Paper Topics Suggested for Presentation by TAC Members

Topics

Algorithmic Trading (Algo) & High Frequency Trading (HFT)

Algo & HFT Market Impact – What are the positive or negative impacts of Algo and 

HFT on the futures markets and market structure (e.g., in terms of liquidity or volatility; 

the impact on fundamentals, commercials or hedgers; and, other issues)? 

Regulations and Best Practices – Should the Commission adopt regulations related to 

Algo and HFT? Should the industry develop “best practices” related to Algo and HFT 

(e.g., trading, oversight, surveillance, and risk management)? Should there be a 

combination of regulation and “best practices?” What should the role of the Commission, 

exchanges, clearing organizations, and the NFA be with regard to any oversight of Algo 

or HFT?

Data Availability – What types of data (i.e., raw data feeds) are Algo’s and HFTs 

receiving from exchanges and news organizations versus what is available to other market 

participants? 

Technological Challenges – What are the technological challenges or limitations to Algo 

and HFT? 

OTC/Swap oversight and data collection: standards, trade repositories, and swap 

execution facilities (SEFs)

Implementation Goals for Repositories & SEFs – What should the Commission’s goals 

be in terms of implementing standards for trade repositories and SEFs? What specific 

issues should the Commission consider when implementing rules for repositories and 

SEFs?

Swaps Data – What types of data should be collected? What is relevant for market 

surveillance and risk oversight purposes? How should the data be standardized? What 

types of swap data are available? 

Data Dissemination – What are the types of data or details the industry would like the 

Commission to disclose to the public (as permitted by the Act and Regulations)? How 

can the Commission be more transparent in the data it releases to the public? How 

quickly would the industry like this data disseminated (real-time or T +1)? What role 

should nongovernmental entities have in data dissemination?
CFTC/TAC Page 2

The use of technology in risk, surveillance and compliance activities

Compliance & Surveillance Systems – What are the surveillance and compliance 

activities or systems used by your firm and/or lessons learned and best practices in 

implementation of systems?

Data & Market Oversight – What types of data does your organization maintain that 

would be useful for the Commission’s market oversight? To what extent does your 

organization use publically available information (e.g., news feeds, price data, and supply 

information) to aid in market oversight activities? 

Account Transparency – Provide detailed thoughts on the benefits and drawbacks of 

providing information to the Commission related to identifying all owners and all 

controllers for all trading accounts active on CFTC-regulated markets, including the 

application to the swaps markets. 

Universal Account Identifiers – Should the Commission require universal identifiers for 

all traders, account owners and account controllers that are electronically retained with all 

transactions? How would such a system overcome the challenges presented by omnibus 

accounts or other impediments?

Cross-Market Surveillance – What issues are presented in conducting cross-market 

surveillance, whether among similar products on different exchanges, different types of 

products (i.e., futures and swaps), or among global markets?

Intraday Position Limit Oversight – Do you have the necessary technology in place to 

monitor for intraday position limit violations? If not, what is needed from an 

informational or technological standpoint to implement such monitoring?

Other Topics:

Technology & Impact on Commercial Users & Hedgers – Have technological 

advancements led to an uneven playing field for commercial users and hedgers?

Technology & Systemic Risk – Does technology enhance or mitigate systemic risk?

Technology & Electricity Markets – How can the electricity markets utilize technology 

to clear and net products within and among all RTOs and ISOs? How can technology be 

used to develop new energy products?