Page 33 - 期货和衍生品行业监管动态（2024年12月刊）

期货和衍生品行业监管动态

which the MRAC adopted three sets of recommendations for the U.S. Commodity

Futures Trading Commission’s consideration. The reports and accompanying

recommendations, detailed below, address (i) U.S. Treasury markets with a focus on

effective risk management practices for the cash-futures basis trade, (ii)

modernization of regulation governing cyber resilience and critical third-party service

providers for central counterparties, and (iii) the potential benefits and limitations of

formally adopting obligations to employ legal entity identifiers for beneficial account

holders of certain intermediaries.

According to Commissioner Johnson, “the MRAC’s success advancing three sets

of recommendations adopted on Dec. 10 as well as the recommendations on

derivatives clearing organization recovery and resilience and the report on

concentration risk related to the declining number of futures merchant commissions

adopted in April demonstrate the exceptional work of the members of the MRAC.”

The MRAC examines risks across our financial markets, including systemic issues

that could threaten the stability of derivatives markets, and the risks associated with

evolving market structures and the implementation of novel technologies across

clearinghouses, exchanges, intermediaries, market makers and end-users.

December 10, 2024, MRAC Meeting

On Dec. 10, the MRAC held its last meeting of the year. The meeting consisted

of thoughtful commentary and discussion on the following topics: the current state of

the Treasury markets from the Honorable Josh Frost, Assistant Secretary for Financial

Markets, U.S. Department of the Treasury; the importance of cyber resilience for

market participants, central counterparties and the broader market and economy from

Sanjeev Bhasker, Deputy General Counsel, Office of the National Cyber Director,

Steve Pugh, Chief Information Security Officer, Intercontinental Exchange, and Don

Byron, Head of Global Industry Operations and Execution, Futures Industry

Association; the intersection of potential harm to the financial services sector from

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