American Bar Association Committee on Regulation of Futures and Derivative Instruments Winter Meeting

ABA's Committee on Regulation of Futures and Derivative Instruments was held in Puerto Rico on February 4, 2006. Kirkland partner Mark Young moderated a panel discussion, which served as a curtain-raiser for the upcoming February 15, 2006, hearing before the Commodity Futures Trading Commission on reforms to the governance and structure of self-regulatory organizations, like futures exchanges. The Securities and Exchange Commission is conducting a parallel rule making on this subject. The panel focused on the role of independent, nonindustry directors on exchange boards and to what extent independent directors address inherent conflicts of interest faced by self-regulatory organizations.