Release Number 7604-17

August 21, 2017

Chairman Giancarlo Appoints Bruce Tuckman CFTC’s Chief Economist

Former Chief Economist, Sayee Srinivasan, appointed Special Advisor to the Chairman

Washington, DC — U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo today appointed Bruce Tuckman, an internationally-recognized economist and expert in modern derivatives markets, as the agency’s Chief Economist. In addition, Chairman Giancarlo also appointed former Chief Economist Sayee Srinivasan as Special Advisor in the Chairman’s Office.

“It is with great pleasure that I welcome Bruce to the Commission,” said Chairman Giancarlo. “He brings a wealth of experience and expertise from both an academic and an industry perspective, which will serve us well as we continue to navigate the way we balance derivative market regulation with market health, vibrancy and economic growth.”

Chairman Giancarlo also said, “I am also pleased that Sayee Srinivasan will continue to serve the Commission advising my office. Sayee will bring back to the Chairman's office a capacity for quantitative data and market analysis that has historically been the hallmark of data-driven policy making and principles-based derivatives market regulation at the CFTC."

Tuckman said, “Chairman Giancarlo has set out a compelling vision of increasingly guiding CFTC rule-making and risk monitoring with cutting-edge economic analysis and empirical work. I look forward to working with the accomplished economists in this office to realize this vision.”

Tuckman will begin leading the Office of the Chief Economist (OCE) on September 5. OCE provides economic advice to the Commission and conducts research on policy issues critical to the agency. This office also plays an integral role in the implementation of new financial market regulations by providing economic expertise and cost-benefit considerations underlying those regulations.

Tuckman has a wide range of knowledge and experience with derivatives from both academic and industry standpoints. He joins the CFTC from New York University’s Stern School of Business, where he was a Clinical Professor of Finance. His recent writings have focused on financial markets policy, including the role of derivatives during the crisis and the post-crisis regulation of derivatives. His leading textbook on fixed income markets is now in its third edition.

Prior to NYU Stern, Tuckman held leadership and management positions in the prime services and fixed income divisions of Barclays Capital and Lehman Brothers. He began his career in the financial industry at Salomon Brothers.

Tuckman is a summa cum laude graduate of Harvard College with an A.B. in Statistics and Economics. He holds a Ph.D. in Economics from the Massachusetts Institute of Technology.

Srinivasan has served as Chief Economist since December 2013, advising the Commission and staff on a broad range of issues pertaining to derivatives and related markets. Under his leadership, OCE has helped design, finalize and implement multiple Dodd-Frank rules, and continued the tradition of informative economic research into the U.S. futures and swaps markets. Srinivasan led CFTC in the Joint Staff Report on the October 15th, 2014 flash event in the US Treasury Markets.

Prior to joining CFTC in January 2012, Srinivasan worked in market and product development roles for Bombay Stock Exchange and National Stock Exchange of India, Chicago Mercantile Exchange and OptiMark Technologies. He has a Bachelor’s degree in Commerce and an MBA from University of Bombay, and a masters and PhD in economics from University of Texas at Austin.

Last Updated: August 21, 2017