Former CFTC Commissioner Bart Chilton Joins NexChange as Advisor

Former CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term Commissioner Bart Chilton has joined NexChange as an Advisor, according to updated information on the company's website, adding a very authoritative financial industry figure that has held numerous roles within related U.S. government agencies spanning 25 years in financial and commodity markets.

NexChange aims to bring together financial services professionals in a social network setting and had launched an Android and iOS app. The company has an impressive roster of advisors under its leadership team where former Commissioner Chilton is also listed, and under NexChange's CEO Juwan Lee and two board members. Mr. Chilton also serves as Senior Policy Advisor at the global law firm DLA Piper LLP.

Finance Industry app

Commenting in a statement, Mr. Chilton said,"NexChange is devoted to and directed toward financial services sector professionals. It’s an exciting and different way to connect. It's a more efficient and effective way to get information and it can change the way people communicate."

In addition to the two board members and CEO at NexChange, four other senior advisors are listed, including Yong-Hak Huh, former CIO for a division at the Hong Kong Monetary Authority (HKMA) who also headed HSBC Asia financial institutions group in South Korea, and Engee Chen, Former CFO & VP of Yahoo Asia, as well as Geoffrey Prentice, Skype's Former Chief Strategy Officer & founding team member, as an example.

Ponzimonium

After years of regulating markets and seeing the good and the bad sides that exist, Mr. Chilton authored a book that aims to help investors avoid getting duped by scammers and ponzi-scheme operators (hence the name Ponzimonium), and was published by the CFTC several years ago. He has also been a long-time critic of market abuse while supporting the positive sides of technology innovation.

In a related post about the book, the CFTC quoted Mr. Chilton saying, “The consequences for the investors-turned-victims can be pretty horrific—people losing money for their kids’ college funds, for needed health care expenses, or for their own retirement. In most instances it is preventable with a little education and some due diligence fact checking.”

Earlier today Mr. Chilton published an article that he wrote in Yahoo Finance giving a review on the new movie Monster Money that was just released and Directed by Jodi Foster, starring George Clooney and Julia Roberts. He compared it with the Wolf of Wall Street movie and related it to how technology isn't to blame but rather the integrity of the people that are behind it, he highlighted in the article, "It is far too easy to point the fat finger of blame and make technology a scapegoat for subpar standards of integrity."

Regulatory experience

Mr. Chilton was nominated by President Bush and then confirmed by the US Senate in 2007, and re-nominated again by President Obama and with Senate reconfirmation, during his work as Commissioner with the CFTC through 2014.

He’s also chaired the CFTC Energy and Environmental Markets Advisory Committee (EEMAC), according to a biography description on the regulator’s website.

Background in AG Markets

In prior appointments, Mr. Chilton served as Chief of Staff and VP for Government Relations at the National Farmers Union, and represented family farmers and gained additional agricultural expertise that later carried into his role at the CFTC regulating derivatives markets including commodity futures.

Mr. Chilton was a Schedule C political appointee of President Bush at the U. S. Farm Credit Administration where he served as an Executive Assistant to the Board in 2005, and held the same capacity for President Clinton and became Deputy Chief of Staff to U. S. Secretary of Agriculture Dan Glickman, between 1995 and 2001. In addition, Mr. Chilton has held a number of other positions during his extensive career in public service including finance.