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CFTC Appoints "Flash Crash" Expert As Chief Economist

The top U.S. futures regulator has tapped Dr. Andrei Kirilenko to advise it on dealing with high frequency and algorithmic trading.

The U.S. future regulator said on Tuesday it appointed Andrei Kirilenko as its chief economist for the Commodity Futures Trading Commission.

Kirilenko is known for his role in the review of the May 6 flash crash, according to a Reuters news story. Kirilenko has worked on research into how high frequency trading and algorithmic trading affects markets, and has been highly sought after by commissioners seeking opinions on how to use new authority to rein in computer-driven trading, and how to try to prevent another flash crash.

The CFTC’s chief economist is responsible for providing expert economic advice to the Commission. Its functions include policy analysis, economic research, expert testimony, education and training, according to the CFTC’s release today.

Kirilenko joined the CFTC in 2008 after 12 years at the International Monetary Fund, where he worked on global capital markets issues. He has a PhD in economics from the University of Pennsylvania.

Since joining the CFTC he has worked on a broad range of issues related to the design and operations of agricultural, energy and financial contracts and markets. Most recently, Dr. Kirilenko has been working on issues related to algorithmic and high frequency trading and played a key role in the review of the unusual market events of May 6, 2010, the CFTC release noted.

In recognition of his service, Dr. Kirilenko was awarded the CFTC’s highest honor, the Chairman’s Award for Excellence, in 2010. Under the Dodd-Frank Wall Street and Consumer Protection Act, the CFTC is currently working to bring comprehensive regulation to the swaps market.

In a statement, CFTC Chairman Gary Gensler commented, “Andrei’s in-depth understanding and appreciation of the many important economic issues facing the Commission and the futures and swaps markets will prove invaluable.”

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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