Global Markets Advisory Committee

The Global Markets Advisory Committee (GMAC) was created in 1998 to advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. Members include financial market infrastructures, market participants, end-users, service providers, and regulators.

Commissioner Caroline D. Pham sponsors the GMAC. Gates S. Hurand, Chief Counsel to Commissioner Pham, serves as the Designated Federal Officer, and Meghan Tente, Chief of Staff to Commissioner Pham, serves as the Alternate Designated Federal Officer.

Committee Charter (PDF)

Margin Requirements for Non-Cleared Swaps
Name Entity Representing Title
Wendy Yun (Chair) Securities Industry and Financial Markets Association Asset Management Group Co-Chair, Derivatives Committee
Mark Bailey Two Sigma Investments, LP Head of Financial Resource Management
Darcy Bradbury D.E. Shaw & Co., LP Managing Director
Rosario Chiarenza Morgan Stanley Capital Group, Inc. Chief Compliance Officer
Betsy Cochrane Barings, LLC Assistant General Counsel
Dominick Falco BNY Mellon Markets Head of Collateral Segregation Product
Vera Horgan Wellington Management, LLP Managing Director, Derivatives Platform
Tara Kruse International Swaps and Derivatives Association, Inc. Global Head of Infrastructure, Data, and Non-Cleared Margin
Alessandra Riccardi National Futures Association Managing Director
Sachiyo Sakemi BlackRock Managing Director
Andrew Smith Virtu Financial  Senior Vice President
Nick Steele Barclays Managing Director and Head of Collateral Optimization Unit, Financial Resource Management's Resource Management Group
Chris Walsh Acadia Soft Chief Executive Officer


Date Meeting Details

Meeting to discuss the Committee’s structure; formation of subcommittees; and potential topics relating to global market structure and digital asset markets for the GMAC to prioritize in making policy recommendations to the CFTC, consistent with its mandate. Full details, including minutes and agenda, here.

Meeting to hear presentations and provide dialogue on matters related to the U.S. Treasury market which, given market interconnections, is vitally important to the proper functioning of the derivatives markets overseen by the CFTC. In that regard, the GMAC will hear presentations regarding the recent stresses in the U.S. Treasury market and proposals for Treasury market reforms to mitigate against future stresses. The GMAC will also hear presentations related to the implementation of recent Dodd-Frank Act reforms, including issues related to (1) swap data reporting; (2) uncleared margin; and (3) swap dealer capital substituted compliance. Full details, including agenda, here.


Meeting to hear presentations and provide dialogue on matters related to retail participation in the derivatives markets. The meeting will include hearing presentations and continue discussions on the impact of market volatility related to the coronavirus pandemic on the global clearing ecosystem. Full details, including agenda, here.

Meeting to discuss presentations regarding the global clearing landscape.  Specifically, presenters will discuss regulatory developments to advance global derivatives clearing and the impact of the coronavirus pandemic on global clearing.  Full details, including agenda, here.

Meeting to discuss international coordination efforts in time of COVID-19 and the report and recommendations from the Margin Requirements for Non-Cleared Swaps Subcommittee regarding the implementation of initial margin requirements for non-cleared swaps. Full details, including agenda, here.

Meeting to discuss the implementation of margin requirements for non-centrally cleared derivatives and the European market Infrastructure Regulation (EMIR) 2.2. Full details, including minutes and agenda, here.

Meeting to discuss how regulators are fulfilling the 2009 G20 directive regarding the OTC derivatives market. Full details, including minutes and agenda, here.