CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), today announced new members and leadership of the GMAC and its Subcommittees on Global Market Structure, Technical Issues, and Digital Asset Markets. In total, there are 128 members across the GMAC and its Subcommittees, constituting the largest-ever single advisory committee initiative sponsored by the CFTC. The next public meeting of the GMAC is on July 17, 2023 at the New York Stock Exchange. [See CFTC Press Release No. 8730-23]
Commissioner Pham announced that Amy Hong, Head of Market Structure & Strategic Partnerships, Global Banking & Markets, Goldman Sachs, will serve as GMAC Chair. Darcy Bradbury, Managing Director and Head of Public Policy, D.E. Shaw & Co., continues to serve as GMAC Vice Chair. In addition, Kevin Kennedy, Executive Vice President, North American Markets, Nasdaq, and Nadine Chakar, CEO, Securrency, have joined the GMAC as members.
“I am thrilled to welcome the new GMAC and Subcommittee members, and thank them for their willingness to serve and support the GMAC’s work program as we develop consensus solutions to the most significant current and emerging issues in global markets,” said Commissioner Pham. “International collaboration and coordination are critical to promoting financial stability and access to markets. The deep expertise and seasoned experience of our members will be invaluable in proposing pragmatic recommendations for regulatory reform. I am gratified to have the exceptional and proven leadership of Amy and Darcy for our GMAC initiatives.”
“I am proud to further my involvement and serve the CFTC’s GMAC in this new capacity,” said Amy Hong, Goldman Sachs’ Head of Market Structure & Strategic Partnerships for Global Banking & Markets. “I look forward to working with Commissioner Pham and the entire Committee to help ensure the strength and resiliency of derivatives markets globally.”
Commissioner Pham also announced the following GMAC Subcommittee leadership appointments:
Global Market Structure Subcommittee: Brad Tully, Global Co-Head, Corporate Derivatives and Private Side Marketing, J.P. Morgan, and Michael Winnike, Director, Head of US Market Structure, Global Trading Group, BlackRock, will serve as Co-Chairs.
“We appreciate the opportunity to work with the Commission and broader industry on critical and timely issues impacting global markets,” said Brad Tully, Global Co-Head, Corporate Derivatives and Private Side Marketing at J.P. Morgan.
“Safe and efficient derivatives markets are essential to BlackRock’s ability to manage risk on behalf of our clients. I am delighted to work with the Commission and an esteemed panel of industry leaders to explore how we can advance and adapt the market structure considering rapid technological, macro-economic and regulatory change,” said Michael Winnike, BlackRock’s Head of US Market Structure.
Technical Issues Subcommittee: Allison Lurton, General Counsel and Chief Legal Officer, FIA, and Tara Kruse, Global Head of Infrastructure, Data and Non-Cleared Margin, ISDA, will serve as Co-Chairs.
Allison Lurton, FIA’s General Counsel and Chief Legal Officer said, “This is an opportune time to re-examine current best practices for managing extreme volatility, minimizing disruptions to orderly trading, and protecting market integrity, and FIA is pleased to work with the industry to devise solutions.”
“The GMAC is an ideal forum for global collaboration on key market issues, from improving efficiencies in post-trade processes to enhancing the consistency and accuracy of regulatory reporting. I’m delighted to co-chair the Technical Issues Subcommittee and look forward to working with the other Committee members to help foster safer and more efficient global markets,” said Tara Kruse, Global Head of Infrastructure, Data and Non-Cleared Margin at ISDA.
Digital Asset Markets Subcommittee: Caroline Butler, Global Head of Digital Assets, BNY Mellon, and Sandy Kaul, Senior Vice President, Head of Digital and Industry Advisory Services, Franklin Templeton, will serve as Co-Chairs.
Caroline Butler, Global Head of Digital Assets, BNY Mellon, said, “I’m honored by this opportunity to work alongside my esteemed colleagues across our sector and the CFTC. As our industry continues to evolve, BNY Mellon is committed to playing a leadership role in shaping the future of finance for the betterment of our clients and the broader ecosystem.”
“Franklin Templeton has been a passionate proponent of exploring and delivering opportunities in the digital asset markets and we so appreciate the CFTC’s leadership in this arena and are excited to take on a leadership role and work with other industry participants towards the goal of shaping a 21st century financial ecosystem,” said Sandy Kaul, SVP, Head of Digital and Industry Advisory Services, Franklin Templeton.
Commissioner Pham said, “The GMAC is fortunate to have leaders like Brad, Michael, Allison, Tara, Caroline, and Sandy. I am confident that their efforts will meaningfully advance international and U.S. policy dialogues and inform key standards.”
