FTX US Derivatives Welcomes Former CFTC Commissioner Jill Sommers to BoD

Fazzaco learned that FTX US Derivatives, a Commodity Futures Trading Commission (CFTC) regulated digital asset futures & options exchange and clearinghouse, has welcomed former CFTC Commissioner, Jill Sommers, to its Board of Directors.

Ms. Sommers presently serves as Senior Advisor for Patomak Global Partners, board member of Everybody Wins! DC and the Ethics and Compliance Initiative. 

Previously, Ms. Sommers served two consecutive terms as a Commissioner of the Commodity Futures Trading Commission (CFTC), confirmed twice by the US Senate after being nominated by both Presidents George W. Bush and Barack Obama. On July 8, 2013, her six-year service came to an end.

Before her career at CFTC, Ms. Sommers held various positions in the derivatives industry, including as Policy Director and Head of Government Affairs for the International Swaps and Derivatives Association (ISDA) and Managing Director of Regulatory Affairs for the Chicago Mercantile Exchange.      

According to her LinkedIn profile, Ms. Sommers graduated from the University of Kansas in 1991.

FTX US Derivatives CEO Zach Dexter commented on the appointment: "I'm thrilled to be working alongside Ms. Sommers as we continue our mission of providing industry-leading derivative services to our users and work to evolve the crypto derivatives trading market structure. Adding Jill's wealth of experience in the derivatives landscape is an invaluable resource for our board as we traverse through the evolving digital asset ecosystem and its integration into the broader financial market structure."

"I am honored to be joining the FTX US Derivatives Board of Directors to advance the mission of reshaping market structure in the United States. The company has been at the forefront of bridging the gap between traditional and digital assets while staying true to its founding principles of transparency and leading the charge toward becoming the most regulated digital asset exchange in the world," said Ms. Sommers. "I'm excited to join the board as we continue working closely with regulators to further establish FTX US Derivatives as the premier regulated crypto derivatives trading platform."

FTX US Derivatives, previously known as LedgerX, was launched in 2017. The company offers products covering physical settlement of all contracts, block trading and algorithmic trading opportunities for institutional investors, and direct access for all traders.

Most recently, South Korea's Busan has signed MoU with​ the leading crypto exchange to develop digital asset exchange.