Technology Advisory Committee Binder

181 Pages·2010·3.13 MB·English

TECHNOLOGY
ADVISORY
COMMITTEE

TECHNOLOGICAL
TRADING IN THE MARKETS
JULY 14, 2010

U.S. Commodity Futures Trading Commission
1155 21st Street, N.W.
Washington, DC 20581
Commodity Futures Trading Commission
Technology Advisory Committee

July 14, 2010 Meeting

TAB DESCRIPTION
1. Agenda for Meeting, Wednesday, July 14, 2010
2. Press Release: CFTC Announces Members of the CFTC’s Technology Advisory Committee
3. Technology Advisory Committee Members
4. J. Bates, Algorithmic Trading and High Frequency Trading: Experiences from the Market and Thoughts on
Regulatory Requirements (July 2010).
5. B. Boultwood, HFT and Algorithmic Trading Issues and Regulatory Considerations (July 2010).
6. J. Castura, R. Litzenberger, and Richard Gorelick, RGM Advisors, LLC, Market Efficiency and
Microstructure Evolution in U.S. Equity Markets: A High Frequency Perspective (April 22, 2010).
7. A. Chaboud, B. Chiquoine, E. Hjalmarsson, and C. Vega, Rise of the Machines: Algorithmic Trading in the
Foreign Exchange Market, BD. OF GOVERNORS OF THE FED’L RES. SYS. INT’L FINANCE DISCUSSION
PAPERS, No. 980 (October 2009).
8. J. Cvitanić and A. Kirilenko, High Frequency Trading and Asset Prices (March 11, 2010).
9. B. Durkin, The Impact of Algorithmic and High Frequency Trading on CME Group, Inc. Markets (July 2010).
10. Futures Industry Association, Market Access Risk Management Recommendations (April 2010).
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CFTC’s Technology Advisory Committee
1155 21st Street, N.W.
Washington, DC 20581

July 14, 2010
Agenda

11:45 a.m. to 12:00 p.m. Check-in with CFTC Reception – Lobby Level

12:00 p.m. to 12:50 p.m. Lunch with CFTC Commissioners and Technology Advisory Committee
Members, 9th Floor Conference Room

1:00 p.m. to 5:00 p.m. TAC Meeting, Hearing Room

1:00 p.m. to 1:10 p.m. Opening Remarks: Commissioner Scott D. O’Malia, Chairman, TAC

1:10 p.m. to 1:30 p.m. Opening Remarks of CFTC Commissioners: Chairman Gary Gensler,
Commissioner Michael Dunn, Commissioner Jill Sommers, and
Commissioner Bart Chilton

1:30 p.m. to 1:40 p.m. Overview of Meeting and Introduction of Presenters

1:40 p.m. to 2:00 p.m. FIA’s Market Access Risk Management Recommendations, Mary Ann Burns,
Executive Vice President, Futures Industry Association

2:00 p.m. to 3:00 p.m. Discussion of FIA’s Market Access Risk Management Recommendations

3:00 p.m. to 3:15 p.m. Break (Restrooms are located on the Mall Level)

3:15 p.m. to 3:35 p.m. A Perspective on High Frequency Trading (HFT) from RGM Advisors, LLC,
Richard Gorelick

3:35 p.m. to 4:00 p.m. High Frequency Traders and Asset Prices, Andrei Kirilenko, Senior Financial
Economist, CFTC Office of the Chief Economist

4:00 p.m. to 4:45 p.m. Discussion of HFT presentations, debate on need for HFT best practices,
and next steps for the TAC.

4:45 p.m. to 5:00 p.m. Concluding Remarks of CFTC Commissioners: Chairman Gary Gensler,
Commissioner Michael Dunn, Commissioner Jill Sommers, Commissioner
Bart Chilton and Commissioner Scott D. O’Malia, Chairman, TAC
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Commodity Futures Trading Commission
Technology Advisory Committee Members

Dr. John Bates
Senior Vice President, Chief Technology Officer and Head of Corporate Development
Progress Software
Dr. Bates is Senior Vice President, Chief Technology
Officer (CTO) and head of Corporate Development for Progress Software. Dr. Bates is
recognized as a driving force behind the emergence of complex event processing (CEP) and
the commercial use of event processing applications in business solutions, including capital
markets trading, risk and compliance, telecommunications, fraud prevention, and smart
logistics. Prior to joining Progress Software, Dr. Bates was the co-founder, president and
CTO of Apama (acquired by Progress Software in April 2005). Before Apama, Dr. Bates
was a tenured academic at Cambridge University, where he directed the research into
distributed computing systems.

Brenda Boultwood
Chief Risk Officer
Constellation Energy
Ms. Boultwood is Senior Vice President and Chief Risk
Officer for Constellation Energy. She leads risk management activities for Constellation
Energy and its businesses, including defining and assessing enterprise-wide business risks
and facilitating proactive decision-making to effectively manage the risks associated with
each business line.
Prior to joining Constellation Energy, Ms. Boultwood most recently served as global
head of strategy, Alternative Investment Services for J.P. Morgan Chase & Company, where
she was responsible for developing strategy for the company’s Hedge Fund Services, Private
Equity Fund Services, Leveraged Loan Services and Global Derivative Services business
lines. During her tenure at J.P. Morgan Chase, she also served as global head, strategic risk
management for its Treasury Services group and as global business head, Global Derivative
Services of its Alternative Investment Services group. Ms. Boultwood joined J.P. Morgan
Chase when it acquired Bank One Corporation in 2003. Prior to the merger, she held risk
management positions with Bank One Corporation, having served as head, corporate market
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risk management and head, corporate operational risk management and then advancing to
head, global risk management for its Global Treasury Services group.

Ms. Boultwood also worked with PricewaterhouseCoopers as a senior manager in its
Financial Risk Management Consulting Practice and was employed with Chemical Bank
Corporation as a financial engineering associate. In addition, she spent six years teaching in
the University of Maryland’s Master of Business Administration program.

Ms. Boultwood graduated with honors from the University of South Carolina with a
bachelor’s degree in international relations. She also earned a Ph.D. in economics from the
City University of New York.

John Breyault
Vice President, Telecommunications and Fraud Public Policy
National Consumers League

Mr. Breyault joined the National Consumers League in
September 2008. Mr. Breyault’s focus at NCL is on advocating for stronger consumer
protections before Congress and federal agencies on issues related to telecommunications,
fraud, technology, and other consumer concerns. In addition, Mr. Breyault manages NCL’s
Fraud Center and coordinates the Alliance Against Fraud coalition. Mr. Breyault is also
Research Director for the Telecommunications Research and Action Center (TRAC), a
project of NCL. In his role with TRAC, Mr. Breyault advocates on behalf of residential
consumers of wireline, wireless, VoIP, and other IP-enabled communications services.

Prior to coming to NCL, Mr. Breyault spent five years as director of research at Amplify
Public Affairs, where he helped launch the firm’s Web 2.0-based public affairs practice and
focused on producing actionable public policy research. Earlier in his career, Mr. Breyault
worked at Sprint in its International Carrier Services Division and at the American Center
for Polish Culture in Washington, DC.

Mr. Breyault was a member of the FCC’s Consumer Advisory Committee from 2005 to 2007
and served on the Board of the Arlington-Alexandria Coalition for the Homeless. He is a
graduate of George Mason University, where he received a bachelor’s degree in International
Relations.

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