COMMODITY FUTURES TRADING COMMISSION

Three Lafayette Centre 

1155 21st Street, N.W. 

Washington, D.C. 20581 

Market Risk Advisory Committee (MRAC) 

March 8, 2023

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, Chair of the Board of Directors, Futures Industry 

Association

• Bruce Fekrat, Chief Counsel to Commissioner Johnson (MRAC Designated 

Federal Officer) and Marilee Dahlman, Special Counsel, Division of Market 

Oversight (Alternate Designated Federal Officer)

09:45 AM to

09:55 AM

Section One – Cybersecurity and CCP Risk and Governance (10 minutes)

Opening remarks on national cybersecurity strategy from Matthew Cronin, Director, and 

Caitlin Clarke, Assistant National Cyber Director for Planning and Operations, Office of 

the National Cyber Director

09:55 AM to

10:20 AM

CCP Risk and Governance (40 minutes)

Panel One: Leadership Perspectives (15 minutes)

• Tom W. Sexton, III, President and Chief Executive Officer, National Futures 

Association

• Walt Lukken, President and Chief Executive Officer, Futures Industry 

Association

• Julie Holzrichter, Chief Operating Officer, CME Group

Panel Two: Regulatory Perspectives (10 minutes)

• Amanda Olear, Director, Market Participants Division, CFTC

• Greg Ruppert, Executive Vice President, Member Supervision, FINRA
10:20 AM to

10:35 AM

Panel Three: CCP Risk and Governance Subcommittee (15 minutes)

(Re)Examining CCP Risk and Governance Subcommittee Workstreams in Light of Recent 

Unprecedented Volatility in Commodity Markets: Liquidity Preparedness of Market 

Participants; Execution Price and Volatility Controls; Cyber Risks and New 

Technologies; Transparency; Data Gaps and Market Opacity in Commodity Markets; 

Recovery and Resolution; Variation Margin for Cleared and Non-Cleared Markets, and 

the Responsiveness of Initial Margin Models to Market Stresses (15 minutes)

• Ashwini Panse, Chief Risk Officer, North American Clearing, ICE

• Suyash G. Paliwal, Director, Office of International Affairs, CFTC

• Kirsten Robbins, Senior Special Counsel, Office of International Affairs, CFTC

MRAC Member Open Discussion

10:35 AM to

10:40 AM

Section Two – The Future of Finance (5 minutes)

Opening Remarks from Chris Hayward, Chairman of Policy and Resources, City of London 

Corporation

10:40 AM to

11:30 AM

Future of Finance (50 minutes)

Panel One: Developing a Regulatory Framework for Digital Assets (20 minutes)

Critical Policy Considerations

• Tim Massad, Research Fellow Harvard Kennedy School, Mossavar-Rahmani 

Center for Business and Government, and Director M-RCBG Digital Assets 

Policy Project, Harvard University

• Val Szczepanik, Director, Strategic Hub for Innovation and Financial 

Technology, U.S. Securities and Exchange Commission 

• Eun Young Choi, Director of National Cryptocurrency Enforcement Team, U.S. 

Department of Justice

• Mark Hays, Senior Policy Analyst, Americans for Financial Reform/Demand 

Progress

• Alessandro Cocco, Vice President and Head of Financial Markets Group, Federal 

Reserve Bank of Chicago

Panel Two: Moving Beyond Common Use Cases: DeFi, Digital Identity, 

Interoperability and More on Distributed Digital Ledger and Blockchain Technology

(30 minutes)

Emerging Uses and Market-Tech Trends

• Brad Levy, Chief Executive Officer, Symphony

• Hayden Adams, Founder and Chief Executive Officer, Uniswap Labs

• Candace Kelly, Chief Legal Officer, Stellar Development Foundation

• Linda Jeng, Chief Global Regulatory Officer and General Counsel, Crypto 

Council for Innovation 

• Caroline Malcolm, Global Head of Public Policy, Chainalysis, Inc.

MRAC Member Open Discussion
11:30 AM to

11:35 AM

Break

11:35 AM to

11:40 PM

Section Three – Climate-Related Market Risk, Market Structure and Interest Rate 

Benchmark Reform

Opening Remarks from Scott O’Malia, Chief Executive Officer, ISDA (5 minutes)

11:40 AM to

11:55 AM

Climate-Related Market Risk (15 minutes)

In 2020, the Climate-Related Market Risk Subcommittee released a report “Managing Climate 

Risk in the U.S. Financial System” presenting fifty-three recommendations to mitigate the 

risks to financial markets posed by the increasing frequency and severity of climate events. In 

June of last year, the Commission hosted a convening on voluntary carbon markets and 

solicited public comment on potential questions related to climate risk. This roundtable will 

explore the integrity, accountability, and quality of carbon offsets and related derivatives; role 

of registries; fraud enforcement actions and calls for a working group to study these issues. 

Key Speakers:

• Sonja Gibbs, Managing Director and Head of Sustainable Finance, Institute of 

International Finance; Member of the Board, the Integrity Council for the 

Voluntary Carbon Market (The Integrity Council) 

• Tyson Slocum, Director, Public Citizen Energy Program

MRAC Member Open Discussion

11:55 AM to

12:10 PM

Market Structure

Treasury Market Developments and Swaps Block Transactions (15 minutes)

Treasury Market Structure and Clearing; Market Structure and Liquidity Impacts of Reset 

Block Thresholds 

• Brian Smith, Deputy Assistant Secretary for Federal Finance, U.S. Department of 

the Treasury

• Biswarup Chatterjee, Managing Director and Head of Innovation for the Global 

Markets Division, Citigroup

MRAC Member Open Discussion

12:10 PM to

12:20 PM

Interest Rate Benchmark Reform

Update on Transition Progress and Last Steps (10 minutes)

Update on Transition Efforts Away from LIBOR to SOFR; Remaining Transition or 

Implementation Milestones

• David Bowman, Senior Associate Director, Program Direction Section, Monetary 

Affairs at the Board of Governors of the Federal Reserve System

• Nathaniel Wuerffel, Senior Vice President, Federal Reserve Bank of New York

12:20 PM Adjournment