Market Risk Advisory Committee

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. Tamika Bent, Chief Counsel to Commissioner Johnson, serves as the Designated Federal Officer and Peter Janowski, Interim Senior Counsel, Division of Enforcement, serves as the Alternate Designated Federal Officer.

Committee Charter (PDF)

Central Counterparty (CCP) Risk and Governance
Name Entity Representing Title
Alessandro Cocco (Co-Chair) Regular Government Employee Senior Policy Advisor
Ruth Arnould Bank of America Managing Director and Associate General Counsel
Dr. Richard Berner   Clinical Professor of Management Practice in the Department of Finance and Co-Director of the Stern Volatility and Risk Institute
Lee Betsill CME Group Managing Director and Chief Risk Officer
Juan Blackwell Ontario Teachers’ Pension Plan Head of Credit & Counterparty Risk Management
Alicia Crighton Futures Industry Association Global Co-Head of Futures and Head of OTC and Prime Clearing Businesses, Goldman Sachs
Chris Edmonds (Co-Chair) Intercontinental Exchange, Inc. Chief Development Officer
Joseph Garelick BlackRock Vice President of Risk & Quantitative Analysis Group
Reginald Griffith Louis Dreyfus Company Global Head of Regulatory Compliance
Graham Harper Futures Industry Association – Principal Traders Group Head of Public Policy and Market Structure at DRW
David Horner London Stock Exchange Group Chief Risk Officer
Demetri Karousos Nodal Exchange, LLC President and COO
Tim McHenry National Futures Association Senior Vice President
Rajalakshmi Ramanath J.P. Morgan Executive Director, CCP Credit and Risk Strategy
Paolo Saguato George Mason University Associate Professor of Law, Antonin Scalia Law School
Dmitrij Senko Eurex Clearing AG Chief Risk Officer
Climate-Related Market Risk

Membership for this Subcommittee is currently under review.

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 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

Future of Finance

Membership for this Subcommittee is currently under review.

Market Structure
Name Entity Representing Title
Ann Battle (Co-Chair) 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
Dr. Richard Berner   Clinical Professor of Management Practice in the Department of Finance and Co-Director of the Stern Volatility and Risk Institute
David Bowman Board of Governors of the Federal Reserve System Senior Associate Director
Biswarup Chatterjee (Co-Chair) 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 and Group Chief Risk Officer
Edward Dasso National Futures Association Senior Vice President-Market Regulation
Samantha DeZur BlackRock Managing Director, Global Public Policy Group
Reginald Griffith Louis Dreyfus Company Global Head of Regulatory Compliance
Jennifer Han Managed Funds Association Chief Counsel and Head of Global Regulatory Affairs
Graham Harper Futures Industry Association Principal Traders Group Head of Public Policy and Market Structure at DRW
David Horner London Stock Exchange Group Chief Risk Officer
Elisabeth Kirby Tradeweb Markets Managing Director and Head of Market Structure
Derek Kleinbauer Bloomberg SEF LLC President
Ernie W. Kohnke Commodity Markets Council General Counsel, Vitol
Andrew Nash Managing Director and Head of Regulatory Affairs Morgan Stanley
Ashwini Panse Intercontinental Exchange, Inc. Head of Risk Oversight for ICE Clear Netherlands, and Chief Risk Officer for the North American Clearinghouses
Marnie Rosenberg Managing Director, Global Head of Central Counterparty Credit Risk and Strategy JPMorgan Chase & Co.
Guy Rowcliffe OSTTRA Co-CEO and Chief Commercial Officer
Tyson Slocum Public Citizen Director, Public Citizen Energy Program
Nathaniel Wuerffel The Bank of New York Mellon Head of Market Structure
Huan Zhang Nodal Clear, LLC Chief Risk Officer

Meetings

Date Meeting Details

At the meeting, the MRAC will address current topics including central counterparty risk and governance, market structure developments, climate-related risk, and innovative and emerging technologies affecting the derivatives and related financial markets, here.

The Market Risk Advisory Committee will hold a public meeting on July 10, 2023. At this meeting, the MRAC will share updates from the CCP Risk and Governance Subcommittee on the Subcommittee’s workstreams on CCP Resolution and Recovery; Margin and Collateral Guidelines; and Technology and Operations. The Market Structure Subcommittee will share updates regarding the Subcommittee’s workstreams on block implementation rules, FCM concentration and capacity, U.S. Treasury market reform, and post-trade risk reduction. The Interest Rate Benchmark Reform Subcommittee will share a final report regarding the transition away from LIBOR. An expert panel and MRAC members will continue to explore issues arising in digital asset markets with a focus on the risks associated with market structure concerns including custody, conflicts of interest, and vertical integration in digital asset markets. Finally, the Climate-Related Market Risks Subcommittee will share an update on the development of carbon markets and discuss the recent Integrity Council Report, here.

MRAC will hold a public meeting to address current topics and developments in the areas of central counterparty risk and governance, interest rate benchmark reform, climate-related risk, market structure, and emerging technology-oriented risks affecting the derivatives and related financial markets. A formal agenda for this meeting is here.

Meeting to address refining the MRAC’s agenda and topics of discussion on a forward-looking basis; developments in the digital asset markets and the unique risks of such markets; investor and customer protection in markets with increasing retail participation; and the importance of climate-related market risk and market structure developments. In addition, the MRAC will address procedural matters, including possible votes on establishing new or re-establishing currently inactive subcommittees and a discussion of issues that should be addressed by MRAC’s subcommittees.  Full details, including agenda, here.

Meeting to discuss the MRAC will receive final reports from the CCP Risk and Governance Subcommittee and a status report from the Interest Rate Benchmark Reform Subcommittee. In addition, the MRAC will vote on a recommendation from the Interest Rate Benchmark Reform Subcommittee for a market best practice that prioritizes derivatives trading in the Secured Overnight Financing Rate (SOFR) for particular market segments, otherwise known as SOFR First. Full details, including agenda, here.

Meeting to receive reports from its subcommittees: Climate-Related Market Risk, CCP Risk and Governance, Market Structure, and Interest Rate Benchmark Reform. The meeting will also include a discussion regarding diversity, equity, and inclusion in the derivatives industry as well as other related financial markets.  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 market activity in early 2020 following the COVID-19 pandemic. Full details, including agenda, here.