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

  • 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