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CFTC Appoints Head of DMO

The Division of Market Oversight at the Commodity Futures Trading Commission
(CFTC) has a new head. The division, which is responsible for enforcing and
enacting Dodd-Frank guidelines as part of its overall responsibilities, has named Vincent
McGonagle as the new director of the DMO.

McGonagle has served at the commission for nearly 16 years in various management
capacities in the Division of Enforcement (DOE). He assumes his new role on October 7.
“I’m so pleased that such an accomplished professional as Vince will lead the Division

of Market Oversight as we work to increase transparency and promote market integrity
in the futures and swaps markets,” says CFTC chairman Gary Gensler. “He has a wealth
of experience from his 16 years in the Division of Enforcement, including serving as
principal deputy and acting director. Vince has excellent judgment and foresight as
evidenced by his opening the commission’s review of possible Libor abuses.”

In his new role, McGonagle will head the division that oversees trade execution
facilities and data repositories; conducts market surveillance; reviews new exchange
applications and examines existing exchanges to ensure compliance with applicable core
principles. DMO also evaluates new products to ensure they are not susceptible to
manipulation, as well as rule filings by exchanges to ensure compliance with core
principles.

McGonagle says, “Liquid, fair and financially secure US derivatives markets are at the
core of our mission, and I look forward to being more directly involved in the regulatory
oversight of these markets.”

Since March 2002, McGonagle has served as the senior deputy director of the Division
of Enforcement, responsible for day-to-day operation and oversight of DOE, which is
charged with enforcement of the Commodity Exchange Act and Commission
Regulations. He directly supervised more than 50 investigation and litigation staff
members in the division’s headquarters and the New York regional office. Recently,
McGonagle supervised the commission’s landmark cases against Barclays, UBS and the
Royal Bank of Scotland for manipulative conduct and false reporting concerning Libor
and other global benchmark interest rates. 

Paul Gogliormella

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