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Agricultural News

Trade Chairman's Message to Producers: When It Comes to Solving Market Volatility "I'm on the Job"

Tue, 07 Aug 2018 16:13:50 CDT

Trade Chairman's Message to Producers: When It Comes to Solving Market Volatility Chairman of the Commodity Futures Trading Commission Chris Giancarlo is traveling across Oklahoma this week, visiting with producers and professionals in both the agriculture and energy sectors of the state to learn about their respective industries and how they operate. Radio Oklahoma Ag Network Farm Director Ron Hays was able to speak with the Chairman about his travels this week and how he is working to protect the interests of those in agriculture who rely on the futures market as a risk management tool. Listen to their complete conversation, by clicking or tapping the LISTEN BAR below at the bottom of the page.

“The importance of our commodity hedging markets to production on the ground is a key area for us,” Giancarlo said. “Agriculture is one of the areas, I as the Chairman, feel is important for me to get out on the ground and meet the producers and understand their hedging needs so I can make sure our markets serve those needs.”

The Chairman was invited to visit facilities related to both Oklahoma’s grain and livestock industries, where he spoke with representatives from local grain elevators and feedyards. After learning about the marketing cycle of each commodity and how the futures market is used to help producers make their marketing decisions, Chairman Giancarlo expressed how that knowledge will improve his ability to serve them.

“My concern is to make sure that our price discovery market and our hedging markets operate to their optimum capacity,” he said, “so that our producers have the ability to make sure that prices they are either buying or selling at truly reflect supply and demand.”

For some time now, the cattle industry has been working with the CME Group to address issues with volatility recently. As that process has unfolded in an attempt to fine tune the CME cattle contracts, Giancarlo says he has been actively participating in those discussions as well acting in a way as the referee.

“The cattle contract is something we have been focused on particularly. There’s a lot of issues that go into that contract,” he said. “Our job at the Commission is to make sure that all the people that have a role in this are focused on it to make sure that contract performs as well as it needs to perform.

“(Producers) should know that we are keeping a close eye on these products. It’s our job to make sure it’s all going well - and I want them to know, we’re on the job.”

J. Christopher “Chris” Giancarlo was unanimously confirmed as Chairman of the U.S. Commodity Futures Trading Commission by the U.S. Senate on August 3, 2017. Prior to becoming Chairman, Mr. Giancarlo was designated Acting Chairman on January 20, 2017 and was nominated by President Trump to serve as the Chairman on March 14, 2017 to a term that expires in April 2019. Mr. Giancarlo had served as a CFTC Commissioner since his swearing in on June 16, 2014, after a unanimous consent by the U.S. Senate on June 3, 2014. He was nominated by President Obama on August 1, 2013.

Before entering public service, Mr. Giancarlo served as the Executive Vice President of GFI Group Inc., a financial services firm. Prior to joining GFI, Mr. Giancarlo was Executive Vice President and U.S. Legal Counsel of Fenics Software and was a corporate partner in the New York law firm of Brown Raysman Millstein Felder & Steiner. Mr. Giancarlo joined Brown Raysman from Giancarlo & Gleiberman, a law practice founded by Mr. Giancarlo in 1992 following his return from several years in London with the international law firm of Curtis, Mallet-Prevost, Colt & Mosle.

Mr. Giancarlo was also a founding Co-Editor-in-Chief of eSecurities, Trading and Regulation on the Internet (Leader Publications). In addition, Mr. Giancarlo has testified three times before Congress regarding the implementation of the Dodd-Frank Act, and has written and spoken extensively on public policy, legal and other matters involving technology and the financial markets.

Mr. Giancarlo was born in Jersey City, New Jersey. He attended Skidmore College in Saratoga Springs, New York where he graduated Phi Beta Kappa with Government Department Honors. Mr. Giancarlo received his law degree from the Vanderbilt University School of Law where he was an associate research editor at the Vanderbilt Journal of Transnational Law and President of the Law School’s International Law Society. Mr. Giancarlo has been a member of the Bar of the State of New York since 1985.

Background provided by the U.S. Commodity Futures Trading Commission. Photo caption: At Exel Feedlot- Manager Nill Roser explains the Feedlot operation to the Chairman.



Listen to the Chairman speak with Ron Hays about his role in helping solve volatility in futures trade.
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