FACACLASSIC

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 - 5215 - Global Markets Advisory Committee - Agency Authority

GENERAL INFORMATION

Committee Name	Global Markets Advisory Committee	Agency Name	Commodity Futures Trading Commission
Fiscal Year	2025	Committee Number	5215
Original Establishment Date	2/25/1998	Committee Status	Chartered
Actual Termination Date		Committee URL	https://www.cftc.gov/About/AdvisoryCommittees/GMAC
Actual Merged Date		Presidential Appointments*	No
New Committee This FY	No	Max Number of Members*	40
Terminated This FY	No	Designated Fed Officer Position Title*	Chief Counsel
Merged This FY		Designated Federal Officer Prefix	Mr.
Current Charter Date	8/15/2024	Designated Federal Officer First Name*	Harry
Date Of Renewal Charter	8/15/2026	Designated Federal Officer Middle Name
Projected Termination Date		Designated Federal Officer Last Name*	Jung
Exempt From Renewal*	No	Designated Federal Officer Suffix
Specific Termination Authority		Designated Federal Officer Phone*	917-748-9103
Establishment Authority*	Agency Authority	Designated Federal Officer Fax*
Specific Establishment Authority*	Commission Order 63 FR 10595	Designated Federal Officer Email*	hjung@cftc.gov
Effective Date Of Authority*	2/25/1998
Exempt From EO 13875 Discretionary Cmte	Not Applicable
Committee Type*	Continuing
Presidential*	No
Committee Function*	Non Scientific Program Advisory Board

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*	Continue
Legislation to Terminate Required	Not Applicable
Legislation Status	Not Applicable
How does cmte accomplish its purpose?*	The GMAC was established to gather information on international market issues and to submit reports and recommendations to the Commission on the regulatory challenges presented by the ever increasing globalization of the derivatives markets. The GMAC continues to accomplish its purpose by conducting public meetings, and providing advice and recommendations on matters of public concern to the Commission; financial market infrastructures; intermediaries including swap dealers; advisors, end users, and other market participants; service providers; international standard setting bodies; regulators; and others interested in or affected by the regulatory challenges of global markets, which reflect the increasing interconnectedness of markets and the multinational nature of business. The GMAC will help the Commission by providing advice on methods to improve both U.S. and international regulatory structures without unnecessary regulatory or operational impediments to global business and while still preserving core protections for customers and other market participants. The GMAC will also provide advice and recommendations for appropriate international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries, to further promote international engagement. In addition, the GMAC will assist the Commission by providing advice concerning the impact of the Commission’s international efforts and the initiatives of foreign regulators and market authorities, including the impact on U.S. markets and firms.
How is membership balanced?*	The Commission has kept the Committee's membership balanced by appointing individuals who reflect a wide array of the interests that constitute the global futures, derivatives, swaps, and options markets. The Committee’s membership includes representatives of end-users, exchanges, swap execution facilities, swap data repositories, clearinghouses, asset managers, intermediaries, swap dealers, service providers, public interest groups, and regulators.
How frequent & relevant are cmte mtgs?*	The subject of global markets is highly relevant to the work of the CFTC. Events that occur in one market can and frequently do cause global regulatory and business concerns. Global market activities raise complex and novel issues that could profoundly affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in providing financial services globally. GMAC meetings have provided, and will continue to provide, a vital forum in which U.S. and foreign market participants come together to discuss these issues and to provide timely advice to the Commission to assist it in designing its regulations and updating its procedures in response to the continually evolving markets.
Why advice can't be obtained elsewhere?*	The GMAC is needed to advise the Commission on the ever-increasing and complex issues associated with the global expansion of the derivatives markets. Such global expansion is characterized by the increasing number of futures, options, and swaps markets being established internationally; the increasingly multinational nature of regulated U.S. firms; the increasing demand of foreign firms to establish a commercial presence in the U.S.; the international linking of markets; concerns about international market risk and market fragmentation; and the increased demand for global brokerage services by U.S. market users. In light of the broad array of differing market perspectives, the Committee provides a valuable forum for information exchange and advice on international market issues.
Why close or partially close meetings?	N/A
Recommendation Remarks

