SEC Announces New Initiative to Identify and Assess Risks in Financial Markets
FOR IMMEDIATE RELEASE
Washington, D.C., April 30, 2009 — The Securities and Exchange Commission today announced a new effort to identify and assess risks in the financial markets by attracting seasoned industry professionals to the agency's Office of Risk Assessment.
The new Industry and Markets Fellows Program will help the agency expand its ability to oversee complex industry practices and products in today's markets.
"It's a great way to bring in highly-seasoned financial experts who can help us keep pace with the practices of Wall Street and protect investors," said Chairman Mary Schapiro. "Modeled on other successful fellows programs at the SEC, this program will help us strengthen oversight of the securities markets as they evolve, and provide industry veterans the unique opportunity to help us restore confidence in the markets."
The individual fellows who come to the agency through the program will also help familiarize SEC staff with current industry practices and products.
Jonathan Sokobin, Director of the Office of Risk Assessment, said, "The new program will give a tremendous boost to the agency, and will provide staff with new information and perspectives to help them identify emerging issues and understand the ways the industry is changing. The Office of Risk Assessment will work closely with staff in other SEC divisions and offices in integrating the fellows into the activities of the Commission and its staff."
The SEC will immediately begin recruiting candidates with extensive experience in the financial markets, including but not limited to any of the following: trading in equity and fixed income securities, structured products, complex derivatives, financial analysis and valuation, fund management, investment banking and financial services operations. A statement detailing the fellows' qualifications and duties is available on the SEC Web site. The SEC encourages qualified individuals to apply by June 1, 2009.
# # #