FXPA Gets Seat at MRAC Table
Posted by Colin Lambert. Last updated: September 29, 2022
The Foreign Exchange Professionals Association (FXPA) has announced that board member and former chair Chip Lowry, senior managing director at State Street Global Markets, has been selected as a member of the Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC).
MRAC was created by the CFTC to address systemic issues that impact financial stability and financial market structure evolution. Specifically, it advises the CFTC on derivatives and related financial markets as they pertain to clearinghouses, exchanges, swap execution facilities (SEFs), swap data repositories, intermediaries, market makers, service providers and end users.
Lowry will represent FXPA on the committee, which is comprised of approximately 30 members and sponsored by CFTC commissioner Kristin Johnson.
“MRAC represents an important forum for the industry and the CFTC to confer on issues that impact financial markets,” says Lowry. “Our mission at FXPA is to advance a sound, liquid, transparent and competitive global currency market, so I look forward to being part of this consequential effort from the CFTC.”
Welcoming members of the latest MRAC ahead of its first meeting, commissioner Johnson, told them, “The MRAC has long served as an effective venue for exchanging important and diverse views, engaging the thought-leadership of experts, and relying on discussion and debate to determine recommendations that advance public interest as outlined in the CFTC’s core principles – promoting financial stability, preserving market integrity, and enhancing customer protections.
“In shaping our agenda today, members of the MRAC, renewed subcommittees, and newly-formed subcommittees should anticipate contributing to the creation of solutions to complex questions, issues, and concerns that will define the future of our markets and shape the economy of our nation and many nations around the world.”