The US Commodity Futures Trading Commission (CFTC)’s Chairman Gary Gensler, announced yesterday that Vincent A. McGonagle has been named the new Director of the Division of Market Oversight (DMO).
Mr. McGonagle has served at the CFTC for nearly 16 years in various management capacities in the Division of Enforcement (DOE), and will assume his new role effective from October 7, 2013.
“I’m so pleased that such an accomplished professional as Vince will lead the Division of Market Oversight, as we work to increase transparency and promote market integrity in the futures and swaps markets,” stated Mr. Gensler yesterday, on behalf of the US regulatory authority.
“He has a wealth of experience from his 16 years in the Division of Enforcement, including serving as principal deputy and acting director. Vince has excellent judgment and foresight, as was evident by his opening the Commission’s review of possible LIBOR abuses.”
In his new role, Mr. 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.
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.
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“I thank the Chairman for giving me the opportunity to lead the talented staff in the Division of Market Oversight,” said Mr. McGonagle. “Liquid, fair and financially secure US derivatives markets are at the core of our mission, and I look forward to being more directly involved in the regulatory oversight of these markets.”
Since March 2002, Mr. 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.
Mr. McGonagle directly supervised more than 50 investigation and litigation staff members in the Division’s Headquarters and the New York regional office.
Recently, Mr. McGonagle supervised the Commission’s landmark cases against Barclays PLC, U.B.S. and R.B.S. for manipulative conduct and false reporting concerning LIBOR and other global benchmark interest rates.
After leaving private practice in 1997, Mr. McGonagle joined the CFTC as a staff attorney in DOE, eventually serving as Acting Associate Director and Counsel to the Director before serving as Senior Deputy.
Until recently, Mr. McGonagle also served as Acting Director for DOE, from October through December 2010. Mr. McGonagle holds a B.A. in Economics from LaSalle University and a J.D. from Pepperdine University School of Law.