMMARY: The Commodity Futures Trading Commission has determined to 
renew the charter of its ``Global Markets Advisory Committee.'' As 
required by Sections 9(a)(2) and 14(a)(2)(A) of the Federal Advisory 
Committee Act, 5 U.S.C. app. 2, 9(a)(2) and 14(a)(2)(A), and 41 C.F.R. 
101-6.1007 and 101-6.1029, the Commission has consulted with the 
Committee Management Secretariat of the General Services 
Administration. The Commission certifies that the renewal 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, 9(a)(2), and 41 C.F.R. 101-6.1015.

FOR FURTHER INFORMATION CONTACT: George G. Wilder, Legal Counsel to 
Commissioner Barbara P. Holum, at 202-418-5142, or Marcia K. Blase,

[[Page 7364]]

Committee Management Officer, at 202-418-5138. Written comments should 
be submitted to Jean A. Webb, Secretary, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street, N.W., Washington, 
D.C. 20581.

SUPPLEMENTARY INFORMATION: The globalization of the futures and options 
markets has been a principal development of the past decade. Such 
global expansion is characterized by:
     An increasing number of futures markets being established 
internationally,
     The increasingly multinational nature of regulated U.S. 
firms,
     The increasing presence of foreign competitors in the 
U.S.,
     The international linking of markets,
     Concerns about international market risk, and
     An increased demand by U.S. market users for global 
brokerage services. Markets are inextricably linked through common 
products and related market participants. Events that occur in one 
market can and frequently do cause global regulatory and business 
concerns.
    The Global Markets Advisory Committee's charter directs the 
committee to assist the Commission in gathering information concerning 
the regulatory challenges of a global marketplace, including: (1) 
Avoiding unnecessary regulatory or operational impediments faced by 
those doing global business, such as differing and/or duplicative 
regulatory frameworks, lack of transparency of rules and regulations 
and barriers to market access, while preserving core protections for 
markets and customers; (2) setting appropriate international standards 
for regulating futures and derivatives markets and intermediaries; (3) 
assessing the impact on U.S. markets and firms of the Commission's 
international efforts and the initiatives of foreign regulators and 
market authorities; (4) achieving continued global competitiveness of 
U.S. markets and firms; and (5) identifying methods to improve domestic 
and international regulatory structures.
    The Commission has actively worked with foreign regulators to 
address global market issues. Recent global initiatives have been 
designed to enhance international supervisory cooperation and emergency 
procedures, to establish concrete standards of best practices that set 
international benchmarks for regulating futures and derivatives 
markets, to encourage improved transparency in those markets, to 
improve the quality and timeliness of international information sharing 
and to encourage jurisdictions around the world to remove legal or 
practical obstacles to achieving these goals.
    The Commission anticipates that the Global Markets 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 the 
globalization of the marketplace.
    Commissioner Barbara P. Holum will serve as Chairman and Designated 
Federal Official of the advisory committee. The committee's membership 
will be composed of representatives of the markets, firms and market 
users most directly involved in and affected by the globalization of 
the industry, and will include, but not be limited to, representatives 
of U.S. and foreign exchanges, regulators and self-regulators, 
financial intermediaries, market users, traders and academics. The 
advisory committee's membership will be balanced in terms of point of 
view.
    The Commission has found that advice on specialized matters of the 
sort described above 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 
Global Markets 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 renewal of the Global Markets Advisory Committee is essential to 
the accomplishment of its mission and is in the pubic interest.
    Upon publication of this notice in the Federal Register, a copy of 
the first renewal charter of the Global Markets 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 first renewal charter will be furnished to 
the Library of Congress and to the Committee Management Secretariat and 
will be posted on the Commission's website at http://www.cftc.gov.

    Issued in Washington, D.C., on February 8, 2000, by the 
Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 00-3299 Filed 2-11-00; 8:45 am]
BILLING CODE 6351-01-M