# Blythe Masters

Blythe Sally Jess Masters (née Levett; born 22 March 1969) is a British private equity executive and former financial services and fintech executive. She is a former executive at JPMorgan Chase, where she was widely credited for developing the credit default swap as a financial instrument.
She is founding partner of fintech-focused private equity firm, Motive Partners, Group CEO of FNZ and an advisory board member of the Chamber of Digital Commerce, an advisory board member of the Chamber of Digital Commerce, and a board member of GCM Grosvenor, Forge Global, and CAIS Group. She is the former CEO of special-purpose acquisition company, Motive Capital Corp, and a former board member of Credit Suisse Group.

## Early life and education

Born in Oxford, Masters was raised in the south-east of England. She attended The King's School in Canterbury. She graduated in 1991 from Trinity College, Cambridge with a B.A. in economics.

## Career
### JP Morgan Chase

Masters joined the bank JP Morgan Chase in 1991, after completing a number of internships there while still a student dating back to 1987. Responsible for credit derivative products at J.P. Morgan, Masters became a managing director at 28, the youngest woman to achieve that status in the firm's history. She is widely credited with creating the modern credit default swap, a derivative used to manage credit exposure to underlying reference entities. In 1994, J.P. Morgan had extended a $4.8 billion credit line to Exxon, which faced the threat of $5 billion in punitive damages for the Exxon Valdez oil spill. A team of J.P. Morgan bankers led by Masters then purchased credit protection against the credit line to the European Bank of Reconstruction and Development to cut the capital which J.P. Morgan was required to hold against Exxon's default, thus reducing its own risk. J.P. Morgan later bundled together packages of such exposures and offered them to market as BISTRO, for Broad Index Secured Trust Offering, and these new financial instruments were quickly adopted by other banking institutions.
When derivatives played a role in the 2008 financial crisis, having been applied by other firms to sub-prime mortgages, Gillian Tett's book, Fool's Gold: How the Bold Dreams of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe, documented how the original intent and features of credit derivatives had been distorted. Nonetheless, Masters was described by the UK newspaper The Guardian as "the woman who invented financial weapons of mass destruction". The paper later apologised for failing to give Masters an adequate opportunity to respond to their characterisation. She had told the newspaper: "I do believe CDS [credit default swaps] have been miscast, much as poor workmen tend to blame their tools." Masters explained to The Economist, "Tools that transfer risk can also increase systemic risk if major counterparties fail to manage their exposures properly." In April 2010 she told the Economic and Monetary Affairs Committee of the European Parliament that "there are definitely lessons that have to be learnt. I for one feel that I have learnt from that experience and there are things I may like to have seen done differently". She stated support for reforms which increase transparency and reduce the risk of contagion among financial firms.
From 2001 to 2004, Masters served as the bank's head of Global Credit Portfolio and Credit Policy and Strategy. From 2004 to 2007, she was Chief Financial Officer of J.P. Morgan's Investment Bank. In 2007, she was named head of Global Commodities. By 2014, J.P. Morgan had the largest revenues of any investment bank in commodities, according to United Kingdom analytics firm Coalition. That same year, J.P. Morgan announced the sale of its physical commodities business for $3.5bn in the face of increased regulatory scrutiny brought on by a Federal Energy Regulatory Commission investigation into the bank’s alleged manipulation of energy markets in California and Michigan. J.P. Morgan paid $410 million to settle the investigation without admitting wrongdoing. J.P. Morgan defended Masters, stating that "We strongly dispute that Blythe Masters or any employee lied or acted inappropriately in this matter". Masters left J.P. Morgan once she had completed the sale for the bank.
Masters was the Chair of the Securities Industry and Financial Markets Association from 2008 to 2010 and also of the Global Financial Markets Association from 2012 to 2014, trade associations whose missions include promoting public trust and confidence in financial markets. She has frequently represented the industry in Washington, D.C., on matters including the design of carbon markets to contain global warming, curbs on large commodities trading positions and the financial regulatory overhaul.

### 2015–2025

Masters was named the CEO of Digital Asset Holdings in March 2015, a company that builds secure and distributed processing tools to speed up settlement, reduce costs and enhance security and transparency in regulated industries. The startup raised more than $100 million in multiple rounds of funding from fifteen technology and financial firms, such as Citibank, Goldman Sachs, JPMorgan, Deutsche Boerse, Depository Trust & Clearing Corporation (DTCC), CME, IBM and Accenture. The company distributed ledger systems for the Australian Securities Exchange (ASX), DTCC and others. In December 2017, ASX officially announced it would upgrade its post-trade settlement system to a blockchain platform designed by Digital Asset Holdings. In November 2022, ASX officially announced it would stop using the blockchain platform completely. In December 2018, Masters announced that she was stepping down as CEO, but would remain a board member, strategic advisor and a shareholder.
In December 2015, it was posited in the media that the new Barclays CEO Jes Staley had approached Masters about running the bank’s investment banking division, however Masters indicated she was fully committed to her current role at Digital Asset Holdings. From 2015 to 2016 she was the chairwoman of Santander Consumer Holdings Inc. (NYSE: SC), a full-service, technology-driven consumer finance company.
Masters was appointed to the board of directors of Phunware on December 30, 2019, and was named its chair in March 2020. A year later, she informed Phunware that she was resigning from the board.
In April 2021, Masters was elected to the Board of Directors of Credit Suisse Group AG. In December that year, she joined Wilshire Associates as chair of its new Digital Assets Advisory Group.
In August 2024, Masters was appointed as the Group CEO of FNZ.
In February 2025, Masters rejoined JPMorgan as chair of its securities unit in the UK.

### Private equity

In 2019, Masters joined Motive Capital Partners, a private equity firm. In September 2021, Motive announced that she was leading Motive's acquisition of Forge Global, a pre-IPO stock marketplace, via a special-purpose acquisition company merger valued at approximately $2 billion.

## Recognition

Bloomberg named Masters one of the 50 most influential people of the year in 2016.

## Personal life

Masters is Co-Chair of the Board of the Global Fund for Women, a board member of both The Breast Cancer Research Foundation and ID2020, and the former Chair of the Board of the Greater NY Affiliate of the breast cancer charity, Susan G. Komen for the Cure. She is an amateur equestrian.
She was married to Daniel Masters, who also worked on the commodities desk at JPMorgan. The couple divorced in 2001. They have a daughter. She then married a self-employed investor, Gareth Evans.