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.

Acting Chairman 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  MemberOrganization RepresentedTitle

Robert

Lynch

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

Gil

Mandelzis

CapitolisFounder and CEO

Samina

Anwar

CargillGlobal Derivatives Operations Director
Catherine ClayCboe Global Markets, Inc.Vice President, Head of Global Derivatives

Jonah

Platt

CitadelU.S. Head of Government and Regulatory Policy
Julie WinklerCME GroupChief Commercial Officer
John MurphyCommodity Markets CouncilGlobal Head of Futures Division Mizuho Americas

Graham

Harper

DRWHead of Public Policy and Market Structure

Laura

Kimpel

DTCCGeneral Manager of Fixed Income Clearing Corporation, Head of SIFMU Business Development
Jacqueline Mesa FIAChief Operating Officer and Senior Vice President, Global Policy
Dave OlsenFIA PTGPresident and Chief Investment Officer, Jump Trading Group

Susan

Dauber

FXPAChair
Francis ToddGoldman SachsManaging Director, Global Head of Market Structure Transition, Global Banking and Markets

Jeroen

Krens

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

Kara

Dutta

ICEAssistant General Counsel, ICE Futures U.S., and General Counsel ICE Trade Vault
Steven KennedyISDAGlobal Head of Public Policy
Brad TullyJP Morgan Chase & Co.Global Co-Head, Corporate Derivatives and Private Side Marketing, J.P. Morgan
Tetsuo Otashiro JSCCDirector, Global Policy and Regulation OTC Derivative Clearing Services
John W. HorkanLSEGLSEG Post Trade and LCH Group Chief Operating Officer and LCH Head of Americas

Edward

Backer

Morgan StanleyManaging Director and Global Head of Cross-Asset Listed Derivatives Execution

Mike

Otten

NFASenior Vice President, OTC Derivatives

Ken

McCracken

Nodal ExchangeGeneral Counsel and Chief Regulatory Officer
Angie KarnaNomuraHead of Legal for Global Markets, Americas
Tim CrowleyPIMCOSenior Vice President, Portfolio Management

Ivan

Han

SGX GroupDeputy Chief Risk Officer

Wendy

Yun

SIFMA AMGManaging Director, Goldman Sachs Asset Management

Kyle

Brandon

SIFMAManaging Director, Derivatives Policy

Devi

Shanmugham

TradewebGlobal Head of Compliance
Scott FitzpatrickTradition GroupChief Executive Officer, TraditionSEF
Mary-Catherine LaderUniswap LabsChief Operating Officer
Andrew SmithVirtu FinancialSenior Vice President 

Marta

Poleszczuk

Wellington ManagementDirector of Fixed Income Trading, Americas
Digital Asset Markets Subcommittee
GMAC Digital Asset Markets Subcommittee  MemberOrganization RepresentedTitle
Brooke YbarraAmerican Bankers AssociationSenior Vice President, Innovation and Strategy
Mohammad Shaikh Aptos Labs Co-Founder and CEO
Caroline ButlerBNY MellonCEO of Digital Assets
Perianne BoringChamber of Digital CommerceChief Executive Officer
Giovanni VicosioCME Group

Global Head of Cryptocurrency

 

Christopher R PerkinsCoinFundPresident
Steve HumenikCrypto.comSenior Vice President, Global Head of Derivatives and Head of Legal for the Middle East & Africa
Sheila WarrenCrypto Council for InnovationChief Executive Officer
Yuval RoozDigital AssetCo-Founder and Chief Executive Officer
Chris Zuehlke DRWPartner and Global Head, Cumberland
Matt HaraburdaFIA Principal Traders GroupPresident, XR Trading
Terrence DempseyFidelity Digital AssetsSenior Vice President, Head of Product Strategy
Sandy KaulFranklin TempletonSenior Vice President
Jason UrbanGalaxy DigitalGlobal Head of Trading
Allison ParentGFMAExecutive Director
Sandra RoGlobal Blockchain Business CouncilChief Executive Officer
Lee BrennerGoldman SachsHead of Public Policy, Digital Assets
John O'NeillHSBCGlobal Head of Digital Assets Strategy
Jennifer IlkiwICEPresident, ICE Futures U.S.
Scott LucasJPMorgan Chase & Co.Managing Director, Head of Markets DLT
Nicole ValentineMilken InstituteDirector of the Milken Institute’s Fintech Program
Fabian AsticMoody’s CorporationManaging Director, Global Head of Decentralized Finance & Digital Assets
Tony SioNasdaqVice President, Head of Regulatory Strategy and Innovation
Lauren BrinatiNFAChief Strategy and Risk Officer
Rebecca RettigPolygon LabsHead of Policy
Nadine ChakarDTCCManaging Director, Global Head of Digital Assets
Thomas SullivanSociete GeneraleManaging Director, Head of Market Access & Product Development for Digital Assets
Chen AradSolidus LabsCo-Founder & CXO
René MichauStandard CharteredGlobal Head, Digital Assets
Anton KatzTalosChief Executive Officer
Chris BrunerTradewebChief Product Officer
Marvin AmmoriUniswap LabsChief Legal Officer
Robbie MitchnickBlackRockHead of Digital Assets
Ian GrievesCboe Digital Head of Product and Engineering
Technical Issues Subcommittee
GMAC Technical Issues Subcommittee MemberOrganization RepresentedTitle

Amelia

Kaufman

BlackRockDirector and Legal Counsel, Global Markets Legal
Thane TwiggsCargillChief Compliance Officer, Cargill Risk Management
Udesh JhaCME GroupManaging Director of Post Trade and Optimization Services
Chris ChildsDTCCHead of Repository and Derivatives Services and CEO and President, DTCC Deriv/SERV

Ketan

B. Patel

Federal Reserve Bank of ChicagoPolicy Advisor and Head of Financial Markets Risk Analysis
Allison LurtonFIAGeneral Counsel and Chief Legal Officer

Teo

Floor

The Global Association of Central Counterparties (Netherlands)CEO

David

Farrell

ICEChief Operating Officer, ICE Futures U.S.

Tara

Kruse

ISDAGlobal Head of Infrastructure, Data and Non-Cleared Margin

Jonathan

Thursby

KOR FinancialChief Executive Officer

Jason Swankoski

 

Morgan StanleyExecutive Director- Global Head of Strategy and Product, Derivatives Clearing
Christian SjöbergNasdaqHead of Business Development-Post Trade

Lisa

Shemie

OANDAGeneral Counsel
Kirston WintersOsttraHead of Legal, Risk, Compliance and Government and Regulatory Affairs

Elizabeth

Kuit

RBC Capital Markets LLCManaging Director, Head of Business Management and Liquidity for the Central Funding Group

Elaine

Tang

SGX GroupVP Risk Control

Charles

De Simone

SIFMAManaging Director, Technology and Operations

Scott

Andersen

Societe GeneraleDirector Head of Listed Derivatives and OTC Clearing

Randy

Goldsmith

TradewebGlobal Head of Rates and International Institutional Technology

Stuart

Giles

Tradition AmericasChief 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.