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Committee Detail

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.

Details on agency responses to committee recommendations can be found under the Performance Measures section for each committee in the fields “Agency Feedback” and “Agency Feedback Comment.”


CFTC - 2494 - Market Risk Advisory Committee - Agency Authority
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameMarket Risk Advisory CommitteeAgency NameCommodity Futures Trading Commission
Fiscal Year2022Committee Number2494
Original Establishment Date6/2/2014Committee StatusChartered
Actual Termination Date Committee URLhttps://www.cftc.gov/About/AdvisoryCommittees/MRAC
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*37
Current Charter Date4/20/2022Designated Fed Officer Position Title*Senior Counsel to Commissioner Kristin N. Johnson
Date Of Renewal Charter4/20/2024Designated Federal Officer PrefixMr.
Projected Termination Date Designated Federal Officer First Name*Bruce
Exempt From Renewal*NoDesignated Federal Officer Middle Name
Specific Termination AuthorityDesignated Federal Officer Last Name*Fekrat
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*Commission OrderDesignated Federal Officer Phone*(202) 418-5690
Effective Date Of Authority*4/24/2014Designated Federal Officer Fax*
Exempt From EO 13875 Discretionary CmteNot ApplicableDesignated Federal Officer Email*bfekrat@cftc.gov
Committee Type*Continuing
Presidential*No
Committee Function*Non Scientific Program Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate RequiredNot Applicable
Legislation StatusNot Applicable
How does cmte accomplish its purpose?*The MRAC was established to conduct public meetings, advise, and submit reports and recommendations to the Commission on: (1) systemic issues that impact the stability of the derivatives markets and other related financial markets; and (2) the impact and implications of the evolving market structure of the derivatives markets and other related financial markets.
During this fiscal year, the MRAC held one meeting. At the September 28, 2022 meeting, the MRAC addressed: (1) the Future of Finance, a discussion of the latest developments in the digital assets and innovative markets; (2) Climate-Related Market Risk, which included a presentation of significant developments at the intersection of policy, regulation, and climate change; (3) Interest Rate Benchmark Reform, which included a presentation on the latest developments with respect to the LIBOR transition and next steps; (4) CCP Risk and Governance, which included a discussion of clearinghouse governance and CCP core functions transitioning to the cloud; and (5) Market Structure, which included a general discussion of market structure issues relevant to FCMs and non-intermediation. At this meeting, the MRAC voted to (1) establish a “Future of Finance” Subcommittee; (2) re-establish the Climate-Related Market Risk Subcommittee; and (3) re-establish the Market Structure Subcommittee.
The discussions at this MRAC meeting on critical market risk and market structure issues (i.e., the future of finance, climate-related market risk, LIBOR transition, CCP risk and governance, and market structure issues relevant to FCMs and non-intermediation) accomplished the MRAC’s purpose of assessing the impact and implications of developments in the structure of the derivatives markets, as well as systemic issues that impact the stability of the derivatives markets and other related financial markets.
How is membership balanced?*The MRAC ensures its membership is balanced by appointing individuals who represent groups with an interest in the MRAC’s mission and function and reflect a wide range of perspectives and interests, including those that may be conflicting, related to the derivatives markets and other financial markets. Its membership may consist of the following types of viewpoint categories: (1) end-users; (2) exchanges; (3) swap execution facilities; (4) swap data repositories; (5) clearinghouses; (6) asset managers; (7) intermediaries; (8) market makers; (9) service providers; (10) academia; (11) public interest groups; (12) regulators; and (13) blockchain and cryptocurrency industry firms.
How frequent & relevant are cmte mtgs?*The MRAC typically meets two or more times per calendar year. The subjects of market risk and the evolution of market structure are highly relevant to the work of the CFTC. In addition, addressing systemic risk is at the heart of the Commission’s mission. In June 2022, through a formal request in the Federal Register, the Commission requested nominations for membership on the MRAC and also invited the submission of potential topics for discussion at future Committee meetings. These responses taken together with current market events were used to determine the discussion topics for the Fiscal Year 2022 meeting.
