Global Markets Advisory Committee

The Global Markets Advisory Committee (GMAC) was created in 1998 to advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. Members include financial market infrastructures, market participants, end-users, service providers, and regulators.

Commissioner Caroline D. Pham sponsors the GMAC. Harry Jung serves as the Designated Federal Officer, and Nicholas Elliot serves as the Alternate Designated Federal Officer.

Committee Charter (PDF)

Global Market Structure Subcommittee

GMAC Global Market Structure Subcommittee  Member

Organization Represented

Title

Robert

Lynch

BNY Mellon

Head of Fixed Income and Equity for BNY Mellon Markets and CEO of BNY Mellon Capital Markets, LLC

Gil

Mandelzis

Capitolis

Founder and CEO

Samina

Anwar

Cargill

Global Derivatives Operations Director
Catherine Clay Cboe Global Markets, Inc. Vice President, Head of Global Derivatives

Jonah

Platt

Citadel

U.S. Head of Government and Regulatory Policy

Julie Winkler

CME Group

Chief Commercial Officer

John Murphy

Commodity Markets Council

Global Head of Futures Division Mizuho Americas

Graham

Harper

DRW

Head of Public Policy and Market Structure

Laura

Kimpel

DTCC

General Manager of Fixed Income Clearing Corporation, Head of SIFMU Business Development

Jacqueline Mesa 

FIA

Chief Operating Officer and Senior Vice President, Global Policy

Dave Olsen

FIA PTG

President and Chief Investment Officer, Jump Trading Group

Susan

Dauber

FXPA

Chair

Francis Todd

Goldman Sachs

Managing Director, Global Head of Market Structure Transition, Global Banking and Markets

Jeroen

Krens

HSBC

Managing Director, Global Banking and Markets, and Chief Operating Officer, Markets and Securities Services

Kara

Dutta

ICE

Assistant General Counsel, ICE Futures U.S., and General Counsel ICE Trade Vault

Steven Kennedy

ISDA

Global Head of Public Policy

Brad Tully

JP Morgan Chase & Co.

Global Co-Head, Corporate Derivatives and Private Side Marketing, J.P. Morgan

Tetsuo Otashiro 

JSCC

Director, Global Policy and Regulation OTC Derivative Clearing Services

John W. Horkan

LSEG

LSEG Post Trade and LCH Group Chief Operating Officer and LCH Head of Americas

Edward

Backer

Morgan Stanley

Managing Director and Global Head of Cross-Asset Listed Derivatives Execution

Mike

Otten

NFA

Senior Vice President, OTC Derivatives

Ken

McCracken

Nodal Exchange

General Counsel and Chief Regulatory Officer

Angie Karna

Nomura

Head of Legal for Global Markets, Americas

Tim Crowley

PIMCO

Senior Vice President, Portfolio Management

Ivan

Han

SGX Group

Deputy Chief Risk Officer

Wendy

Yun

SIFMA AMG

Managing Director, Goldman Sachs Asset Management

Kyle

Brandon

SIFMA

Managing Director, Derivatives Policy

Devi

Shanmugham

Tradeweb

Global Head of Compliance

Scott Fitzpatrick

Tradition Group

Chief Executive Officer, TraditionSEF

Mary-Catherine Lader

Uniswap Labs

Chief Operating Officer

Andrew Smith

Virtu Financial

Senior Vice President 

Marta

Poleszczuk

Wellington Management

Director of Fixed Income Trading, Americas
Digital Asset Markets Subcommittee

GMAC Digital Asset Markets Subcommittee  Member

Organization Represented

Title

Brooke Ybarra

American Bankers Association

Senior Vice President, Innovation and Strategy
Mohammad Shaikh  Aptos Labs  Co-Founder and CEO

Caroline Butler

BNY Mellon

CEO of Digital Assets

Perianne Boring

Chamber of Digital Commerce

Chief Executive Officer

Giovanni Vicosio

CME Group

Global Head of Cryptocurrency

 

Christopher R Perkins

CoinFund

President

Steve Humenik

Crypto.com

Senior Vice President, Global Head of Derivatives and Head of Legal for the Middle East & Africa

Sheila Warren

Crypto Council for Innovation

Chief Executive Officer

Yuval Rooz

Digital Asset

Co-Founder and Chief Executive Officer

Chris Zuehlke 

DRW

Partner and Global Head, Cumberland

Matt Haraburda

FIA Principal Traders Group

President, XR Trading
Terrence Dempsey Fidelity Digital Assets Senior Vice President, Head of Product Strategy

Sandy Kaul

Franklin Templeton

Senior Vice President

Jason Urban

Galaxy Digital

Global Head of Trading

Allison Parent

GFMA

Executive Director

Sandra Ro

Global Blockchain Business Council

Chief Executive Officer

Lee Brenner

Goldman Sachs

Head of Public Policy, Digital Assets

John O'Neill

HSBC

Global Head of Digital Assets Strategy

Jennifer Ilkiw

ICE

President, ICE Futures U.S.

Scott Lucas

JPMorgan Chase & Co.

