The technical committee of the International Organization of Securities Commissions announced the creation of a task force to examine the regulation of commodities markets on Wednesday.

The task force, which will be co chaired by the U.S. Commodity Futures Trading Commission and Britain’s Financial Services Authority, will look at the evolution of commodities futures markets, considering issues such as technological development, globalization, product innovation and the increasing participation of new types of investors.

The task force will also examine whether supervisory approaches are keeping pace with developments in this market and whether regulators are co-operating sufficiently to deal with the increasing globalization of the markets.

The decision to establish a task force was taken following discussions among members focusing on concerns around increases and volatility in commodities futures markets, IOSCO says.

“Given the global nature of the commodities markets, it is important to share views with our international counterparts and to co-ordinate supervisory approaches,” says CFTC acting chairman Walt Lukken. “As commodities markets grow and change, regulators around the globe must consider ways to enhance our approaches to supervision, and I look forward to working with our colleagues to study global commodities market issues.”