Agenda
COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, N.W.
Washington, D.C. 20581
Market Risk Advisory Committee (MRAC)
December 11, 2023, 9:30am–12:30pm
Meeting Agenda
09:30 AM to 09:45 AM: Welcome (15 minutes)
- Kristin N. Johnson, MRAC Sponsor and Commissioner
- CFTC Chairman and Commissioners
- Alicia Crighton, MRAC Chair, Futures Industry Association, Chair of the Board of Directors
- Tamika Bent, Chief Counsel to Commissioner Johnson (MRAC Designated Federal Officer) and Peter Janowski, Senior Counsel to Commissioner Johnson (MRAC Alternate Designated Federal Officer)
09:45 AM to 10:05 AM: Section One—CCP Risk and Governance, International Perspective (20 minutes)
Roundtable providing a broad market overview of the current state of CCP risk and governance from an international perspective.
- Christopher M. Hayward, City of London Corporation, Policy Chairman
- Klaus Loeber, European Securities and Markets Authority, Chair of the CCP Supervisory Committee
- Richard Haynes, CFTC Division of Clearing and Risk, Deputy Director
10:05 AM to 11:00 AM: Section Two—CCP Risk and Governance Subcommittee Updates and Reports (55 minutes)
Part One: Technology and Operations—Legal Entity Identifiers
- Lee Betsill, CME Group, Managing Director and Chief Risk Officer
MRAC Member Open Discussion
Part Two: Technology and Operations—Third Party Risk
- Lee Betsill, CME Group, Managing Director and Chief Risk Officer
- Julie A. Mohr, CFTC Division of Clearing and Risk, Deputy Director
- Don Byron, Futures Industry Association, SVP, Head of Global Industry Operations & Execution
MRAC Member Open Discussion
Part Three: Recovery and Resolution
- Alessandro Cocco, on detail at the Department of the Treasury, Senior Policy Advisor
- Juan Blackwell, Ontario Teachers’ Pension Plan, Head of Credit & Counterparty Risk Management
- Bob Wasserman, CFTC Division of Clearing and Risk, Chief Counsel
MRAC Member Open Discussion
Part Four: Margin and Collateral
- Dmitrij Senko, Eurex Clearing AG, Chief Risk Officer
- Costas Stephanou, Financial Stability Board, Head of Financial Stability Analysis
MRAC Member Open Discussion
11:00 AM to 11:50 AM: Section Three—Market Structure Subcommittee Updates and Reports (50 minutes)
Part One: Futures Commission Merchant Capacity
- Ashwini Panse, Intercontinental Exchange, Inc., Head of Risk Oversight for ICE Clear Netherlands, Chief Risk Officer for the North American Clearinghouses
MRAC Member Open Discussion
Part Two: Treasury Market Reform
- Samuel Schulhofer-Wohl, Federal Reserve Bank of Dallas, Senior Vice President and Senior Advisor to the President
- Ann Battle, International Swaps and Derivatives Association, Senior Counsel, Market Transitions & Head of Benchmark Reform
- Jennifer Han, Managed Funds Association, Chief Counsel and Head of Global Regulatory Affairs
MRAC Member Open Discussion
Part Three: Block Implementation Rule
- Ann Battle, International Swaps and Derivatives Association, Senior Counsel, Market Transitions & Head of Benchmark Reform
MRAC Member Open Discussion
Part Four: Post-Trade Risk Reduction
- Guy Rowcliffe, OSTTRA, Co-CEO and Chief Commercial Officer
MRAC Member Open Discussion
11:50 AM to 12:10 PM: Section Four—Climate Related Market Risk (20 minutes)
- Peter Janowski, Senior Counsel to Commissioner Kristin N. Johnson, MRAC Alternate Designated Federal Officer
- Kerstin Mathias, City of London Corporation, Director of Policy and Innovation
MRAC Member Open Discussion
12:10 PM to 12:30 PM: Section Five—Future of Finance (20 minutes)
- Jai Massari, Lightspark, Co-Founder and Chief Legal Officer
- Kevin Werbach, University of Pennsylvania, Liem Sioe Liong / First Pacific Company Professor, Professor of Legal Studies and Business Ethics, and department chair at the Wharton School
MRAC Member Open Discussion
12:30 PM: Adjournment