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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.


CFTC - 5215 - Global Markets Advisory Committee - Agency Authority
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameGlobal Markets Advisory CommitteeAgency NameCommodity Futures Trading Commission
Fiscal Year2020Committee Number5215
Original Establishment Date2/25/1998Committee StatusChartered
Actual Termination Date Committee URLhttps://www.cftc.gov/About/AdvisoryCommittees/GMAC
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*40
Current Charter Date8/26/2020Designated Fed Officer Position Title*Special Counsel
Date Of Renewal Charter8/26/2022Designated Federal Officer PrefixMs.
Projected Termination Date Designated Federal Officer First Name*Andree
Exempt From Renewal*NoDesignated Federal Officer Middle Name
Specific Termination AuthorityDesignated Federal Officer Last Name*Goldsmith
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*Commission Order 63 FR 10595Designated Federal Officer Phone*(202) 418-6624
Effective Date Of Authority*2/25/1998Designated Federal Officer Fax*
Exempt From EO 13875 Discretionary CmteExempt: Independent Regulatory AgencyDesignated Federal Officer Email*agoldsmith@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 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 1) assisting the Commission with determining how it can avoid unnecessary regulatory or operational impediments to global business while still preserving core protections for customers and other market participants; 2) making recommendations to the Commission on appropriate international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries; 3) assisting the Commission with 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) identifying methods to improve both domestic and international regulatory structures while continuing to allow U.S. markets and firms to remain competitive in the global market; 5) appointing as members knowledgeable representatives of end-users, exchanges, swap execution facilities, swap data repositories, clearinghouses, asset managers, intermediaries, swap dealers, service providers, public interest groups, and regulators, who are able to advise the Commission with respect to complex regulatory issues based upon their years of industry experience and exposure to the global marketplace; and 6) as warranted, creating special subcommittees to study particular issues in depth. In such instances, the subcommittee will report its findings and any recommendations to the GMAC, which in turn advises the Commission.
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 GMAC met once during FY 2020, and intends to meet twice yearly going forward unless there is a need for more or less frequent meetings. 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
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 ChangesYesAction 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 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 Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings CommentN/AGrants Review CommentN/A
Number Of Recommendations*10Access Contact Designated Fed. Officer*No
Number Of Recommendations CommentIn FY 2020, the GMAC Subcommittee on Margin Requirements for Non-Cleared Swaps prepared and presented to the GMAC several recommendations to improve scoping and implementation of initial margin requirements for non-cleared swaps. The recommendations were as follows: (1) confirm the interpretation that a covered swap entity (CSE) can continue to trade with a separately managed account (SME) client in the case of an inadvertent breach of the $50 million initial margin (IM) threshold; (2) remove certain collateral eligibility restrictions on money market funds; (3) remove the consolidation requirements for seeded funds; (4) provide relief to small CSEs allowing them to rely on the IM amounts calculated by their CSE counterparties; (5) provide a 6-month grace period for compliance with IM requirements to reduce congestion; (6) allow each SMA of an SMA client to be treated as a distinct entity to which a separate IM threshold will apply; (7) provide an extended grace period for compliance with IM requirements for SMAs; (8) adjust the timing and methodology for material swaps exposure calculations and the post phase-in compliance periods to align with international standards; (9) codify previous Commission no-action relief relating to minimum transfer amount requirements; and (10) remove deliverable FX from the calculation of average aggregate notional amounts. The recommendations were adopted by the GMAC at its meeting in May 2020.Access Agency WebsiteYes
% of Recs Fully Implemented*0.00%Access Committee WebsiteNo
% of Recs Fully Implemented CommentNone of the GMAC’s recommendations have been fully implemented by the Commission. However, the Commission has adopted two proposed rules that would implement several of the GMAC’s recommendations. First, the Commission has proposed to (1) amend the definition of minimum transfer amount (MTA) to allow a covered swap entity (CSE) to apply an MTA of up to $50,000 to each separately managed account (SMA) owned by a counterparty with which the CSE enters into uncleared swaps; and (2) allow a CSE to apply separate MTAs for initial margin (IM) and variation margin (VM) with each counterparty, provided that the MTAs corresponding to IM and VM are specified in the margin documentation required by Commission regulations (see 85 FR 59470). Second, the Commission has proposed to (1) align certain aspects of the Commission’s uncleared margin requirements with international standards; and (2) allow a CSE that enters into uncleared swaps with a swap entity to use the swap entity’s risk-based model calculation of IM in lieu of its own IM calculation (see 85 FR 59702).Access GSA FACA WebsiteYes
% of Recs Partially Implemented*0.00%Access PublicationsNo
% of Recs Partially Implemented CommentN/AAccess OtherNo
Agency Feedback*Not ApplicableAccess CommentN/A
Agency Feedback Comment*The Commission did not provide formal feedback; however, the CFTC is working to implement some of the GMAC’s recommendations by rulemaking, a process which is public and subject to notice and comment requirements.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 and the agency's strategic plan by obtaining the views of international market participants and regulators on global and domestic financial regulatory reform, including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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*$88,430.39Estimated Payments to Federal Staff*$115,000.00
Payments to Consultants*$0.00Est. Payments to Consultants Next FY*$0.00
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*$0.00Est. Travel Reimb to Fed Staff Next FY*$0.00
Travel Reimb. For Consultants*$0.00Est Travel Reimb to Consultants Next FY*$0.00
Other Costs$9,223.75Est. Other Costs Next FY*$15,000.00
Total Costs$97,654.14Est. Total Next FY*$130,000.00
Federal Staff Support (FTE)*0.30Est. Fed Staff Support Next FY*0.50
Cost RemarksThe Committee’s FY 2020 staff costs also include work performed by Commission staff as a result of the GMAC Subcommittee on Margin Requirements for Non-Cleared Swaps.Est Cost Remarks
Hide Section - Interest Areas

Interest Areas

Category
Area
Agriculture
Agriculture
Business
Business and Domestic Commerce
Finance
Finance
International
International Law
International Organizations
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-035113Global Markets Advisory Committee2019
 COM-032638Global Markets Advisory Committee2018
 COM-001084Global Markets Advisory Committee2017
 COM-003153Global Markets Advisory Committee2016
 COM-003266Global Markets Advisory Committee2015
 COM-005273Global Markets Advisory Committee2014
 COM-005492Global Markets Advisory Committee2013
 COM-007413Global Markets Advisory Committee2012
 COM-007522Global Markets Advisory Committee2011
 COM-009527Global Markets Advisory Committee2010
 COM-009645Global Markets Advisory Committee2009
 COM-011348Global Markets Advisory Committee2008
 COM-011524Global Markets Advisory Committee2007
 COM-013244Global Markets Advisory Committee2006
 COM-013422Global Markets Advisory Committee2005
 COM-015164Global Markets Advisory Committee2004
 COM-015296Global Markets Advisory Committee2003
 COM-017117Global Markets Advisory Committee2002
 COM-017278Global Markets Advisory Committee2001
 COM-019051Global Markets Advisory Committee2000
 COM-019245Global Markets Advisory Committee1999
 COM-020942Global Markets Advisory Committee1998