Managing Director, Head of Markets DLT

Nicole Valentine

Milken Institute

Director of the Milken Institute’s Fintech Program

Fabian Astic

Moody’s Corporation

Managing Director, Global Head of Decentralized Finance & Digital Assets

Tony Sio

Nasdaq

Vice President, Head of Regulatory Strategy and Innovation

Lauren Brinati

NFA

Chief Strategy and Risk Officer

Rebecca Rettig

Polygon Labs

Head of Policy

Nadine Chakar

DTCC

Managing Director, Global Head of Digital Assets

Thomas Sullivan

Societe Generale

Managing Director, Head of Market Access & Product Development for Digital Assets
Chen Arad Solidus Labs Co-Founder & CXO

René Michau

Standard Chartered

Global Head, Digital Assets

Anton Katz

Talos

Chief Executive Officer

Chris Bruner

Tradeweb

Chief Product Officer

Marvin Ammori

Uniswap Labs

Chief Legal Officer
Robbie Mitchnick BlackRock Head of Digital Assets
Ian Grieves Cboe Digital  Head of Product and Engineering
Technical Issues Subcommittee

GMAC Technical Issues Subcommittee Member

Organization Represented

Title

Amelia

Kaufman

BlackRock

Director and Legal Counsel, Global Markets Legal

Thane Twiggs

Cargill

Chief Compliance Officer, Cargill Risk Management

Udesh Jha

CME Group

Managing Director of Post Trade and Optimization Services

Chris Childs

DTCC

Head of Repository and Derivatives Services and CEO and President, DTCC Deriv/SERV

Ketan

B. Patel

Federal Reserve Bank of Chicago

Policy Advisor and Head of Financial Markets Risk Analysis

Allison Lurton

FIA

General Counsel and Chief Legal Officer

Teo

Floor

The Global Association of Central Counterparties (Netherlands)

CEO

David

Farrell

ICE

Chief Operating Officer, ICE Futures U.S.

Tara

Kruse

ISDA

Global Head of Infrastructure, Data and Non-Cleared Margin

Jonathan

Thursby

KOR Financial

Chief Executive Officer

Jason Swankoski

 

Morgan Stanley

Executive Director- Global Head of Strategy and Product, Derivatives Clearing

Christian Sjöberg

Nasdaq

Head of Business Development-Post Trade

Lisa

Shemie

OANDA

General Counsel

Kirston Winters

Osttra

Head of Legal, Risk, Compliance and Government and Regulatory Affairs

Elizabeth

Kuit

RBC Capital Markets LLC

Managing Director, Head of Business Management and Liquidity for the Central Funding Group

Elaine

Tang

SGX Group

VP Risk Control

Charles

De Simone

SIFMA

Managing Director, Technology and Operations

Scott

Andersen

Societe Generale

Director Head of Listed Derivatives and OTC Clearing

Randy

Goldsmith

Tradeweb

Global Head of Rates and International Institutional Technology

Stuart

Giles

Tradition Americas

Chief Strategy Officer

Meetings

Date Meeting Details

At this meeting, the GMAC will hear a presentation by the Tokenized Collateral workstream of the GMAC’s Digital Asset Markets Subcommittee on expanding use of non-cash collateral through use of distributed ledger technology and consider a recommendation from the Subcommittee. The meeting will also include a presentation by the Utility Tokens workstream of the Digital Asset Markets Subcommittee summarizing their work to-date on defining utility tokens and developing guidance for market participants, here.

At this meeting, the GMAC will hear a presentation from the GMAC's Global Market Structure Subcommittee, Technical Issues Subcommittee, and Digital Asset Markets Subcommittee on various workstreams, and consider recommendations from the Subcommittees on such workstreams. A formal detailed agenda will be announced before the meeting. The meeting agenda may change to accommodate other GMAC priorities. For agenda updates and more information about this advisory committee, including its members, visit here.

At this meeting, the GMAC will hear presentations and consider recommendations from the GMAC’s Subcommittees on Global Market Structure, Technical Issues, and Digital Asset Markets regarding various workstreams. A formal detailed agenda will be announced before the meeting. The meeting agenda may change to accommodate other GMAC priorities. For agenda updates and more information about this advisory committee, including its members, visit here.

At this meeting, the GMAC will receive four recommendations to advance to the Commission from the GMAC Global Market Structure Subcommittee and the GMAC Technical Issues Subcommittee for a total of eight recommendations. There will also be an update from the GMAC Digital Asset Markets Subcommittee and presentations on Basel III and a recent ISDA Paper. The formal agenda is here. The meeting agenda may change to accommodate other GMAC priorities, here.

At this meeting, the GMAC will focus on topics related to U.S. Treasury market reforms, swap block thresholds, and tokenization of assets. The GMAC will also address procedural matters, including topics of discussion on a forward-looking basis. A formal agenda will be announced before the meeting. The meeting agenda may change to accommodate other GMAC priorities. here

Meeting to discuss the Committee’s structure; formation of subcommittees; and potential topics relating to global market structure and digital asset markets for the GMAC to prioritize in making policy recommendations to the CFTC, consistent with its mandate. Full details, including minutes and agenda, here.

Meeting to hear presentations and provide dialogue on matters related to the U.S. Treasury market which, given market interconnections, is vitally important to the proper functioning of the derivatives markets overseen by the CFTC. In that regard, the GMAC will hear presentations regarding the recent stresses in the U.S. Treasury market and proposals for Treasury market reforms to mitigate against future stresses. The GMAC will also hear presentations related to the implementation of recent Dodd-Frank Act reforms, including issues related to (1) swap data reporting; (2) uncleared margin; and (3) swap dealer capital substituted compliance. Full details, including agenda, here.