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, Chief Counsel to Commissioner Johnson, serves as the Designated Federal Officer and Marilee Dahlman, Special Counsel, Division of Market Oversight, serves as the Alternate 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 |
| 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 |
| 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
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Membership for this Subcommittee is currently under review.
- 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
- Future of Finance
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Membership for this Subcommittee is currently under review.
- Market Structure
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Membership for this Subcommittee is currently under review.
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)