CFTC Commissioner Pham to Relaunch GMAC

CFTC Commissioner Caroline D. Pham announced that she is relaunching the Global Markets Advisory Committee ("GMAC") as an international forum for executive leaders from both the public and private sectors which will focus on "firms' global business strategy and operations and the markets that are needed to support growth and effective risk management."

In an address to the American Cotton Shippers Association, Ms. Pham stated that as the sponsor of the GMAC, she intends to cover (i) cross-border harmonization and market fragmentation, (ii) global commodity markets and volatility and (iii) the "interconnectedness" of cash and derivatives markets. Ms. Pham also indicated that the GMAC would devote subcommittees to digital assets and trade reporting, which she called a key initiative.

Additionally, Ms. Pham highlighted pressing issues before the CFTC, including:

• the high levels of volatility in the global commodity markets due to COVID-19;

• climate-related concerns from the public and the need to be conscious when implementing regulations to address these concerns; and

• non-intermediated clearing and market structure and retail investor access to markets.