J. Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission, indicated that the Market Intelligence Branch of the Commission’s Division of Market Oversight would soon be issuing a report concluding that the largest price movements in 16 different futures contracts from 2012 through 2017 appeared attributable to longer-time increased market volatility and by the direct revelation of information and news events and not by the activities of proprietary trading groups or high-frequency traders. Moreover, the study will provide quantitative evidence that, despite perception, “there is no clear indication of a wide-spread increase in the frequency or intensity of sharp price movements in recent years.” Mr. Giancarlo made his observations in a speech before the Women in Derivatives Forum in Washington, DC.