COMMODITY FUTURES TRADING COMMISSION

Three Lafayette Centre

1155 21st Street, N.W. 

Washington, D.C. 20581 

Global Markets Advisory Committee (GMAC) 

November 6, 2023 

Meeting Agenda

9:00 AM to

9:15 AM

Welcome and Opening Remarks (15 minutes)

• The Honorable Caroline D. Pham, Commissioner, CFTC (GMAC 

Sponsor) 

• CFTC Commissioners

• Amy Hong, Head of Market Structure & Strategic Partnerships, Global 

Banking & Markets, Goldman Sachs (GMAC Chair) 

• Darcy Bradbury, Managing Director and Head of Public Policy, D.E. 

Shaw & Co. (GMAC Vice Chair) 

9:15 AM to 

10:05 AM

Global Market Structure Subcommittee Recommendations (50 minutes) 

• Michael Winnike, Director, Head of US Market Structure, Global Trading 

Group, BlackRock (Co-Chair)

• Brad Tully, Global Co-Head, Corporate Derivatives & Private Side 

Marketing, J.P. Morgan (Co-Chair) 

Speakers: 

1. New Block and Cap Sizes Recommendation—Wendy Yun, Managing 

Director, Goldman Sachs Asset Management and SIFMA AMG

Representative

2. End User Cross-Margining Across FICC and CME 

Recommendation—Laura Klimpel, General Manager of Fixed Income 

Clearing Corporation, Head of SIFMU Business Development

3. Proposal by FICC to add CCPs as permitted repo counterparties to 

FCMs and DCOs under CFTC Regulation 1.25—Laura Klimpel, 

General Manager of Fixed Income Clearing Corporation, Head of SIFMU 

Business Development 

4. Endorsement of FIA Volatility Control Mechanisms Paper and 

Executive Summary— Jackie Mesa, Chief Operating Officer and SVP, 

Global Policy, FIA
2 

10:05 AM to

10:50 AM

PANEL: Basel III Endgame Proposal: Impact to Derivatives Markets (45 

min)

Panelists: 

• Lisa Galletta, Head of US Prudential Risk, ISDA

• Jackie Mesa, Chief Operating Officer and SVP, Global Policy, FIA 

• Toks Oyebode, Managing Director, Regulatory Affairs, J.P. Morgan

• Jeremy Wodakow, Chief Revenue Officer, Cypress Creek Renewables

10:50 AM to 

10:57 AM

PRESENTATION: Hidden in Plain Sight? Derivatives Exposures, 

Regulatory Transparency and Trade Repositories

• Steven Kennedy, Global Head of Public Policy, ISDA (7 minutes) 

10:57 AM to 

11:47 AM

Technical Issues Subcommittee Recommendations (50 minutes) 

• Allison Lurton, General Counsel and Chief Legal Officer, FIA (Co-Chair)

• Tara Kruse, Global Head of Infrastructure, Data, and Non-Cleared 

Margin, ISDA (Co-Chair)

Speakers:

1. Global Default Simulation Recommendation—Teo Floor, CEO, CCP 

Global 

2. Money Market Funds as Eligible Collateral Recommendation—Tara 

Kruse, Global Head of Infrastructure, Data and Non-Cleared Margin, 

ISDA

3. Improve Trade Reporting for Market Oversight Streamline potential 

40% increase in CFTC Reportable Data Elements 

Recommendation—Tara Kruse, Global Head of Infrastructure, Data and 

Non-Cleared Margin, ISDA

4. Improve Trade Reporting for Market Oversight Improving Data 

Sharing and Systemic Risk Analysis Recommendation—Chris Childs, 

Head of Repository and Derivatives Services and CEO and President, 

DTCC Deriv/SERV

11:47 AM to

11:57 PM 

Digital Asset Markets Subcommittee Update (10 min) 

• Caroline Butler, Global Head of Digital Assets, BNY Mellon (Co-Chair)

• Sandy Kaul, Senior Vice President, Head of Digital and Industry 

Advisory Services, Franklin Templeton (Co-Chair)

11:57 AM to 

12:00 PM

Wrap Up and Closing Procedures (3 min)

• The Honorable Caroline D. Pham, Commissioner, CFTC (GMAC 
3 

Sponsor)

• Amy Hong, Head of Market Structure & Strategic Partnerships, Global 

Banking & Markets, Goldman Sachs (GMAC Chair)

• Darcy Bradbury, Managing Director and Head of Public Policy, D.E. 

Shaw & Co. (GMAC Vice Chair)