Commodity Futures Trading Commission (CFTC) has named Vincent McGonagle as new director of its Division of Market Oversight (DMO), effective 7 October 2013.
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.
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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.
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.
Gary Gensler, chairman of CTFC, said: "I’m so pleased that such an accomplished professional as McGonagle will lead the Division of Market Oversight as we work to increase transparency and promote market integrity in the futures and swaps markets.
"He has a wealth of experience from his 16 years in the Division of Enforcement, including serving as principal deputy and acting director. McGonagle has excellent judgment and foresight as evidenced by his opening the Commission’s review of possible LIBOR abuses," Gensler added.
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By GlobalData
