LabCFTC Requests Input on RegTech Innovation Prize Competitions
04/24/2018On April 24, 2018, LabCFTC, the Commodity Futures Trading Commission’s FinTech initiative, requested public input for topics and ideas for forthcoming innovation competitions. The CFTC intends to use the prize competitions as an incentive to spur industry innovation in the RegTech space that can help solve public policy challenges and enhance derivatives markets. The CFTC is looking for suggestions on potential focus areas for the competitions and how the competitions could best be structured and administered.
In its request, the CFTC provided several focus area examples, including data reporting and dissemination, market surveillance tools, market risk tracking, machine-readable regulatory rulebooks and a “smart” notice-and-comment platform, among other things. The CFTC welcomed feedback on these potential focus areas and said they would also appreciate suggestions for additional competition topics that interest market participants.
The CFTC is seeking input on the administration of the prize competitions as well, specifically focusing on eligibility, format, conditions of participation, advertising, evaluation standards, judges and the prize.
We would be happy to discuss implications and comments with you. All comments must be received by the CFTC on or before July 24, 2018.