Commodity Markets Council Appoints Doud as President

For Immediate Release        

                        

May 17, 2013

Contact:  Meghan Tran

Meghan.Tran@commoditymkts.org

(202) 842-0400 ext. 104

Commodity Markets Council Appoints Doud as President

The Commodity Markets Council (CMC), an association dedicated to open and competitive global commodity markets, today announced that Gregg Doud has been appointed as its new President. Doud will lead CMC in its mission to represent some of the most important commodity-related businesses in the grains, energy, metals and livestock industries to advocate for free, open and robust commodity markets in the U.S. and around the world.

“We’re excited to bring Gregg on board. His Washington experience, including his time on the Senate Agriculture Committee staff and his extensive background in commodity markets and legislative and regulatory issues, make him an excellent choice to build on CMC’s growing presence in Washington DC and with policymakers globally,” said CMC Chairman Charlie Carey. “Gregg’s leadership and advocacy on commodity markets policy will be vital during this critical time for this industry.”

Doud served on the Senate Agriculture Committee staff for Senators Pat Roberts and most recently Thad Cochran where he managed issues relating to the Commodity Futures Trading Commission, livestock and international trade. Prior to this, Doud spent eight years as Chief Economist of the National Cattlemen’s Beef Association. He has also worked for the agricultural commodity consulting firm World Perspectives and U.S. Wheat Associates. He received his Bachelor’s degree in Agriculture and an MS in Agricultural Economics from Kansas State University.

The Commodity Markets Council is a trade association bringing together commodity exchanges with their industry counterparts. The activities of its members represent the complete spectrum of commercial users of all futures markets. Specifically, their industry member firms are regular users of CME Group markets, including the Chicago Board of Trade, Chicago Mercantile Exchange and New York Mercantile Exchange, ICE Futures U.S., the Kansas City Board of Trade and the Minneapolis Grain Exchange.

 

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Sanjeev Joshipura of the Commodity Markets Council on Dodd-Frank in 2013

Sanjeev Joshipura, President of Commodity Markets Council, talks about how Dodd-Frank rules will impact his membership base.  Joshipura talks with JLN editor-in-chief Jim Kharouf about the future of the controversial position limit rule, which was vacated by a US District Court on September 28, 2012.  A new position limit rule is expected from the CFTC, which will include a cost-benefit analysis.  CMC is also focused on the CFTC’s reauthorization this year and the continuation of EMIR regulations.  Joshipura also talks about US and EU regulatory harmonization and the challenges facing that goal.

Commodity Markets Council Appoints Joshipura as President

For Immediate Release                             

July 16, 2012

Contact:  Erin Kelly Ball, Erin.KellyBall@commoditymkts.org

(202) 842-0400 ext. 102

Commodity Markets Council Appoints Joshipura as President

The Commodity Markets Council (CMC), a competitive markets association, today announced it will promote Sanjeev Joshipura to President of the organization, succeeding Christine Cochran at the end of the month.  Mr. Joshipura, who comes to the chief staff position after serving as Senior Vice President of Government Relations and Policy, will lead CMC in its mission to represent some of the most important commodity-related businesses in the grains, energy, metals and livestock industries to advocate for free, open and robust markets.

“Sanjeev’s tenure with the organization and excellent track record working on Dodd-Frank implementation will prove to be invaluable for CMC as we continue to articulate our competitive markets platform and meet the needs of our expanding and increasingly diversified membership base,” said CMC Chairman Charlie Carey.

CMC appreciates Ms. Cochran’s contributions to the Council and wishes her great success in her new position with the Grain Foods Foundation.  “Under her leadership, CMC experienced positive membership growth and increased its recognition as a significant advocate on commodity markets policy issues at a critical time for the industry,” said Carey.

Mr. Joshipura came to the Council after serving as staff of the United States House of Representatives Budget Committee and the U.S. Congress Joint Economic Committee.  Prior to working on the Hill, Mr. Joshipura gained valuable experience in the private sector at multinational corporations in the United States and abroad.  He holds an MBA from the University of Toronto in Canada, a Bachelor’s degree in Computer Engineering from Pune University in India, and a Certificate of Financial Risk Management from the Illinois Institute of Technology.

The Commodity Markets Council is a trade association bringing together commodity exchanges with their industry counterparts.  The activities of its members represent the complete spectrum of commercial users of all futures markets.  Specifically, their industry member firms are regular users of CME Group markets, including the Chicago Board of Trade, Chicago Mercantile Exchange and New York Mercantile Exchange, ICE Futures U.S., the Kansas City Board of Trade and the Minneapolis Grain Exchange.

