Grygo is chief content officer for FTF
As many parts of the U.S. and the rest of the world struggle with the effects of extreme weather, the CFTC through its Market Risk Advisory Committee (MRAC) will be exploring another aspect of climate change — the financial risks.
The committee will hold a public meeting on Wednesday, June 12, at the CFTC’s headquarters from 9:30 a.m. to 3:00 p.m. to tackle the subject.
The special meeting will feature a series of panel discussions covering:
— The impact of climate change on the future stability of the global financial system;
— Current domestic and international initiatives addressing financial risks related to climate change;
— Financial industry approaches to the management and mitigation of such risks, including key risk management, governance, and disclosure considerations;
— And the challenges ahead for regulators and market participants in the derivatives industry.
“The impacts of climate change affect every aspect of the American economy — from agriculture to manufacturing,” says Rostin Behnam, CFTC commissioner and MRAC sponsor, in a prepared statement. “Assessing climate-related market risk that could impact the stability of our nation’s financial system must be a priority. It’s time for the United States to take a more active leadership role and join our international counterparts in addressing this issue.”
This meeting will review “what we can do now to prepare for and mitigate the market risks of climate change to American businesses, farmers, investors, financial institutions, and the broader economy,” Behnam adds.
In addition to the panel sessions, there will be a status report from the Interest Rate Benchmark Reform Subcommittee, and presentations on European Market Infrastructure Regulation (EMIR) 2.2, central counterparty stress testing, and Brexit from Steven Maijoor, chair, European Securities and Markets Authority (ESMA), officials add. A full, formal agenda will be made available soon.
The meeting is open to the public with seating on a first-come, first-served basis at the CFTC’s lobby-level conference room at 1155 21s St., NW, Washington, DC 20581.
People can call in and listen to the meeting via conference call using a domestic toll-free telephone number, 1-877-951-7311, or using an international toll (or toll-free) number to connect to a live, listen-only audio feed. The conference pass code is 2665194.
The public can also view and listen via the live webcast at www.cftc.gov.
Call-in participants should be prepared to provide their first name, last name and affiliation, officials say.
Those who need special accommodations to attend the meeting because of a disability should notify Alicia Lewis at + (202) 418–5862.
The MRAC team is also taking written statements in connection with the meeting as long as they’re submitted by June 19, 2019. Written statements should be identified by “Market Risk Advisory Committee,” and submitted by mail or hand delivery to: Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Center, 1155 21st St., NW, Washington, DC 20581.
Written submissions can also be sent to the CFTC’s website, https://comments.cftc.gov but they must follow the instructions for submitting comments through the Comments Online process via the web.
Any statements submitted in connection with the committee meeting will be made available to the public, including publication via the CFTC website.
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