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*	No	Action Reorganize Priorities*	No
Outcome Trust In Government	Yes	Action Reallocate Resources	No
Outcome Major Policy Changes	Yes	Action Issued New Regulations	No
Outcome Advance In Scientific Research	No	Action Proposed Legislation	No
Outcome Effective Grant Making	No	Action Approved Grants Or Other Payments	No
Outcome Improved Service Delivery	No	Action Other	No
Outcome Increased Customer Satisfaction	No	Action Comment	N/A
Outcome Implement Laws/Reg Requirements	No	Grants Review*	No
Outcome Other	Yes	Number Of Grants Reviewed	0
Outcome Comment	The GMAC assists the Commission by serving as a source for informing CFTC's legislative recommendations on financial reform and subsequent development of implementing regulations.	Number Of Grants Recommended	0
Cost Savings*	Unable to Determine	Dollar Value Of Grants Recommended	$0.00
Cost Savings Comment	N/A	Grants Review Comment	N/A
Number Of Recommendations*	13	Access Contact Designated Fed. Officer*	No
Number Of Recommendations Comment	The GMAC voted on 13 recommendations. The recommendations breakdown below: -Global Market Structure Subcommittee: 1. New Block and Cap Sizes; 2. Proposal to Add CCPs as Permitted Counterparties; 3. FICC-CME Customer Position Cross-Margining Structure; 4. Endorsement of Futures Industry Association (FIA) Volatility Controls Mechanism Paper; 5. Inclusion of U.S. Treasury ETFs as Eligible Initial Margin Collateral; 6. Report on the Impact of the US Bank Capital Proposals on End-Users that Rely on Cleared Derivatives Markets -Digital Asset Markets Subcommittee: 1. Adoption of an Approach for the Classification and Understanding of Digital Assets -Technical Issues Subcommittee: 1. Global Default Simulation; 2. MMFs as Eligible Collateral; 3. Improve Trade Reporting for Market Oversight, Streamline Potential 40% Increase in CFTC Reportable Data Elements; 4. Improve Trade Reporting for Market Oversight and Improving Data Sharing and Systemic Risk Analysis; 5 Publication of Resource Document to Support Transition to T+1 Securities Settlement; 6. Variation Margin Processes in Non-Centrally Cleared Markets	Access Agency Website	Yes
% of Recs Fully Implemented*	0.00%	Access Committee Website	No
% of Recs Fully Implemented Comment	The reports and recommendations above were provided to the Commission for their consideration in Fiscal Year 2024 but GMAC has not yet received feedback from the Commission.	Access GSA FACA Website	Yes
% of Recs Partially Implemented*	0.00%	Access Publications	No
% of Recs Partially Implemented Comment	N/A	Access Other	No
Agency Feedback*	Not Applicable	Access Comment	N/A
Agency Feedback Comment*	N/A	Narrative Description*	CFTC's mission is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation. The GMAC supports this mission by obtaining the views of international market participants and regulators on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business.

COSTS

1. Payments to Non-Federal Members*		1. Est Paymnts to Non-Fed Membrs Nxt FY*
2. Payments to Federal Members*		2. Est. Payments to Fed Members Next FY*
3. Payments to Federal Staff*		3. Estimated Payments to Federal Staff*
4. Payments to Consultants*		4. Est. Payments to Consultants Next FY*
5. Travel Reimb. For Non-Federal Membrs*		5. Est Travel Reimb Non-Fed Membr nxtFY*
6. Travel Reimb. For Federal Members*		6. Est Travel Reimb For Fed Members*
7. Travel Reimb. For Federal Staff*		7. Est. Travel Reimb to Fed Staf Nxt FY*
8. Travel Reimb. For Consultants*		8. Est Travel Reimb to Consltnts Nxt FY*
10. Other Costs		10. Est. Other Costs Next FY*
11. Total Costs	$0.00	11. Est. Total Next FY*	$0.00
Date Cost Last Modified	2/19/2025 10:42 AM	Est. Fed Staff Support Next FY*
Federal Staff Support (FTE)*		Est Cost Remarks
Cost Remarks

Interest Areas

Category Area Agriculture Agriculture Business Business and Domestic Commerce Finance Finance International International Law International Organizations Legislation Regulations

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