New GMAC Member appointments:
GMAC Member |
Firm |
Title |
Kevin Kennedy
|
Nasdaq |
Executive Vice President, North American Markets |
Nadine Chakar |
Securrency |
CEO |
Global Market Structure Subcommittee (GMSS) Member appointments:
GMSS Member |
Firm |
Title |
Matthew Coupe |
Barclays |
Global Head of Cross Asset Market Structure |
Michael Winnike |
BlackRock |
Director, Head of US Market Structure, Global Trading Group |
Robert Lynch |
BNY Mellon |
Head of Fixed Income and Equity for BNY Mellon Markets and CEO of BNY Mellon Capital Markets, LLC |
Gil Mandelzis |
Capitolis |
Founder and CEO |
Samina Anwar |
Cargill |
Derivative Operations Director |
Arianne Adams |
Cboe Global Markets |
Senior Vice President, Head of Derivatives and Global Client Services |
Jonah Platt |
Citadel |
U.S. Head of Government and Regulatory Policy |
Julie Winkler |
CME Group |
Chief Commercial Officer |
John Murphy |
Commodity Markets Council |
Global Head of Futures Division, Mizuho Americas |
Graham Harper |
DRW |
Head of Public Policy and Market Structure |
Laura Kimpel |
DTCC |
General Manager of Fixed Income Clearing Corporation and Head of SIFMU Business Development |
Jacqueline Mesa |
FIA |
Chief Operating Officer and Senior Vice President, Global Policy |
Dave Olsen |
FIA PTG |
President and Chief Investment Officer, Jump Trading Group |
Susan Dauber |
FXPA |
Chair, FXPA; Head of Legal and Regulatory – US, Euronext |
Francis Todd |
Goldman Sachs |
Managing Director, Global Head of Market Structure Transition, Global Banking and Markets |
Jeroen Krens |
HSBC |
Managing Director, Global Banking and Markets, and Chief Operating Officer, Markets and Securities Services |
Kara Dutta |
ICE |
Assistant General Counsel, ICE Futures U.S., and General Counsel ICE Trade Vault |
Steven Kennedy |
ISDA |
Global Head of Public Policy |
Brad Tully |
JPMorgan Chase & Co. |
Global Co-Head, Corporate Derivatives and Private Side Marketing, J.P. Morgan |
Tetsuo Otashiro |
JSCC |
Director, Global Policy and Regulation, OTC Derivative Clearing Services |
John W. Horkan |
LSEG |
LSEG Post Trade and LCH Group Chief Operating Officer and LCH Head of Americas |
Edward Backer |
Morgan Stanley |
Managing Director and Global Head of Cross-Asset Listed Derivatives Execution |
Mike Otten |
NFA |
Senior Vice President, OTC Derivatives |
Ken McCracken |
Nodal Exchange |
General Counsel and Chief Regulatory Officer |
Angie Karna |
Nomura |
Head of Legal for Global Markets, Americas |
Tim Crowley |
PIMCO |
Senior Vice President, Portfolio Management |
Ivan Han |
SGX Group |
Deputy Chief Risk Officer |
Wendy Yun |
SIFMA AMG |
Managing Director, Goldman Sachs Asset Management |
Kyle Brandon |
SIFMA |
Managing Director, Derivatives Policy |
Devi Shanmugham |
Tradeweb |
Global Head of Compliance |
Scott Fitzpatrick |
Tradition Group |
CEO, TraditionSEF |
Mary-Catherine Lader |
Uniswap Labs |
Chief Operating Officer |
Andrew Smith |
Virtu Financial |
Senior Vice President |
Marta Poleszczuk |
Wellington Management |
Director of Fixed Income Trading, Americas |
Technical Issues Subcommittee (TISS) Member appointments:
TISS Member |
Firm |
Title |
Amelia Kaufman |
BlackRock |
Director and Legal Counsel, Global Markets Legal |
Thane Twiggs |
Cargill |
Chief Compliance Officer, Cargill Risk Management |
Udesh Jha |
CME Group |
Managing Director of Post Trade and Optimization Services |
Chris Childs |
DTCC |
Head of Repository and Derivatives Services and CEO and President, DTCC Deriv/SERV |
Ketan B. Patel |
Federal Reserve Bank of Chicago |
Policy Advisor and Head of Financial Markets Risk Analysis |
Allison Lurton |
FIA |
General Counsel and Chief Legal Officer |
Teo Floor |
The Global Association of Central Counterparties (Netherlands) |
CEO |
David Farrell |
ICE |
Chief Operating Officer, ICE Futures U.S. |
Tara Kruse |
ISDA |
Global Head of Infrastructure, Data and Non-Cleared Margin |
Jonathan Thursby |
KOR Financial |
CEO |
Jason Swankoski
|
Morgan Stanley |
Executive Director, Global Head of Strategy and Product, Derivatives Clearing |
Christian Sjöberg |
Nasdaq |
Head of Business Development-Post Trade |
Lisa Shemie |
OANDA |
General Counsel |
Kirston Winters |
Osttra |
