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CFTC Launches LabCFTC as Major FinTech Initiative

On May 17, the Commodity Futures Trading Commission announced the creation of LabCFTC, a new initiative aimed at promoting responsible FinTech innovation to improve the quality, resiliency, and competitiveness of the markets the CFTC oversees. The core components of LabCFTC are: (1) GuidePoint, which will serve as a dedicated point of contact for FinTech innovators to engage with the CFTC, learn about the CFTC’s regulatory framework, and obtain feedback and information on the implementation of innovative technology ideas for the market; and (2) CFTC 2.0, an initiative to foster and help initiate the adoption of new technology within the CFTC through collaboration with FinTech industry and CFTC market participants.

LabCFTC is based in the CFTC’s New York offices; its director is Jeffrey Bandman, who previously served as Acting Director of the Division of Clearing and Risk, among other positions at the CFTC.

More information and the news release are available here.

©2017 Katten Muchin Rosenman LLP

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About this Author

Associate

Dina Wegh concentrates her practice in financial services matters.

While in law school, Dina served as a managing director for A Jailhouse Lawyer's Manual and was on the staff of the Human Rights Law Review.

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Kevin M. Foley, Finance Lawyer, Katten Muchin law Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

Kevin has served as counsel to the Futures Industry Association (FIA) for more than 20 years. In 2012 he was recognized for his exemplary efforts on behalf of the association and the industry, in particular for his guidance in navigating the challenges confronting FIA member firms in complying with the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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