The Securities and Exchange Commission and the Commodity Futures Trading Commission  have created a joint panel to study last Thursday's mysterious "flash crash," as well as other emerging regulatory issues.

The panel is composed of regulators, former regulators, law professors and financial industry experts, including Vanguard's former Chairman and CEO John Brennan.

"As last week's events remind us, our markets are increasingly interrelated and interdependent, so we need to appreciate how events in one arena can potentially impact investors and markets elsewhere," said SEC Chairman Mary Schapiro. "The joint committee will serve an essential role in addressing that challenge."

"It is important that we hear from this prominent panel of market practitioners, academics and former regulators about emerging risks in our markets," added CFTC Chairman Gary Gensler.

Brennan chaired last year's Money Fund Working Group, which provided regulators and lawmakers with timely analysis and recommendations on reforms to money market funds.

Schapiro and Gensler will serve as co-chairs of the new Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues, which was one of the 20 recommendations included in the agencies' harmonization report issued last year.

Other members of the joint committee – which is still being formed – include Brooksley Born, the former chair of the CFTC; David Ruder, the former chair of the SEC; Robert Engle, the Michael Armellino Professor of Finance at the NYU Stern School of Business; Richard Ketchum, chairman and CEO of FINRA; Maureen O’Hara, professor of management and finance at Cornell University; and Susan Phillips, dean and professor of finance at The George Washington University School of Business.

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