The New York Fed is among the most recent entities to take formal steps to empanel experts toward a more comprehensive understanding of the impact new technology will have on financial markets.
The Federal Reserve Bank of New York launched the Fintech Advisory Group on Friday, March 22, with hopes of connecting top banking officials with thought leaders and representations in fintech and consumer groups. The first meeting is scheduled for Monday, April 1.
“The Fintech Advisory Group will provide the New York Fed with a more complete picture of the rapidly evolving fintech landscape,” Kevin Stiroh said in a statement. He is the executive vice president and head of the Supervision Group at the New York Fed. “The Advisory Group will also gather insights that may inform our interaction with market participants and institutions, our training and hiring efforts, and the application of innovative approaches for internal business use.”
Diverse Panel Brings Together Experts from Big Payers
According to information provided by the New York Fed, the members of the advisory group, who will serve on a rotational basis, are:
- Michael Bodson, President and Chief Executive Officer, DTCC
- Andrew Boyajian, Head of Banking, TransferWise
- Lee Braine, Chief Technology Office, Barclays
- Martin Fleming, Chief Analytics Officer and Chief Economist, IBM
- Gary Gensler, Senior Advisor, MIT
- Lena Mass-Cresnik, Chief Data Officer, Moelis & Company
- Patrick Murck, Special Counsel, Cooley LLP
- Ulku Rowe, Director of Financial Services, Google Cloud
- Sonal Shah, Executive Director, Beeck Center for Social Impact and Innovation
- David Waller, Partner and Head of Data Science and Analytics, Oliver Wyman
“The initial set of members includes a broad mix of representatives impacted by fintech, including incumbent financial institutions, new entrants, investors, advisory and service groups, nonprofit organizations, and research providers,” the information reads.
Ontario Securities Commission Fintech Advisory Committee Makes Pickup
The Ontario Securities Commission (OSC) Fintech Advisory Committee selected Randee Pavalow, who sits on KoreConX's advisory board, to advise the commission with respect to unique challenges facing new businesses and oversight in the securities market, according to a press release.
The OSC is responsible for the administration and enforcement of compliance for Ontario’s securities industry and is tasked with protecting the interests of investors, nurturing fair and efficient markets and helping to stabilize the financial system.
"Having Ms. Pavalow appointed to the Ontario Securities Commission only reiterates the quality of our advisory board. She is an extremely valuable resource for us, as she is to the capital markets industry as a whole," said Oscar Jofre, co-founder and CEO at KoreConX. "We are confident she will make a positive impact on the digital securities space--expanding opportunities without compromising security and compliance."
Across all Canadian Investment Funds, Ontario is the chief regulator for 80% of the total lot. The OSC is specifically aimed at emerging market, including cannabis and fintech, and “explosive growth in offerings involving digital assets.”