Head of Legal, Risk, Compliance and Government and Regulatory Affairs |
Elizabeth Kuit |
RBC Capital Markets LLC |
Managing Director, Head of Business Management and Liquidity for the Central Funding Group |
Elaine Tang |
SGX Group |
VP, Risk Control |
Charles De Simone |
SIFMA |
Managing Director, Technology and Operations |
Scott Andersen |
Societe Generale |
Director Head of Listed Derivatives and OTC Clearing |
Randy Goldsmith |
Tradeweb |
Global Head of Rates and International Institutional Technology |
Stuart Giles |
Tradition Americas |
Chief Strategy Officer |
Digital Asset Markets Subcommittee (DAMS) Member appointments:
DAMS Member |
Firm |
Title |
Brooke Ybarra |
American Bankers Association |
Senior Vice President, Innovation and Strategy |
Tuongvy Le |
Bain Capital Crypto |
Partner and Head of Regulatory & Policy |
Matt DeCicco |
BlackRock |
Director, Global Head of Commodities |
Caroline Butler |
BNY Mellon |
Global Head of Digital Assets |
Catherine Clay |
Cboe Global Markets |
Executive Vice President, Global Digital and Data Solutions |
Perianne Boring |
Chamber of Digital Commerce |
CEO |
Giovanni Vicosio |
CME Group |
Global Head of Cryptocurrency
|
Christopher R. Perkins |
CoinFund |
President |
Steve Humenik |
Crypto.com |
Senior Vice President, Global Head of Derivatives and Head of Legal for the Middle East & Africa |
Sheila Warren |
Crypto Council for Innovation |
CEO |
Yuval Rooz |
Digital Asset |
Co-Founder and CEO |
Chris Zuehlke |
DRW |
Partner and Global Head, Cumberland |
Jennifer Peve |
DTCC |
Managing Director, Global Head of Strategy & Innovation
|
Matt Haraburda |
FIA Principal Traders Group |
President, XR Trading |
Tom Jessop |
Fidelity Digital Assets |
President |
Sandy Kaul |
Franklin Templeton |
Senior Vice President, Head of Digital and Industry Advisory Services |
Jason Urban |
Galaxy Digital |
Global Head of Trading |
Allison Parent |
GFMA |
Executive Director |
Sandra Ro |
Global Blockchain Business Council |
CEO |
Lee Brenner |
Goldman Sachs |
Head of Public Policy, Digital Assets |
John O'Neill |
HSBC |
Global Head of Digital Assets Strategy |
Jennifer Ilkiw |
ICE |
President, ICE Futures U.S. |
Scott Lucas |
JPMorgan Chase & Co. |
Managing Director, Head of Markets DLT |
Nicole Valentine |
Milken Institute |
Director of the Milken Institute’s Fintech Program |
Fabian Astic |
Moody’s Corporation |
Managing Director, Global Head of Decentralized Finance & Digital Assets |
Tony Sio |
Nasdaq |
Vice President, Head of Regulatory Strategy and Innovation |
Lauren Brinati |
NFA |
Chief Strategy and Risk Officer |
Rebecca Rettig |
Polygon Labs |
Head of Policy |
Nadine Chakar |
Securrency, Inc. |
CEO |
Thomas Sullivan |
Societe Generale |
Managing Director, Head of Market Access & Product Development for Digital Assets |
Kathy Kraninger |
Solidus Labs |
Vice President, Regulatory Affairs |
René Michau |
Standard Chartered |
Global Head, Digital Assets |
Adam Minehardt |
Stellar Development Foundation |
Head of U.S. Government Relations |
Anton Katz |
Talos |
CEO |
Chris Bruner |
Tradeweb |
Chief Product Officer |
Marvin Ammori |
Uniswap Labs |
Chief Legal Officer |
Commissioner Pham recently announced the 2023-2025 proposed work program for the GMAC, including the Global Market Structure Subcommittee, the Digital Asset Markets Subcommittee, and the Technical Issues Subcommittee, and called for input from the public. [See CFTC Press Release No. 8703-23]
The GMAC was created to advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. Members include financial market infrastructures, market participants, end-users, service providers, and regulators. Brigitte Weyls is the GMAC Designated Federal Officer, and Gates S. Hurand is the GMAC Alternate Designated Federal Officer.
There are five active Advisory Committees overseen by the CFTC. They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets. These committees facilitate communication between the Commission and market participants, other regulators, and academics. The views, opinions, and information expressed by the Advisory Committees are solely those of the respective Advisory Committee and do not necessarily reflect the views of the Commission, its staff, or the U.S. government.