âI am honored to be representing the non-financial end-user in issues important to U.S. markets and U.S. businesses competing globally and to be serving alongside Commissioner Sommers and other respected industry professionals and market participants,â Okochi says. He joins Commissioner Sommers and other Committee members comprising individuals representing various U.S. and foreign exchanges, self-regulatory organizations, intermediaries, market users and traders. The December 9 meeting will also be hosting David Wright from the European Commission to discuss issues of mutual importance to U.S. and European policy makers.
According to its charter, the GMAC was created in 1998 to provide the Commission with input on international market issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business.
Okochiâs role on the GMAC is a continuation of his efforts to help shape the fair reform of the OTC derivatives market. Last week, Okochi testified before the U.S. Senate Committee on Agriculture, Nutrition and Forestry, urging Congress to consider margin and clearing exemptions for companies that use OTC derivatives to hedge business risk.
More information about Revalâs involvement with OTC derivatives reform can be found on Revalâs micro site, which Okochi created in June to provide an interactive destination for corporate end-users to voice their concerns with reform efforts.