Webcast

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

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

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