The Market Risk Advisory Committee (MRAC) 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. Members include representatives of clearinghouses, exchanges, intermediaries, market makers, end-users, academia, and regulators.
Commissioner Kristin N. Johnson sponsors the MRAC. Bruce Fekrat serves as the MRAC Designated Federal Officer.
| Name | Entity Representing | Title |
| Alicia Crighton (Chair) | Futures Industry Association | Chair of the Board of Directors |
| Robert Allen | FMX Futures Exchange, L.P. | President and Global Head of Fenics Rates |
| James Andrus | California Public Employee's Retirement System | Interim Managing Investment Director |
| Ann Battle | International Swaps and Derivatives Association | Senior Counsel, Market Transitions & Head of Benchmark Reform |
| Stephen Berger | Citadel, LLC | Managing Director, Global Head of Government & Regulatory Policy |
| Richard Berner | Clinical Professor of Management Practice in the Department of Finance and Co-Director of the Stern Volatility and Risk Institute | |
| Alessandro Cocco | Federal Reserve Bank of Chicago | Vice President and Head of Financial Markets Group |
| Biswarup Chatterjee | Citigroup | Managing Director and Head of Innovation for the Global Markets Division |
| Neil Constable | Fidelity | Head of Quantitative Research and Investments |
| Tim Cuddihy | Depository Trust and Clearing Corporation | Managing Director, Financial Risk Management |
| Ed Dasso | National Futures Association | Senior Vice President-Market Regulation |
| Gina-Gail Fletcher | Professor of Law at Duke University School of Law | |
| Graham Harper | FIA Principal Traders Group | Head of Public Policy and Market Structure at DRW |
| Lindsay Hopkins | Minneapolis Grain Exchange, LLC | Chief Corporate Counsel, MGEX Clearing |
| David Horner | London Stock Exchange Group | Chief Risk Officer, LCH Ltd |
| Annette Hunter | Federal Home Loan Banks | Senior Vice President and Director of Business Operations for Federal Home Loan Bank of Atlanta |
| Demetri Karousos | Nodal Exchange, LLC | President and Chief Operating Officer |
| Eileen Kiely | BlackRock | Managing Director |
| Elisabeth Kirby | Tradeweb Markets | Managing Director and Head of Market Structure |
| Derek Kleinbauer | Bloomberg SEF LLC | President |
| Ernie Kohnke | Commodity Markets Council | General Counsel, Vitol |
| Jonathan Levin | Chainalysis, Inc. | Co-Founder and Chief Strategy Officer |
| Chip Lowry | Foreign Exchange Professionals Association | Board Member |
| Purvi Maniar | FalconX Bravo Inc. | Deputy General Counsel |
| Craig Messinger | Virtu Financial, Inc. | Vice Chairman |
| Andrew Nash | Morgan Stanley | Managing Director and Head of Regulatory Affairs |
| Ashwini Panse | IntercontinentalExchange, Inc. | Head of Risk Oversight for ICE Clear Netherlands, and Chief Risk Officer for the North American Clearinghouses |
| Andrew Park | Americans for Financial Reform | Senior Policy Analyst |
| Christine Parker | Coinbase | Vice President, Deputy General Counsel |
| Todd Phillips | Center for American Progress | Director, Financial Regulation and Corporate Governance |
| Jessica Renier | Institute of International Finance | Managing Director, Digital Finance |
| Marnie Rosenberg | JPMorgan Chase & Co. | Managing Director, Global Head of Central Counterparty Credit Risk and Strategy |
| Tyson Slocum | Public Citizen | Director, Public Citizen Energy Program |
| Kristin Smith | Blockchain Association | Executive Director |
| Suzanne Sprague | CME Group Inc. | Managing Director and Global Head of Clearing and Post-Trade Services |
| Kevin Werbach | Liem Sioe Liong / First Pacific Company Professor, Professor of Legal Studies and Business Ethics, and department chair at the Wharton School, University of Pennsylvania |
- 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 Global Co-Head of Futures and Head of OTC and Prime Clearing Businesses, 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 Chris Dickens HSBC Chief Operating Officer, Global Markets, EMEA 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 Lindsay Hopkins Minneapolis Grain Exchange Clearing House Counsel David Horner LCH Limited Chief Risk Officer Demetri Karousos Nodal Exchange, LLC Chief Risk Officer, Nodal Clear, LLC, and Managing Director, Market Administration and Surveillance, Nodal Exchange, LLC Eileen Kiely BlackRock Managing Director, Deputy Head of Counterparty Risk Kevin McClear Intercontinental Exchange, Inc. Corporate 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 Robert Steigerwald Federal Reserve Bank of Chicago Senior Policy Advisor, Financial Markets Nadia Zakir Pacific Investment Management Company LLC (PIMCO) Executive Vice President and Chief Compliance Officer & Global Head of Compliance - Climate-Related Market Risk (Inactive)
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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 Guillaume Helie Head of Client Structuring & Solutions for Interest Rates 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 Limited David Horner Chief Risk Officer MetLife Joseph Demetrick Managing Director Morgan Stanley Thomas Wipf* Vice Chairman, Institutional Securities Nomura Global Financial Products, Inc. Angie Karna Managing Director, Legal Department Pacific nvestment Management Company, LLC ("PIMCO") Nadia Zakir Executive Vice President and Chief Compliance Officer & Global Head of Compliance 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 * - Subcommittee Chairman
- Market Structure (Inactive)
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Name Entity Representing Title Stephen Berger (Co-Chair) Citadel Managing Director and Global Head of Government & Regulatory Policy Lee Betsill CME Group Managing Director and Chief Risk Officer Biswarup Chatterjee Citigroup Managing Director, Global Head of Innovation, Markets & Securities Services Shelly Goodwin BP IST Global Americas Compliance Director, Refining & Products Trading Americas and Global Crude 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 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 Tyson Slocum Public Citizen Director, Energy Program Nadia Zakir Pacific Investment Management Company LLC (PIMCO) Executive Vice President and Chief Compliance Officer & Global Head of Compliance
Interest Rate Benchmark Reform Subcommittee SOFR First Recommendation (MRAC Approved July 13, 2021)
CCP Risk and Governance Subcommittee DCO Stress Testing and Liquidity Discussion Paper (MRAC Approved July 13, 2021)
CCP Risk and Governance Subcommittee DCO Capital and Skin in the Game Discussion Paper (MRAC Approved July 13, 2021)
Market Structure Subcommittee Recommendations Regarding the MAT Process (MRAC Approved February 23, 2021)
Market Structure Subcommittee Recommendations Regarding the Swap Dealer Landscape (MRAC Approved February 23, 2021)
CCP Risk and Governance Subcommittee Recommendations on CCP Governance (MRAC Approved February 23, 2021)
CCP Risk and Governance Subcommittee Discussion Paper on Best Practices in CCP Margin Methodologies (MRAC Approved February 23, 2021)
Interest Rate Benchmark Reform Subcommittee Report on CCP Discounting Table Top Exercise (MRAC Approved July 21, 2020)Managing Climate Risk in the U.S. Financial System, Report of the Climate-Related Market Risk Subcommittee (September 9, 2020)
Interest Rate Benchmark Reform Subcommittee Recommendations on Plain English IBOR Disclosures (MRAC Approved September 9, 2019)
CCP Risk Management Subcommittee Recommendations on Enhancing CCPs’ Preparedness for the Default of a Significant Clearing Member (MRAC Approved November 17, 2016)