SIFMA Executive Vice President Randy Snook described the influence of FinTech innovation on market participants and affirmed SIFMA's commitment to "ensure that the marketplace remains resilient for clients." At the 2017 SIFMA FinTech Conference, Mr. Snook noted that "the Fintech revolution is driven at least in part by the risk taking venture capital that is bringing emerging technologies into our industry...over $40 billion in venture capital has been invested in FinTech startups." He explained that technological advances in the securities industry tend to be welcome, but there are significant concerns regarding cybersecurity.
Mr. Snook emphasized the emerging impact of distributed ledger technology ("DLT"; e.g., blockchain) on capital markets. He argued that DLT has the potential not only to enhance efficiency for market participants, but also to improve regulatory compliance and supervision. He stressed the importance for regulators of adapting to technological innovations and asserted the usefulness of the Consolidated Audit Trail and LabCFTC, an initiative intended to encourage cooperation between the CFTC and FinTech companies.
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