CFTC establishes market risk committee, releases details of members

U.S. Commodity Futures Trading Commission (CFTC) Commissioner Sharon Y. Bowen today announced the members of the CFTC’s Market Risk Advisory Committee (MRAC). Commissioner Bowen is the sponsor of this advisory committee.

“I am very pleased with the breadth and depth of talent that will be present on the Committee. Our members bring valuable expertise and a diversity of opinions and perspectives about the swaps and futures industry. We received a great deal of interest regarding serving on MRAC and many thoughtful comments from members of the public on a broad range of topics upon which MRAC should focus.

Now the MRAC must begin work on determining and analyzing the risks to our markets and consumers, in order to provide consultation on how best to address them. I am confident that the Commission will benefit from the recommendations of this Committee.”

The Committee, which was first chartered in 2014, is designed to support the Commission’s efforts to detect and mitigate risks within the market to industry participants, consumers, and the broader financial community. This year, the Committee intends to study both long-standing and nascent risks to the market, as well as challenges posed by the evolving structure of the swaps and futures markets.

MRAC’s mandate is to conduct public meetings and submit reports and recommendations to the Commission on matters of public concern to clearinghouses, exchanges, intermediaries, market makers, end-users and the Commission regarding systemic issues that threaten the stability of the derivatives markets and other financial markets; and

It also aims to assist the CFTC in identifying and understanding the impact and implications of an evolving market structure and movement of risk across clearinghouses, intermediaries, market makers and end-users.

The full list of members is as follows:

Name Entity Title
Dr. Anat Admati Better Markets Representative
Robert Anderson Committee of Chief Risk Officers Executive Director
Gerald Beeson Citadel Chief Operating Officer and Chief Financial Officer
David Burlage CoBank Chief Financial Officer
Scott L. Flood Citi’s Institutional Client Group Managing Director
Andrew Gray Depository Trust and Clearing Corporation Managing Director
Bill Hale Cargill Export Grain Manager
Michael Hennesy Federal Home Loan Banks Vice President, Treasury and Capital Markets
Jerry Jeske Mercuria Energy Group Chief Compliance Counsel
Nathan Jenner Bloomberg SEF LLC Chief Operating Officer, FICC E-Trading
Thomas A. Kloet Elmhurst College Representative
Sebastian Koeling Optiver US Chief Executive Officer
Clifford M. Lewis Eurex Clearing Independent Director
Dr. Andrew W. Lo Massachusetts Institute of Technology’s Laboratory for Financial Engineering Director
Glen Mackey NRG Energy Chief Risk Officer
Dennis McLaughlin LCH.Clearnet Group Chief Risk Officer
Susan McLaughlin Federal Reserve Bank of New York Senior Vice President
Richard Miller Prudential Global Funding General Counsel
Michael Modlock TriOptima Head of TriReduce North America
John Nixon Americas for ICAP Group Executive Director
Susan O’Flynn Morgan Stanley Managing Director and Global Head of CCP Strategy, Governance and Optimization
Lee Olesky Tradeweb Chief Executive Officer
Angela Patel Putnam Investments Senior Vice President
Edward Pla UBS Investment Bank Managing Director, Head of Clearing and Execution
Emily Portney JP Morgan Global Head of Agency Clearing, Collateral Management and Execution
Dr. Marcus Stanley Americans for Financial Reform Policy Director
Kim Taylor CME Group President, Global Operations, Technology and Risk
Charles Vice Intercontinental Exchange President and Chief Operating Officer
Kristen Walters BlackRock Global Chief Operating Officer of Risk and Quantitative Analysis Group
Rana Yared Goldman Sachs Managing Director
Luke Zubrod Chatham Financial Director of Risk and Regulatory Advisory Services

For the official announcement from the CFTC, click here.

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