About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Finra’s Goldschmid Calls for Major Changes at SEC, Including Merger with CFTC

Subscribe to our newsletter

Originally appeared in MiFID Monitor

Harvey Goldschmid, a member of the board of the Financial Industry Regulatory Authority (Finra) and former Securities and Exchange Commission (SEC) commissioner, has called for wide ranging changes to the regulatory body, including a merger with the Commodity Futures Trading Commission (CFTC). He discussed the matter at a recent conference in New York sponsored by law firm Labaton Sucharow on the future of financial services regulation and told delegates the new administration of the SEC would have to deal with an “enormous morale problem”.

Goldschmid, who is rumoured to be Christopher Cox’s successor, said that there are no grounds for the SEC to be abolished but stressed that it is in need of serious “rehabilitation”. He blamed private sector pressure for rollbacks and the “deregulation mythology” for the recent financial crisis, as well as the run down state of the SEC’s risk assessment capabilities.

In order to tackle the challenges of this economic downturn, the US government needs to develop a centralised institution in order to monitor risk in the market, said Goldschmid. He suggested that the CFTC be subsumed into the SEC, which could then become a much larger and more powerful organisation. “Renew and revitalize, but don’t dismantle,” he concluded.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: End-to-End Lineage for Financial Services: The Missing Link for Both Compliance and AI Readiness

The importance of complete robust end-to-end data lineage in financial services and capital markets cannot be overstated. Without the ability to trace and verify data across its lifecycle, many critical workflows – from trade reconciliation to risk management – cannot be executed effectively. At the top of the list is regulatory compliance. Regulators demand a...

BLOG

RepRisk Roundtable London: Tackling Hidden Sustainability Risk in Private Markets with AI

Sustainability risk is moving into the core of capital markets decision-making, closely tied to conduct risk, counterparty exposure and reputational impact. For senior leaders across risk, investment, compliance, sustainability, and supply chain functions, the question how to interpret complex signals from vast quantities of data and apply them with confidence in credit, investment, and operational...

EVENT

RegTech Summit New York

Now in its 9th year, the RegTech Summit in New York will bring together the RegTech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Connecting to Today’s Fast Markets

At the same time, the growth of high frequency and event-driven trading techniques is spurring demand for direct feed services sourced from exchanges and other trading venues, including alternative trading systems and multilateral trading facilities. Handling these high-speed data feeds its presenting market data managers and their infrastructure teams with a challenge: how to manage...