 

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CMC Discusses Senate Agriculture Committee Roundtable on MF Global

On this week’s policy call, CMC staff reported to our members on the Senate Ag Committee’s MF Global roundtable held on Tuesday, April 3.  CMC was one of only four groups invited to participate at this select event to discuss our thoughts and recommendations regarding potential legislative/ governmental regulatory / self-regulatory fixes to minimize the chances of another MF Global – like situation from occurring again.

Based on numerous prior discussions within our membership and with outside groups, CMC offered ten recommendations that followed from three core principles.  Click here to read CMC’s recommendations.

The event was moderated by former CFTC Commissioner Mike Dunn, and the other groups invited to share their thoughts were the National Futures Association, the Futures Industry Association and the Commodity Customers Coalition.

CFTC Wins In President’s Budget Proposal

All the tea leaves indicate the President’s budget proposal is DOA, but don’t throw it in the trash just yet . . . Embedded in the lengthy proposal is a significant increase for the Commodity Futures Trading Commission.  The President supports raising the budget from $205 million in 2012 to $308 million in 2013.  In a budget full of cuts, this is an almost 52% increase largely justified by Dodd-Frank requirements.  Also important is the absence of a user fee from the Administration’s request.  Instead of including it in the budget, the President said he “strongly supports” legislative efforts to fund the Commission with user fees.  CMC, however, is doubtful that this Congress would approve such a proposal.

It is also doubtful the Commission receives a $308 million budget in 2013 as Congressional appropriators significantly undercut the President Obama’s requests.  Regardless, you can be sure Chairman Gensler will make every opportunity he can to push for the dollars to hire more staff and expand investment in technology.  In a document prepared for the Appropriations Committee, Gensler already said the budget request “strikes a balance between important investments in technology and human capital” and said the additional resources are necessary due to the agency’s expanded mission and scope.

Also of note is the Administration’s proposal to partially repeal the 60/40 tax treatment for futures and options trading.  Treasury estimates its repeal could raise $1.2 billion in revenue over five years.  CMC has successfully fought off past attempts to repeal this provision in the past and we will continue to advocate for its retention.

CMC Continues Works Inside The Beltway On MF Global Bankruptcy

Over three months after the MF Global bankruptcy, CMC continues to work to set the table for a robust and thoughtful discussion on policy recommendations.

  • We mobilized our members and formed a Task Force which will hold its first meeting in the coming days.  If you are interested in participating, please contact Meghan Tran (Meghan.Tran@CommodityMkts.Org or 202.842.0400 ext. 104)
  • When the House Ag Committee convened the first hearing on the bankruptcy, CMC had a seat at the table.  In a day-long hearing, R.J. O’Brien CEO Gerry Corcoran delivered the Council’s testimony and answered questions.  To read our testimony, click here.
  • Recognizing the need for greater education and a forum for discussion within the agricultural community, CMC is hosting a series of briefings on the bankruptcy.
  1. Our first briefing was held January 18 and drew a standing room only crowd.  Representatives from over 40 ag trade associations and numerous Hill staff gathered to listen to Ann Shuman, Managing Director & Deputy General Counsel with CME Group, explained CME’s role in the bankruptcy process and answers questions.
  2. Our next briefing is slated for February 13 and will feature representatives from the CFTC discussing a number of topics but including the regulatory framework governing FCMs and the penalties associated with breaching customer segregated funds
  • CMC continues to reach out to our press contacts, keeping them informed about these efforts and offering background and interviews as requested.  Just before State of the Industry, CMC was quoted in this article by Greg Meyer of The Financial Times.
  • Using our extensive inside the Beltway network, we are working with other agricultural, energy and financial groups not only to educate and to offer a forum for discussion, but to be prepared to work with us when the time is right to put forth policy and regulatory recommendations.  Combining the expertise of our membership with a variety of like-minded-groups in DC will multiply the message to help law makers and regulators make better and more informed decisions.

Dates To Note

In case you are keeping track, here are the available terms for each Commissioner.  Discuss.

Gary Gensler

Joined the Commission: 5/26/09

Term Available: 4/13/12

 

Bart Chilton

Joined the Commission: 8/8/07

Term Available: 4/13/13

 

Jill Sommers

Joined the Commission: 8/8/07

Term Available: 4/13/14

 

Scott O’Malia

Joined the Commission: 10/16/09

Term Available: 4/15/15

 

Mark Wetjen

Joined the Commission: 10/25/11

Term Available: 6/19/16