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.
| Name | Entity Representing | Title |
| Nadia Zakir (MRAC Chair) | Pacific Investment Management LLC (PIMCO) | Executive Vice President and Deputy General Counsel |
| B. Salman Banaei | IHS Markit | Executive Director, Global Head of Clearance and Settlement |
| Stephen Berger | Citadel | Managing Director and Global Head of Government & Regulatory Policy |
| Richard Berner | Clinical Professor of Management Practice in Finance and Co-Director of the Stern Volatility and Risk Institute, NYU Stern School of Business | |
| Lee Betsill | CME Group | Managing Director and Chief Risk Officer |
| Peter Borish | Quad Group | Chief Strategist |
| Biswarup Chatterjee | Citigroup | Global Head of Markets BCE Management |
| Alicia Crighton | Futures Industry Association | Global Co-Head of Futures and Head of OTC and Prime Clearing Businesses, Goldman Sachs |
| Shelly Goodwin | BP IST Global Americas | Regional Compliance Director |
| Matthias Graulich | Eurex Clearing AG | Member of the Executive Board and Chief Strategy Officer |
| 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 |
| Lindsay Hopkins | Minneapolis Grain Exchange | Clearing House Counsel |
| Annette Hunter | Federal Home Loan Bank of America | Senior Vice President and Director of Accounting Operations |
| 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 |
| Derek Kleinbauer | Bloomberg SEF LLC | Global Head of Fixed Income & Equities Electronic Trading, Bloomberg LP and Vice President, Bloomberg SEF LLC |
| Laura Kimpel | The Depository Trust & Clearing Corporation | Managing Director |
| Robert Mangrelli | Chatham Financial | Director |
| Kevin McClear | Intercontinental Exchange, Inc. | Corporate Risk Officer |
| Dennis McLaughlin | LCH Group | Group Chief Risk Officer |
| Craig Messinger | Virtu Financial | Senior Advisor |
| 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 |
| Dr. Sam Priyadarshi | Vanguard | Principal, Global Head of Portfolio Risk Management and Derivatives |
| Jonathan Raiff | Nomura Global Financial Products, Inc. | Senior Managing Director and Deputy Head of Global Markets |
| Marnie Rosenberg | JP Morgan | Managing Director and Global Head of Clearinghouse Risk & Strategy |
| James Shanahan | CoBank ACB | Vice President - Financial Regulatory Compliance |
| Lisa Shemie | Cboe Global Markets | Associate General Counsel, Chief Legal Officer - Cboe FX Markets and Cboe SEF |
| Dr. Betty Simkins | Head of Finance Department, Professor and Williams Companies Chair in Business, Oklahoma State University, Spears School of Business | |
| Tyson Slocum | Public Citizen | Director, Energy Program |
| Sujatha Srinivasan | Goldman Sachs | Co-Head of Market Risk Specialists, Securities Division |
| Dr. Marcus Stanley | Americans for Financial Reform | Policy Director |
| Robert Steigerwald | Federal Reserve Bank of Chicago | Senior Policy Advisor, Financial Markets |
| Janine Tramontana | Federal Reserve Bank of New York | Vice President and Senior Counsel |
| Suzy White | HSBC | Chief Risk Officer, Global Banking & Markets and Commercial Banking, Americas |
| Scott Zucker | Tradeweb | Chief Administrative Officer |
- Central Counterparty (CCP) Risk and Governance
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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
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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
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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
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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