Market Risk Advisory Committee

The Market Risk Advisory Committee advises the Commission on matters relating to evolving market structures and movement of risk across clearinghouses, exchanges, intermediaries, market makers and end-users. It examines systemic issues that threaten the stability of the derivatives markets and other financial markets, and makes recommendations on how to improve market structure and mitigate risk.

Commissioner Rostin Behnam sponsors the Market Risk Advisory Committee.  Members include representatives of clearinghouses, exchanges, intermediaries, market makers, end-users, academia and regulators. Alicia Lewis serves as the Designated Federal Officer for the committee.

Committee Charter (PDF)

Central Counterparty (CCP) Risk and Governance
Name Entity Representing Title
Lee Betsil (Co-Chair) CME Group Managing Director and Chief Risk Officer
Alicia Crighton (Co-Chair) Futures Industry Association Chief Operating Officer, Prime Services, US Clearing, Goldman Sachs
Richard Berner   Clinical Professor of Management Practice in Finance and Co-Director of the Stern Volatility and Risk Institute, NYU Stern School of Business
Peter Borish Quad Group Chief Strategist
Matthias Graulich Eurex Clearing AG Member of the Executive Board and Chief Strategy Officer
Graham Harper Futures Industry Associatio - Principal Traders Group Head of Public Policy and Market Structure at DRW
Lindsay Hopkins Minneapolis Grain Exchange Clearing House Counsel
Demetri Karousos Nodal Exchange, LLC Chief Risk Officer, Nodal Clear, LLC, and Chief Operating Officer, Nodal Exchange, LLC
Eileen Kiely BlackRock Managing Director, Deputy Head of Counterparty & Concentration Risk
Kevin McClear Intercontinental Exchange, Inc. Corporate Risk Officer
Dennis McLaughlin LCH Group Group Chief Risk Officer
Dale Michaels The Options Clearing Corporation Executive Vice President, Financial Risk Management
John Murphy Commodity Markets Council Managing Director and Global Head of Futures Division, Mizuho Americas
Marnie Rosenberg  JP Morgan Managing Director and Global Head of Clearinghouse Risk & Strategy
Dr. Marcus Stanley Americans for Financial Reform Policy Director
Robert Steigerwald Federal Reserve Bank of Chicago Senior Policy Advisor, Financial Markets
William Thum Vanguard Principal and Global Head of Capital Markets Legal and Regulatory
Suzy White HSBC Chief Risk Officer, Global Banking & Markets and Commercial Banking, Americas
Nadia Zakir Pacific Investment Management Company LLC (PIMCO) Executive Vice President and Deputy General Counsel
Climate-Related Market Risk

Submit a Comment

Name Entity Representing Position Title
Robert (Bob) Litterman (Chairman) Kepos Capital Chairman and of the Risk Committee and a Founding Partner
Clark E. Anderson Morgan Stanley Managing Director
Nathaniel Bullard Bloomberg NEF Head of Content Strategy
Ben Caldercott Special Government Employee

