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MARKET RISK ADVISORY COMMITTEE MEETING

July 21, 2020

U.S. Commodity Futures Trading Commission

Domestic Toll Free: 1-877-951-7311

Domestic Toll Number: 1-203-607-0666 

Passcode: 3536606

AGENDA

Time Item

9:30 a.m. Welcome and Opening Remarks

• Rostin Behnam, MRAC Sponsor and Commissioner, Commodity Futures 

Trading Commission (CFTC)

• Heath Tarbert, Chairman, CFTC

• Brian D. Quintenz, Commissioner, CFTC

• Dawn DeBerry Stump, Commissioner, CFTC

• Dan M. Berkovitz, Commissioner, CFTC

• Nadia Zakir, MRAC Chair, Executive Vice President and Deputy General 

Counsel, Pacific Investment Management Company LLC (PIMCO)

10:00 a.m. Report from the Interest Rate Benchmark Reform Subcommittee

• Thomas Wipf, Subcommittee Chairman, Vice Chairman, Institutional 

Securities, Morgan Stanley

10:45 a.m. Report from the Climate-Related Market Risk Subcommittee

• Bob Litterman, Subcommittee Chairman, Founding Partner and Risk 

Committee Chairman, Kepos Capital

11:00 a.m. Report from the Market Structure Subcommittee

• Lisa Shemie, Subcommittee Co-Chairman, Associate General Counsel, 

Chief Legal Officer – Cboe FX Markets and Cboe SEF, Cboe Global 

Markets

• Stephen Berger, Subcommittee Co-Chairman, Managing Director and 

Global Head of Government & Regulatory Policy, Citadel
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Time Item

11:05 a.m. Market Function and Performance During the Early Months of COVID-19

Description:

A discussion regarding market activity during March 2020, as markets 

reacted to the onset of the COVID-19 pandemic in the United States. 

Following a series of presentations, MRAC members will share their 

perspectives on how markets performed and how market structure functioned 

during a period of significant stress.

Moderators:

• Lisa Shemie, Subcommittee Co-Chairman, Associate General Counsel, 

Chief Legal Officer – Cboe FX Markets and Cboe SEF, Cboe Global 

Markets

• Stephen Berger, Subcommittee Co-Chairman, Managing Director and 

Global Head of Government & Regulatory Policy, Citadel

Presenters:

• Chris Barnes, Clarus Financial Technology

• Adam Peralta, Head of Rates Electronic Trading, Bloomberg LP

• Elisabeth Kirby, Head of Rates Product and Strategy, Tradeweb

12:10 p.m. Report from the CCP Risk and Governance Subcommittee

• Alicia Crighton, Subcommittee Co-Chairman, Global Co-Head of Futures 

and Head of OTC and Prime Clearing Businesses, Goldman Sachs, 

representing the Futures Industry Association

• Lee Betsill, Subcommittee Co-Chairman, Managing Director and Chief 

Risk Officer, CME Group

12:25 p.m. COVID-19’s Impact on Margin, Processing and Operational Health in Cleared 

Derivatives

Description:

A discussion of COVID-19’s impact on central counterparty clearing in the 

early part of 2020, including margin, clearing volumes, stress testing and 

operational health. Following a series of presentations, MRAC members will 

share experiences during the stress period.

Moderator:

• Robert Steigerwald, Senior Policy Advisor, Financial Markets, Federal 

Reserve Bank of Chicago 
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Time Item

Key Speakers:

• Richard Haynes, Supervisory Risk Analyst and Sayee Srinivasan, Deputy

Director, Risk Surveillance Branch, Division of Clearing & Risk, CFTC

• Alicia Crighton, Subcommittee Co-Chairman, Global Co-Head of Futures 

and Head of OTC and Prime Clearing Businesses, Goldman Sachs, 

representing the Futures Industry Association

• Lee Betsill, Subcommittee Co-Chairman, Managing Director and Chief 

Risk Officer, CME Group

1:25 p.m. Closing Remarks

1:30 p.m. Adjournment