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)

Members

Name	Entity Representing	Title
Chris Allen	HSBC	General Counsel for Banking and Markets, and General Counsel of HSBC Bank plc
Bill Bolton	bp	Chief Financial Officer, Refining, Products, and Low Carbon Americas Trading and Shipping
Perianne Boring	Chamber of Digital Commerce	Chief Executive Officer
Darcy Bradbury	D. E. Shaw & Co.	Managing Director and Head of Public Policy
Isaac Chang	Citadel	Head of Central Execution, Global Fixed Income
Nadine Chakar	DTCC	Managing Director, Global Head of Digital Assets
Gerald Corcoran	R.J. O’Brien and Associates	Chief Executive Officer and Chairman of the Board
Adam Farkas	GFMA	Chief Executive Officer, GFMA and Chief Executive Officer, AFME
Scott Fitzpatrick	Tradition Group	Chief Executive Officer, TraditionSEF
Amy Hong	Goldman Sachs	Head of Market Structure and Strategic Partnerships, Global Banking and Markets
John W. Horkan	LSEG	LSEG Post Trade and LCH Group Chief Operating Officer and LCH Head of Americas
Angie Karna	Nomura	Managing Director and Head of Legal for Global Markets, Americas
Candace Kelly	Stellar Development Foundation	Chief Legal & Policy Officer
Steven Kennedy	ISDA	Global Head of Public Policy
Derek Kleinbauer	Bloomberg LP	President of Bloomberg SEF
Agnes Koh	SGX Group	Chief Risk Officer
Mary-Catherine Lader	Uniswap Labs	Chief Operating Officer
Chuck Mack	Nasdaq	Vice President, Head of Strategy & Market Structure North American Markets
Jacqueline Mesa	FIA	Chief Operating Officer and Senior Vice President, Global Policy
Erik Tim Müller	Eurex	Chief Executive Officer, Eurex Clearing AG
John Murphy	Commodity Markets Council	Global Head of Futures Division, Mizuho Americas
Joseph Nicosia	Louis Dreyfus	Global Trading Operations Officer and Head of Global Cotton Platform
Dave Olsen	FIA PTG	President and Chief Investment Officer, Jump Trading Group
Tetsuo Otashiro	JSCC	Senior Head of Global Policy and Regulation
Christopher R. Perkins	CoinFund	President
Sachiyo Sakemi	BlackRock	Global Head of Legal for BlackRock Global Markets Group
Thomas Sexton	NFA	President and Chief Executive Officer
Andrew Smith	Virtu Financial	Senior Vice President, Global Business Development and Market Structure
Jason Swankoski	Morgan Stanley	Executive Director
Brad Tully	JPMorgan Chase & Co.	Global Co-Head of Corporate Derivatives and Private Side Marketing
Thane Twiggs	Cargill	Chief Compliance Officer, Cargill Risk Management
Jason Vitale	BNY Mellon	Global Head of Foreign Exchange, Fixed Income & Equities
Stuart Williams	ICE	Chief Operating Officer
Julie Winkler	CME Group	Chief Commercial Officer
Vadim Zlotnikov	Fidelity Investments	Head of Fidelity Institutional
Chris Zuehlke	DRW	Partner and Global Head of Cumberland

Subcommittees

Global Market Structure Subcommittee

GMAC Global Market Structure Subcommittee Member	Organization Represented	Title
Michael Winnike	BlackRock	Director, Head of US Market Structure, Global Trading Group
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

Press Releases

CFTC’s Global Markets Advisory Committee Advances Recommendation on Tokenized Non-Cash Collateral, 9009-24

CFTC Commissioner Pham Announces Global Markets Advisory Committee will Meet November 21, 9002-24

CFTC’s Global Markets Advisory Committee Advances Recommendations on Basel III Endgame and Variation Margin Processes, 8918-24

CFTC’s Global Markets Advisory Committee Advances 3 Recommendations, 8873-24

Commissioner Pham Announces Agenda for the March 6 Global Markets Advisory Committee Meeting, 8872-24

Commissioner Pham Announces CFTC Global Markets Advisory Committee Meeting on March 6, 8868-24

CFTC Global Markets Advisory Committee Advances Key Recommendations, 8860-24

Commissioner Pham Announces Agenda for the Upcoming Global Markets Advisory Committee Meeting on November 6, 8817-23

The Global Markets Advisory Committee Announces Agenda for July 17 Meeting, 8750-23

Commissioner Pham Announces New Members and Leadership of the CFTC’s Global Markets Advisory Committee and Subcommittees, 8740-23

Reports

Report on the Impact of the US Bank Capital Proposals on End-Users that Rely on Cleared Derivatives Markets (June 4, 2024)

Variation Margin Processes in Non-Centrally Cleared Markets (June 4, 2024)

Inclusion of U.S. Treasury ETFs as Eligible Initial Margin Collateral (March 6, 2024)

Publication of Resource Document to Support Transition to T+1 Securities Settlement (March 6, 2024)

Adoption of an Approach for the Classification and Understanding of Digital Assets (March 6, 2024)

New Block and Cap Sizes (November 6, 2023)

Proposal to Add CCPs as Permitted Counterparties (November 6, 2023)

FICC-CME Customer Position Cross-Margining Structure (November 6, 2023)

Endorsement of Futures Industry Association (FIA) Volatility Controls Mechanism Paper (November 6, 2023)

Global Default Simulation (November 6, 2023)

MMFs as Eligible Collateral (November 6, 2023)

Improve Trade Reporting for Market Oversight, Streamline Potential 40% Increase in CFTC Reportable Data Elements (November 6, 2023)

Improve Trade Reporting for Market Oversight and Improving Data Sharing and Systemic Risk Analysis (November 6, 2023)

Recommendations to Improve Scoping and Implementation of Initial Margin Requirements for Non-Cleared Swaps (May 19, 2020)

Date	Meeting Details
12/13/2005	Meeting to discuss trans-Atlantic business issues involving futures markets. Full details here.
01/12/2005	Meeting to discuss developments regarding the currency regime of China, segregated/secured funds, and CFTC reauthorization. Full details here.
06/02/2004	Meeting to announce membership list for the reorganized committee and discuss global clearing and linkage, foreign security futures products, international regulatory coordination, and international enforcement issues. Full details here.
03/09/2000	Meeting to discuss recommended initiatives to harmonize international financial regulation governing segregation of customer funds, recommended amendments for rules governing secured amount balances, rule amendments and related initiatives to harmonize international regulatory treatment of institutional customers. Full details here.
07/21/1999	Meeting to discuss proposals for regulatory relief on new contract market designations and rule changes, proposes resolutions and a report of the Ad Hoc Committee on Regulatory Parity, and IOSCO update. Full details here.
05/12/1999	Meeting to discuss the proposal to withdraw the Commission’s proposed rules governing access to automated boards of trade, lift the moratorium on consideration of non-action requests for placement of foreign terminals in the U.S., and review requests for non-action relief on a cases by case basis. Full details here.
12/09/1998	Meeting to discuss impediments to cross-border business, IOSCO initiatives, and placement of electronic trading terminals. Full details here.

Global Markets Advisory Committee

Meetings

Resources

Actions

Sitemap

CFTC Headquarters