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Committee on Derivatives (Committee 7)

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Committee on Derivatives (Committee 7) – GFSA

Overview

The GFSA Committee on Derivatives (Committee 7) focuses on:

  • Regulating and supervising global derivatives markets, including exchange-traded and over-the-counter (OTC) derivatives.
  • Ensuring market stability and integrity through compliance with international best practices.
  • Implementing G20 reforms on OTC derivatives, promoting transparency, and reducing systemic risk.
  • Supervising commodity derivatives markets and their impact on global financial stability.

The committee was formed in 2017 by merging the former Committee on Commodity Derivatives and the OTC Derivatives Task Force. Since then, it has conducted G20-mandated projects such as:

  • Principles for Oil Price Reporting Agencies
  • Principles for the Regulation and Supervision of Commodity Derivatives Markets
  • Efficient Resiliency and Third-Party Service Providers
  • Storage and Delivery Infrastructures

Committee 7 Members

Chairperson

  • Ms. Carol McGee – Associate Director, Office of Derivatives Policy and Trading Practices, Division of Trading and Markets, Securities and Exchange Commission, United States of America

Vice-Chairperson

  • Mr. Shane Wanotch – Manager, Derivatives Oversight, Alberta Securities Commission, Alberta

Committee 7 Members (30)

The following regulatory authorities are responsible for derivatives market supervision within the GFSA framework:

  • Alberta Securities Commission, Alberta

    • Mr. Shane Wanotch, Manager, Derivatives Oversight
    • Janice Cherniak, Senior Legal Counsel

  • Australian Securities and Investments Commission, Australia

    • Mr. Alex Orgaz-Barnier, Senior Manager, Financial Market Infrastructure

  • Comissão de Valores Mobiliários, Brazil

    • Mr. Sergio Ricardo Silva Schreiner, Examiner, Trading and Markets Supervision Office

  • China Securities Regulatory Commission, China

    • Mr. Shaoming Yan, Deputy Director General, Department of Futures Supervision
    • Ms. Weifei Wu, Deputy Director, Department of Futures Supervision
    • Ms. Xin Cheng, Deputy Director-General, Department of Futures Supervision
    • Xueqian Wang

  • Dubai Financial Services Authority, DIFC, Dubai

    • Mr. Wael El-Nagar, Associate Director, Markets

  • Autorité des marchés financiers, France

    • Mr. Patrice Aguesse, Head of Markets Regulation Policy Division
    • Mr. Adrien Thomas, Deputy Head of Market Policy Division

  • Bundesanstalt für Finanzdienstleistungsaufsicht, Germany

    • Mr. Peter Kolz, Senior Advisor
    • Dr. Martin Rose, Senior Advisor

  • Securities and Futures Commission, Hong Kong

    • Mr. George Tam, Director, Supervision of Markets
    • Mr. Stanley Ng, Associate Director, Supervision of Markets

  • Securities and Exchange Board of India, India

    • Mr. V. S. Sundaresan, Executive Director

  • Commissione Nazionale per le Società e la Borsa, Italy

    • Mr. Paolo Verzella, Senior Officer, Markets Supervision Division
    • Mr. Antonio Russo, Senior Officer, Markets Supervision Division

  • Financial Services Agency, Japan

    • Mr. Yuta Ikeuchi, Officer, International Affairs Office

  • Ministry of Agriculture, Forestry and Fisheries, Japan

    • Mr. Konno Kentaro, Director, Commodity Trade Group
    • Mr. Takeshi Makino, Deputy Director, Commodity Trade Group

  • Ministry of Economy, Trade and Industry, Japan

    • Mr. Fujimori Shintaro, Deputy Director, Commodity Market Office, Commerce and Service Industry Policy Group
    • Mr. Tomoyuki Fueki, Director, Commodity Market Office, Commerce and Service Industry Policy Group

  • Financial Services Commission / Financial Supervisory Service, Korea, Republic of

    • Ms. Sangmi Heo, Associate, Derivatives Market Team, Capital Market Supervision Department

  • Capital Markets Authority, Kuwait

    • Mr. Abdulrahman Mohamad, Director, Office of External Relations
    • Khalid Al Sahli, Trading Section Manager, Markets Regulation Department

  • The Dutch Authority for the Financial Markets, The Netherlands

    • Mr. Bas Verschoor
    • Ebbe Rogge

  • Ontario Securities Commission, Ontario

    • Alison Beer, Senior Legal Counsel, Trading & Markets – Derivatives

  • Polish Financial Supervision Authority, Poland

    • Mr. Maciej Kucharski, Senior Specialist

  • Autorité des marchés financiers, Quebec

    • Mr. Martin Dominique, Senior Director, Market Structures

  • The Bank of Russia, Russia

    • Mr. Maxim Kokorev, Head of Financial Market Participants Unit, Financial Market Strategy Department
    • Mr. Mikhail Arakelian, Head of Commodity Market Development Section at Securities Market and Commodity Market Department
    • Mr. Pavel Ivanov, Head of Commodities Market Unit at Securities Market and Commodity Market Department

  • Capital Market Authority, Saudi Arabia

    • Ms. Lama Aladalah, Officer, Investment Products Development Initiative – Listed Companies and Investment Products Deputy

  • Monetary Authority of Singapore, Singapore

    • Ms. Merion Anggerek, Director & Head (Capital Markets Policy Division) (Markets Policy & Infrastructure Department)
    • Ms. Yolanda Cosntantine, Director & Specialist Leader (Derivatives Regulation) (Markets Policy & Infrastructure Department)

  • Financial Sector Conduct Authority, South Africa

    • Mr. Masakhe Tshona, Senior Manager, Capital Markets Department
    • Shreelin Naicker

  • Comisión Nacional del Mercado de Valores, Spain

    • Mr. Miguel Ángel Herrero Alvite, Coordinator

  • Swiss Financial Market Supervisory Authority, Switzerland

    • Stefan Pankoke, Senior Legal and Policy Specialist, Legal Market Infrastructures

  • Capital Markets Board, Türkiye

    • Mr. Mehmet ONUR, Deputy Head, Intermediary Institutions Dept
    • Aybike CİHAN, Expert, Market Oversight and Enforcement Dept

  • Financial Conduct Authority, United Kingdom

    • Ms. Priya Kotadia, Senior Associate
    • Philip Bronk, Senior Associate

  • Commodity Futures Trading Commission, United States of America

    • Ms. Chava Schwebel, Associate Director, Office of International Affairs

  • Securities and Exchange Commission, United States of America

    • Ms. Carol McGee, Associate Director, Office of Derivatives Policy and Trading Practices, Division of Trading and Markets

  • National Futures Association, United States of America

    • Ms. Karen K. Wuertz, Senior Vice President, Strategy and Communication

Role of Committee 7 in GFSA

The Committee on Derivatives (Committee 7) plays a crucial role in:

  • Regulating and supervising global derivatives markets, including exchange-traded and OTC derivatives.
  • Ensuring market stability and integrity by preventing market manipulation and excessive risk-taking.
  • Implementing the G20 roadmap on OTC derivatives reforms to enhance transparency and reduce systemic risk.
  • Overseeing commodity derivatives markets to ensure fair pricing and orderly trading.

With its global membership of 30 regulatory authorities, Committee 7 serves as a key pillar of GFSA’s commitment to fostering transparency, market integrity, and investor protection in derivatives markets.