The Commodity Futures Trading Corporation Commission, (CFTC) which was recently given new responsibilities surrounding the regulation of the derivatives market , has recently appointed a technology expert to head up the newly created Office of Data and Technology. John L. Rogers will become the chief information officer of the CFTC and take the helm of the new office that has been set up to implement the Dodd-Frank act, according to The New York Times.

"I’m excited to promote John to an important position that will oversee a critical component of the agency’s reorganization plan that was put in place to help implement the Dodd-Frank law," Gary Gensler, the agency’s chairman, said in a statement. "John’s longtime information technology experience will be very valuable as the agency develops and deploys new technology to oversee the markets."

The new technology office was mandated by the Dodd-Frank act, the media outlet reports. The new office will help out the CFTC's regulatory objectives by automating the agency's daily tasks and setting it up to analyze data.

Technology is going to play an increasingly important role in derivatives as a result of the Dodd-Frank law. US-based Tabb Group has recently estimated that implementing the new law will result in $3.4 billion in new technology costs.