Committee on Derivatives (Committee 7)

Committee 7 focuses on issues relating to commodity derivatives markets.

As part of its G-20 related mandates, Committee 7 issued its final report on Principles for Oil Price Reporting Agencies (PRA Principles) in October 2012 and its implementation review of the PRA Principles in September 2014. These principles are intended to enhance the reliability of the oil price assessments that are referenced in derivative contracts subject to regulation by IOSCO members. IOSCO also published “Frequently Asked Questions” on the PRA Principles.

Another important G-20 mandate of Committee 7 was the Principles for the Regulation and Supervision of Commodity Derivatives Markets, which were published in September 2011. The objective of the Principles is to help ensure that the physical commodity derivatives markets serve their fundamental price discovery and hedging functions while operating free from manipulation and abusive trading schemes.

Committee 7 also has a G-20 related mandate to study the Impact of the PRA Principles on Physical Markets which is currently being carried out by IOSCO with the International Energy Agency, the International Energy Forum and OPEC.

Members of Committee 7

Chair

Mr. Eric Pan, Director of International Affairs, Commodity Futures Trading Commission, United States of America

Vice-Chairman

Mr. Paul Willis, Financial Conduct Authority, United Kingdom

Members (26)

Alberta Securities Commission, Alberta
(Paula Kaner, Manager, Market Oversight)

Comisión Nacional de Valores, Argentina
(Mr. Carlos Hourbeigt, Commissioner / Ms. Victoria Donato, Professional – Intermediaries and Markets Division)

Australian Securities and Investments Commission, Australia
(Mr. Alex Orgaz-Barnier, Senior Manager, Financial Market Infrastructure)

Comissão de Valores Mobiliários, Brazil
(Mr. Marcos Galileu Lorena Dutra, Manager, Trading and Markets Supervision Office)

China Securities Regulatory Commission, China, People's Republic of
(Mr. Anping Song, Director General of the Futures Supervision Department 1 / Mr. Haibo Cheng / Ms. Xueqian Wang)

Dubai Financial Services Authority, DIFC, Dubai
(Mr. Wael El Nagar, Senior Manager, DFSA Markets division / Mr. Eric Salomons, Director, Head of DFSA Markets division)

Autorité des marchés financiers, France
(Mr. Patrice Aguesse, Head of the Intermediaries and Markets Regulation Policy Division)

Bundesanstalt für Finanzdienstleistungsaufsicht, Germany
(Ms. Stephanie Kirchmeier)

Securities and Futures Commission, Hong Kong
(Mr. George Tam, Associate Director of the Supervision of Markets Division (SOM Division) / Mr. Stanley Ng, Senior Manager of the SOM Division)

Securities and Exchange Board of India, India
(Mr. S. K. Mohanty, Executive Director)

Commissione Nazionale per le Società e la Borsa, Italy
(Ms. Irene Tagliamonte, Senior Officer, International Relations Office / Mr. Luca Amadei, Senior Officer, Market Division, Post-Trading Office)

Financial Services Agency, Japan
(Ms. Momoko Tamaki, Deputy Director for International Financial Markets)

Ministry of Agriculture, Forestry and Fisheries, Japan
(Mr. Koji Inoue, Director General for Food Industry Affairs Bureau / Mr. Hideyuki SAKAMOTO, Deputy Director,Commodity Trade Division)

Ministry of Economy, Trade and Industry, Japan
(Ms. Motoko OGAWA, Deputy Director for Market Surveillance)

Comisión Nacional Bancaria y de Valores, Mexico
(Mrs. Karla Siller Ojeda, General Director for Supervision of Financial Markets Infrastructures)

The Netherlands Authority for the Financial Markets, Netherlands, The
(Mr. Bas Verschoor / Mr. Joost Wensveen, Manager Capital Markets, Strategy, Policy & International Affairs Division)

Finanstilsynet (The Financial Supervisory Authority of Norway), Norway
(Mr. Knut Godager, Special Advisor)

Ontario Securities Commission, Ontario
(Mr. Jean-Paul Bureaud, Director, Office of Domestic and International Affairs / Mr. Kevin Fine, Senior Advisor Derivatives Unit)

Autorité des marchés financiers, Quebec
(Ms. Lise Estelle Brault, Senior Director, Derivatives Oversight)

The Bank of Russia, Russia
(Mr. Pavel Ivanov, Head of Commodities Market Unit at Securities Market and Commodity Market Department)

Capital Market Authority, Saudi Arabia, Kingdom of
(Mr. Abdullah Binghannam, Manager, Investment Products Development)

Monetary Authority of Singapore, Singapore
(Mr. Nathanael Lim, Deputy Director / Ms. Phua Wee Ling, Director & Head, Markets and Infrastructure Supervision Division)

Comisión Nacional del Mercado de Valores, Spain
(Mr. Jose Luis Pablos)

Financial Conduct Authority, United Kingdom
(Mr. Joe Mealing / Mr. Paul Willis)

Commodity Futures Trading Commission, United States of America
(Mr. Eric Pan, Director of International Affairs)

National Futures Association, United States of America
(Ms. Karen K. Wuertz, Senior Vice-President, Strategic Planning and Communications)