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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
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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
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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)

· Tamika Bent, Chief Counsel to Commissioner Kristin N. Johnson,

MRAC 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