Jill E. Sommers, a former CFTC commissioner, has agreed to sit on the board of managers for Chicago-based Allston Holdings, the parent company of a proprietary electronic trading firm, according to Allston officials.
Allston Holdings operates globally on exchanges in multiple asset classes and has offices in New York, London and Houston.
Sommers left the CFTC last year before completing a five-year second term. She served as chairman and designated federal official of the CFTC’s Global Markets Advisory Committee. She also participated in the technical committee meetings of the International Organization of Securities Commissions, a global cooperative body overseeing international standards for securities and derivatives markets.
In addition, Sommers has worked in the commodity futures and options industry in many capacities, including in 2005 the post of policy director and head of government affairs for the International Swaps and Derivatives Association (ISDA), where she was involved in over-the-counter (OTC) derivatives issues.
Before ISDA, Sommers worked in the government affairs office of the Chicago Mercantile Exchange (CME), overseeing regulatory and legislative affairs for the CME. She also served as an intern for U.S. Sen. Robert J. Dole (R-KS), working in various capacities from 1991 to 1995. She later worked as a legislative aide for two consulting firms specializing in agricultural issues, Clark & Muldoon, P.C. and Taggart and Associates.
Allston CEO Raj Mahajan says that Sommers will help guide the firm’s strategy and navigation of “the evolving regulatory landscape,” in a prepared statement.
“She has earned tremendous respect in the industry and in government for her strong leadership skills, particularly overseeing the MF Global investigation while at the CFTC,” Mahajan says. “Her extraordinary working knowledge of both exchange-traded and over-the-counter derivatives markets and her appreciation for the regulations that govern them will be valuable assets to our board.”
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