Director, Oxford Sustainable Finance Programme & Associate Professor

Smith School of Enterprise and the Environment, University of Oxford

Martina L. Cheung S&P Global President, S&P Global Market Intelligence
John T. Colas Marsh & McLennan COmpanies Vice Chairman, Oliver Wyman Financial Services America
Robert Coviella Bunge Senior Vice President, Sustainability and Government Affairs
Peter W. Davidson Aligned cliate Capital Co-Founder and Chief Executive Officer
Jeffrey S. Dukes Special Government Employee Director, Purdue Climate Change Research Center; Professor of Forestry and Natural Resources; Professor of Biological Sciences; Belcher Chair for Environmental Sustainability
Hervé P. Duteil BNP Paribas Chief Sustainability Officer
Athena Eastwood Dairy Farmers of America Outside Counsel
Eliza H. Eubank Citigroup Director and Global Head of Environmental and Social Risk Management
Naty Figueroa BP Global Environmental Products Commercial Manager
Christopher J. Goolgasian Wellington Management Managing Director; Director, Climate Research; and Portfolio Manager
John Hartmann Cargill Global Sustainability Lead, Cargill Agricultural Supply Chain and Global Edible Oils
Dave Jones The Nature Conservancy Senior Director of Environmental Risk
Jesse Keenan Special Government Employee Faculty, Harvard Graduate School of Design
Nathanial Keohane  Environmental Defense Fund Senior Vice President for Climate
Mindy Lubber Ceres Chief Executive Officer and President
Divya Mankikar CalPERS Investment Manager
Leonardo Martinez-Diaz WOrld Resources Institute Global Director of the Sustainable Finance Center
Sara Menker Gro Intelligence Founder and Chief Executive Officer
Stephen Moch Special Government Employee Student, Harvard Business School & Harvard Kennedy School
Adrienne Monley Vanguard Head of Investment Stewardship, Europe
Adele Morris Special Government Employee Senior Fellow and Policy Director, Climate and Energy Economics Project, The Brookings Institution
David Parham Sustainability Accounting Standards Board Director of Research - Projects
Daniel R. Paul ConocoPhillips Commercial Manager of Risk, Regulatory Affairs, Market Analysis & Business Development
Rene Ramos JPMorgan Chase Executive Director Climate Risk Executive, global Environment and Social Risk Management
Armin Sandhoevel Allianz Global Investors Chief Investment Officer Infrastructure Equity
Truman Semans OS-Climate Founder and Chief Executive
Betty Simkins Special Government Employee Professor of Finance and Williams Chair; Head, Department of Finance, Spears School of Business, Oklahoma State University
Johannes Stroebel Special Government Employee David S. Loeb Professor of Finance and the Boxes Faculty Fellow at the New York University Stern School of Business
David S. Vogel Voloridge Investment Management Founder and Chief Executive Officer
Julie Winkler CME Group Chief Commercial Officer
Interest Rate Benchmark Reform
Member Primary Representative Position Title
American Financial Exchange, LLC Dr. Richard L. Sandor Chairman and Chief Executive Officer
AQR Capital Management Richard Grant Global Head of Regulatory and Government Affairs
Barclays Tyler Wellensiek Managing Director and Head of Official and Financial Institutions Rates Sales
BlackRock Jack Hattem Deputy CIO, BlackRock Obsidian Fund
BNP Paribas Simon Winn Managing Director - Head of America's IBOR TransitionOffice
Capital One Thomas Feil Senior Vice President and Treasurer
Chatham Financial Robert Mangrelli Director, Global Real Estate Hedging and Capital Markets
Citadel Stephen Berger Managing Director and Global Head of Government & Regulatory Policy
Citigroup Biswarup Chatterjee Managing Director, Global Head of Innovation, Markets & Securities Services
CME Group Agha Mirza Managing Director and Global Head of Interest Rate Products
CoBank ACB James Shanahan Vice President - Financial Regulatory Compliance
Deborah North   Partner, Allen & Overy LLP
Federal Home Loan Bank of Atlanta Annette Hunter Senior Vice President and Director of Accounting Operations
Federal Home Loan Bank of New York Rei Shinozuka Director of Capital Markets Research
Federal Reserve Bank of New York Nathanial Wuerffel Senior Vice President
Federal Home Loan Mortgage Corporation ("Freddie Mac") Ameez Nanjee Vice President, Asset Liability Management
Goldman Sachs Jason Granet Managing Director, Program Lead for LIBOR Transition
HSBC Neil Middleton US CRO, GBM and CMB and CRO, US Swap Dealer
ICE Benchmark Administration Timothy J. Bowler President
International Swaps and Derivatives Association, Inc. Ann Battle Assitant General Counsel, Head of Benchmark Reform
JP Morgan Marnie Rosenberg Managing Director and Global Head of Clearinghouse Risk & Strategy
LCH Group Limited Dennis McLaughlin Chief Risk Officer
MetLife Joseph Demetrick Managing Director
Morgan Stanley Thomas Wipf* Vice Chairman, Institutional Securities
Nomura Global Financial Products, Inc. Jonathan Raiff Senior Managing Director, Head of Global Markets Americas
Pacific nvestment Management Company, LLC ("PIMCO") Nadia Zakir Executive Vice President and Deputy General Counsel
Prudential Chris McAlister Managing Director, Global Head of Derivatives Trading
The Depository Trust & Clearing Corporation Gregg Rapaport Managing Director, Repository and Derivatives Services
TriOptima Vikash Rughani Business Manager
Tradeweb Scott Zucker Chief Administrative Officer
Vanguard Dr. Sam Priyadarshi Principal, Global Head of Portfolio Risk and Derivatives, Fixed Income Group
Virtu Financial Craig Messinger Vice Chairman
Wells Fargo Eric S. Lashner Senior Counsel, Derivatives and FX Section
American Financial Exchange, LLC Dr. Richard L. Sandor Chairman and Chief Executive Officer
AQR Capital Management Richard Grant Global HEad of Regulatory and Government Affairs
Barclays Tyler Wellensiek Managing Director and Head of Official and Financial Institutions Rates Sales
BlackRock Jack Hattem Deputy CIO, BlackRock Obsidian Fund

