CFTC launches NYC-based FinTech Lab
U.S. regulator, the CFTC has created a financial technology laboratory, LabCFTC, intended to promote innovation to improve “the quality, resiliency, and competitiveness of the markets the CFTC oversees,” officials say.
LabCFTC, which will be located in New York, also exists to “accelerate CFTC engagement with FinTech and RegTech solutions that may enable the CFTC to carry out its mission responsibilities more effectively and efficiently,” say CFTC officials, who confirm that the initiative was approved unanimously by commission members.
The effort reflects the CFTC’s wish to be more accessible to FinTech innovators and “serving as a platform to inform the CFTC’s understanding of new technologies,” officials say. LabCFTC will also be an information source for the commissioners and the CFTC staff on innovation that may influence policy development.
A core LabCFTC component is the GuidePoint “dedicated point of contact for FinTech innovators to engage with the CFTC, learn about the CFTC’s regulatory framework, and obtain feedback and information on the implementation of innovative technology ideas for the market,” officials say. The feedback is intended to help innovators/entities “save time and money by helping them understand relevant regulations and the CFTC’s oversight approach.”
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