Why advice can't be obtained elsewhere?*Currently, the Commission does not have another manner in which to obtain regular feedback from the public, market participants, and registrants on market risk and systemic market issues that could impact the stability of derivatives and other markets. The MRAC helps the Commission understand how the public, market participants, and registrants are affected by structural changes in the derivatives and other financial markets. Accordingly, the MRAC assists the Commission with respect to developments in the structure of the derivatives markets and the effects that such changes may have on systemic issues that could impact the stability of derivatives and other financial markets.
Why close or partially close meetings?N/A
Recommendation Remarks
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentYesAction Reallocate ResourcesNo
Outcome Major Policy ChangesNoAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryNoAction OtherNo
Outcome Increased Customer SatisfactionNoAction CommentN/A
Outcome Implement Laws/Reg RequirementsNoGrants Review*No
Outcome OtherYesNumber Of Grants Reviewed0
Outcome CommentThe MRAC assists with assessing issues impacting clearinghouses, exchanges, swap execution facilities, swap data repositories, intermediaries, market makers, and end-users, and also contributes to pending rule rulemakings and policy considerations within the Commission.Number Of Grants Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings CommentN/AGrants Review CommentN/A
Number Of Recommendations*3Access Contact Designated Fed. Officer*No
Number Of Recommendations CommentThe MRAC submitted three formal recommendations to the Commission in Fiscal Year 2022. The three recommendations were for the Commission to establish or re-establish the following three subcommittees: Future of Finance, Climate-Related Market Risk, and Market Structure.Access Agency WebsiteYes
% of Recs Fully Implemented*0.00%Access Committee WebsiteNo
% of Recs Fully Implemented CommentThe recommendations above were voted on near the end of FY 2022, on September 28, 2022. These recommendations will be provided to the Commission for their consideration in FY 23.Access GSA FACA WebsiteYes
% of Recs Partially Implemented*0.00%Access PublicationsNo
% of Recs Partially Implemented CommentThe recommendations above were voted on near the end of FY 2022, on September 28, 2022. These recommendations will be provided to the Commission for their consideration in FY 23.
As a follow-up to the prior year’s FY 2021 recommendations, the Commission in FY 2022 fully implemented the MRAC’s fifth recommendation, partially implemented the third recommendation, and is considering the remaining recommendations.
Access OtherNo
Agency Feedback*YesAccess CommentN/A
Agency Feedback Comment*N/A. The Committee provided its recommendations at the end of the fiscal year. The Commission will be considering the recommendations in FY 2023 as noted above. Accordingly, no feedback was provided to the Committee in FY 2022.Narrative Description*The Commission's mission is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation. The MRAC supports this mission and the agency's strategic plan by assisting the Commission with identifying and understanding (1) systemic issues that impact the stability of the derivatives markets and other related financial markets; and (2) the impact and implications of the evolving market structure of the derivatives markets and other related financial markets.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members*$0.00Est Payments to Non-Fed Members Next FY*$0.00
Payments to Federal Members*$0.00Est. Payments to Fed Members Next FY*$0.00
Payments to Federal Staff* Estimated Payments to Federal Staff* 
Payments to Consultants*$0.00Est. Payments to Consultants Next FY* 
Travel Reimb. For Non-Federal Members*$0.00Est Travel Reimb Non-Fed Members nextFY*$0.00
Travel Reimb. For Federal Members*$0.00Est Travel Reimb For Fed Members*$0.00
Travel Reimb. For Federal Staff* Est. Travel Reimb to Fed Staff Next FY* 
Travel Reimb. For Consultants*$0.00Est Travel Reimb to Consultants Next FY* 
Other Costs Est. Other Costs Next FY* 
Total Costs$0.00Est. Total Next FY*$0.00
Date Cost Last Modified11/23/2022 10:36 AMEst. Fed Staff Support Next FY* 
Federal Staff Support (FTE)* Est Cost Remarks
Cost Remarks  
Hide Section - Interest Areas

Interest Areas

Category
Area
Finance
Finance
Legislation
Regulations
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

No Documents Found
Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

 
ActionCommittee System IDCommittee NameFiscal Year
 COM-039002Market Risk Advisory Committee2021
 COM-037033Market Risk Advisory Committee2020
 COM-035111Market Risk Advisory Committee2019
 COM-032636Market Risk Advisory Committee2018
 COM-001103Market Risk Advisory Committee2017
 COM-003178Market Risk Advisory Committee2016
 COM-003398Market Risk Advisory Committee2015
 COM-005275Market Risk Advisory Committee2014