To prevent the so-called 'May 6 rout" from happening again where the crash on Wall Street markets caused a global ripple effect, U.S. regulators Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), announced the creation of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory issues.

CFTC chairman Gary Gensler and SEC chairman Mary Schapiro said the creation of the joint committee was one of the 20 recommendations included in the agencies' harmonization report issued last year.

One of the key issues to be addressed by the committee is to review of the May 6 market events and make recommendations related to market structure issues that may have contributed to the volatility, as well as disparate trading conventions and rules across various markets.

The joint committee will also develop recommendations on emerging and ongoing issues relating to both agencies.

To orient the committee's work, the staff of the CFTC and SEC will provide to the committee on Monday their joint preliminary findings regarding last Thursday's market events.

Gensler said: "It is important that we hear from this prominent panel of market practitioners, academics and former regulators about emerging risks in our markets. It is critical that the CFTC and SEC hear from the panel together because our markets are so intertwined. I am particularly interested in the Committee's first focus: advising on courses of action in response to the lessons learned from the market events of May 6."

"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," added Schapiro. "The Joint Committee will serve an essential role in addressing that challenge."