A move to the private sector has attracted Jill E. Sommers, a former commissioner of the US Commodity Futures Trading Commission (CFTC) to a board appointment at of Chicago’s electronic proprietary trading firms.
Allston Holdings LLC, which is the parent company of one of North America’s top proprietary trading institutions, has elected Ms. Sommers to the board in an executive position within which she will be responsible for assisting senior executives to guide the coprorate strategy of the firm and navigate the continually evolving regulatory landscape.
Allston CEO Raj Mahajan today made a statement on the appointment of Ms. Sommers: “We’re delighted to bring Commissioner Sommers on board to help guide our strategy and navigate the evolving regulatory landscape. She has earned tremendous respect in the industry and in government for her strong leadership skills, particularly overseeing the MF Global investigation while at the CFTC. Her extraordinary working knowledge of both exchange-traded and over-the-counter derivatives markets and her appreciation for the regulations that govern them will be valuable assets to our Board.”
Ms. Sommers further stated: “I’m thrilled to join the Allston Board. I’ve been impressed with Raj and the team at Allston, who unquestionably want to ensure that the firm follows and leads best industry practices. I look forward to this new opportunity to understand the relevant market issues from the perspective of a leading proprietary trading participant.”
Last year, Ms. Sommers stepped down from her position at the CFTC, ahead of the senior level restructure which was implemented this year by newly elected Chairman Timothy Massad.
Ms. Sommers has an extensive career history in OTC derivatives, in senior government-level positions, having worked in the Government Affairs Office of the Chicago Mercantile Exchange (CME). Sommers began her career in 1991 as a Washington-based intern for Kansas Republican Senator Robert J. Dole. She later served as a legislative aide for two consulting firms specializing in agricultural issues, Clark & Muldoon, P.C. and Taggart and Associates.