The joint panel will look at market structure issues that may have contributed to the volatility as well "as disparate trading conventions and rules across various markets," according to a release today.
Overall, the committee's charter provides a broad scope for the panel to assess regulatory risks for investor and market participants while helping the SEC and CFTC work better together.
Schapiro and Gensler will serve as co-chairs of the committee that will include academics, former financial executives and former regulators. Meetings will be public as the panel looks into the May 6 events and other issues.
So far, the members include: Brooksley Born, former CFTC chair; Jack Brennan, former CEO and chairman of Vanguard; Robert Engle, finance professor at NYU's Stern School of Business; Richard Ketchum, chairman and CEO, FINRA; Maureen O'Hara, management and finance professor, Cornell University; Susan Phillips, dean and finance professor, The George Washington University School of Business; David Ruder, former SEC chair.