* - Subcommittee Chairman

Market Structure
Name Entity Representing Title
Stephen Berger (Co-Chair) Citadel Managing Director and Global Head of Government & Regulatory Policy
Lisa Shemie (Co-Chair) Cboe Global Markets Associate General Counsel, Chief Legal Officer - Cboe FX Markets and Cboe SEF
B. Salman Banaei IHS Markit Executive Director, Global Head of Clearance and Settlement
Lee Betsill CME Group Managing Director and Chief Risk Officer
Peter Borish Quad Group Chief Strategist
Biswarup Chatterjee Citigroup Managing Director, Global Head of Innovation, Markets & Securities Services
Shelly Goodwin BP IST Global Americas Regional Compliance Director
Graham Harper Futures Industry Association - Principal Traders Group Head of Public Policy and Market Structure at DRW
Frank Hayden Calpine Corporation Vice President, Trading Compliance
Annette Hunter Federal Home Loan Bank of Atlanta Senior Vice President and Director of Accounting Operations
Eileen Kiely BlackRock Managing Director, Deputy Head of Counterparty & Concentration Risk
Derek Kleinbauer Bloomberg SEF LLC Global Head of Fixed Income & Equities Electronic Trading, Bloomberg LP and Vice President, Bloomberg SEF LLC
Laura Klimpel The Depository Trust & Clearing Corporation Managing Director
Craig Messinger Virtu Financial  Vice Chairman
Robert Mangrelli Chatham Financial Director
Dr. Sam Priyadarshi Vanguard Principal, Global Head of Portfolio Risk Management and Derivatives
Jonathan Raiff Nomura Global Financial Products, Inc. Senior Managing Director, Head of Global Markets Americas
Tyson Slocum Public Citizen Director Energy Program
Sujatha Srinivasan Goldman Sachs Co-Head of Market Risk Specialists, Securities Division
Janine Tramontana Federal Reserve Bank of New York Vice President and Senior Counsel
Nadia Zakir Pacific Investment Management Company LLC (PIMCO) Executive Vice President and Deputy General Counsel, Legal and Compliance Department
Scott Zucker Tradeweb Chief Administrative Officer

Meetings

Date Meeting Details

Updates from the Climate-Related Market Risk, CCP Risk and Governance, Market Structure, and Interest Rate Benchmark Reform Subcommittees. Meeting to discuss market activity in early 2020 following the COVID-19 pandemic. Full details, including agenda, here.

Updates from the Climate-Related Market Risk, CCP Risk and Governance, Market Structure, and Interest Rate Benchmark Reform Subcommittees. Meeting to discuss transition from LIBOR to RFRs. Full details, including agenda, here.

Updates from the Interest Rate Benchmark Reform Subcommittee and vote on its recommendation regarding plain-English disclosure materials. Meeting to discuss issues involving transition from LIBOR to RFRs. Full details, including minutes and agenda, here.

Meeting to discuss climate-related financial risks including the impact of climate change on the future stability of the global financial system, current domestic and international initiatives addressing financial risks related to climate change, financial industry approaches to the management and mitigation of such risks, and the challenges ahead for regulators and market participants in the derivatives industry. Full details, including minutes and agenda, here.

Meeting to discuss clearing house governance structures and risk management, management of non-default losses in recovery and resolution, and recent reports, discussion papers, and proposed rules involving global standard setting bodies and prudential regulators. Full details, including minutes and agenda, here.

First meeting of the MRAC under its new charter and welcome new and returning members to discuss the committee’s agenda and current initiatives to reform LIBOR, including the development and adoption of alternative interest rate benchmarks. Full details, including minutes and agenda, here.

Meeting to discuss the statutory and regulatory process for the listing of new and novel products on CFTC-regulated designated contract markets and swap execution facilities through self-certification. Full details, including minutes and agenda, here.