GFI Group (NASDAQ: "GFIG") has announced today that Michael Cosgrove has been invited to serve on the US Commodity Futures Trading Commissionâs âCFTCâ Technology Advisory Committee âTACâ.
Mr. Cosgrove is a Managing Director at GFI Group responsible for directing the firmâs strategic initiatives in the North American commodities and energy sectors.
The Technology Advisory Committee was created in 1999 to advise the CFTC on the impact and implications of technological innovations on financial services and the futures markets, and the appropriate legislative and regulatory response to increasing use of technology in the markets.
CFTC Commissioner Scott D. O'Malia chairs the Technology Advisory Committee. Members include representatives of futures exchanges, self-regulatory organizations, financial intermediaries, market participants, and traders.
The Committeeâs first meeting, titled âTechnological Trading in the Marketsâ, was held July 14th 2010. It addressed the topics of algorithmic and high frequency trading.
The first reconstituted TAC meeting coincides with discussions regarding the market events that took place last May 6th as well as with the major financial reform bill signed into law by the President July 21, 2010.