CFTC appoints new member to subcommittee

A government agency, which among other things deals with credit risk management issues, recently made headlines after it appointed a brand-new member to its Technology Advisory Subcommittee on Data Standardization. The Commodity Futures Trading Commission said in a statement that it had named Michael Will, who serves as president and chief product officer of docGenix, as a member of the subcommittee. Will is slated to join a group that was created to determine the value of different types of derivatives and other "financial instruments." "(I am) pleased by the large number of extremely well-qualified nominees for participation in the work of this important subcommittee," said the subcommittee's commissioner, O'Malia, in a statement. "Data is the foundation of our market oversight activities and it is essential for the commission and the market to agree on well-accepted standards for describing complex financial products." The CFTC made other headlines recently when it imposed a $2.1 million penalty on an Illinois stock trader. The CFTC's penalty got a supplemental consent order from U.S. District Court Jude Virginia M. Kendall on July 5, which will force Joseph Dawson to pay the amount after he misappropriated consumer funds in a scheme.