The Market Risk Advisory Committee (MRAC) advises the Commission on matters relating to evolving market structures and movement of risk across clearinghouses, exchanges, intermediaries, market makers and end-users. It examines systemic issues that threaten the stability of the derivatives markets and other financial markets, and makes recommendations on how to improve market structure and mitigate risk. Members include representatives of clearinghouses, exchanges, intermediaries, market makers, end-users, academia, and regulators.
Commissioner Kristin N. Johnson sponsors the MRAC. Danielle Abada, Senior Counsel to Commissioner Johnson, serves as the Designated Federal Officer and Peter Janowski, Trial Attorney in the Division of Enforcement, serves as the Alternate Designated Federal Officer. Senior Counsel Christopher Lamb serves as the Alternate Designated Federal Officer of the Future of Finance and Climate-Related Market Risk Subcommittees.
Committee Charter (PDF)
| Name | Entity Representing | Title |
| Robert Allen | FMX Futures Exchange, L.P. | President and Global Head of Fenics Rates |
| James Andrus | Franklin Templeton | Vice President of Sustainability Global Markets, Global Sustainability Strategy Team |
| Ann Battle | International Swaps and Derivatives Association | Senior Counsel, Market Transitions & Head of Benchmark Reform |
| Stephen Berger | Citadel, LLC | Managing Director, Global Head of Government & Regulatory Policy |
| Richard Berner | Clinical Professor of Management Practice in the Department of Finance and Co-Director of the Stern Volatility and Risk Institute | |
| Alessandro Cocco | U.S. Department of the Treasury, Financial Stability Oversight Council | Senior Policy Advisor |
| Biswarup Chatterjee | Citigroup | Managing Director and Head of Partnerships & Innovation for the Services Division |
| Alicia Crighton (Chair) | Futures Industry Association | Chair of the Board of Directors |
| Tim Cuddihy | Depository Trust and Clearing Corporation | Managing Director and Group Chief Risk Officer |
| Ed Dasso | National Futures Association | Senior Vice President-Market Regulation |
| Graham Harper | FIA Principal Traders Group | Head of Public Policy and Market Structure at DRW |
| Lindsay Hopkins | Minneapolis Grain Exchange, LLC | Chief Corporate Counsel, MGEX Clearing |
| David Horner | London Stock Exchange Group | Chief Risk Officer, LCH Ltd |
| Annette Hunter | Federal Home Loan Banks | Senior Vice President and Director of Business Operations for Federal Home Loan Bank of Atlanta |
| Demetri Karousos | Nodal Exchange, LLC | President and Chief Operating Officer |
| Eileen Kiely | BlackRock | Managing Director |
| Elisabeth Kirby | Tradeweb Markets | Managing Director and Head of Market Structure |
| Derek Kleinbauer | Bloomberg SEF LLC | President |
| Ernie Kohnke | Commodity Markets Council | General Counsel, Vitol |
| Jonathan Levin | Chainalysis, Inc. | Co-Founder and Chief Strategy Officer |
| Chip Lowry | Foreign Exchange Professionals Association | Board Member |
| Purvi Maniar | FalconX Bravo Inc. | Deputy General Counsel |
| Craig Messinger | Virtu Financial, Inc. | Vice Chairman |
| Andrew Nash | Morgan Stanley | Managing Director and Head of Regulatory Affairs |
| Andrew Park | Americans for Financial Reform | Senior Policy Analyst |
| Jessica Renier | Institute of International Finance | Managing Director, Digital Finance |
| Marnie Rosenberg | JPMorgan Chase & Co. | Managing Director, Global Head of Central Counterparty Credit Risk and Strategy |
| Dmitrij Senko | Eurex Clearing AG | Chief Risk Officer and Member of the Executive Board |
| Tyson Slocum | Public Citizen | Director, Public Citizen Energy Program |
| Kristin Smith | Blockchain Association | Executive Director |
| Suzanne Sprague | CME Group Inc. | Managing Director and Global Head of Clearing and Post-Trade Services |
| Kevin Werbach | Liem Sioe Liong / First Pacific Company Professor, Professor of Legal Studies and Business Ethics, and department chair at the Wharton School, University of Pennsylvania |
- Central Counterparty (CCP) Risk and Governance
Name Entity Representing Title Alessandro Cocco
(Co-Chair)Regular Government Employee Senior Policy Advisor Ruth Arnould Bank of America Managing Director and Associate General Counsel Dr. Richard Berner Clinical Professor of Management Practice in the Department of Finance and Co-Director of the Stern Volatility and Risk Institute Lee Betsill CME Group Managing Director and Chief Risk Officer Juan Blackwell Ontario Teachers’ Pension Plan Head of Credit & Counterparty Risk Management Alicia Crighton Futures Industry Association Global Co-Head of Futures and Head of OTC and Prime Clearing Businesses, Goldman Sachs Joseph Garelick BlackRock Vice President of Risk & Quantitative Analysis Group Reginald Griffith Louis Dreyfus Company Global Head of Regulatory Compliance Graham Harper Futures Industry Association – Principal Traders Group Head of Public Policy and Market Structure at DRW David Horner London Stock Exchange Group Chief Risk Officer, LCH Ltd Demetri Karousos Nodal Exchange, LLC President and COO Elizabeth King
(Co-Chair)Intercontinental Exchange, Inc. Global Head of Clearing and Chief Regulatory Officer Tim McHenry National Futures Association Senior Vice President Rajalakshmi Ramanath J.P. Morgan Executive Director, CCP Credit and Risk Strategy Paolo Saguato George Mason University Associate Professor of Law, Antonin Scalia Law School Dmitrij Senko Eurex Clearing AG Chief Risk Officer Viktor Vadasz Morgan Stanley Executive Director, Bank Resource Management - Climate-Related Market Risk
Membership for this Subcommittee is currently under review.
- Future of Finance
Name Entity Representing Title Alessandro Cocco U.S. Department of the Treasury, Financial Stability Oversight Council Senior Policy Advisor Tim Cuddihy Depository Trust and Clearing Corporation Managing Director and Group Chief Risk Officer Edward Dasso National Futures Association Senior Vice President, Market Regulations Mark Hays Americans for Financial Reform Senior Policy Analyst David Horner London Stock Exchange Group Chief Risk Officer, LCH Ltd Gary Kalbaugh ING Financial Holdings, Corp. Deputy General Counsel and Director Purvi Maniar FalconX Bravo, Inc. Deputy General Counsel Jai Massari Lightspark Group, Inc. Co-Founder and Chief Legal Officer Jessica Renier Institute of International Finance Managing Director, Digital Finance Rebecca Rettig Polygon Labs Chief Risk Officer Tyson Slocum Public Citizen Director, Energy Program Petal Walker Liquidity Lock Global Market Advisory Board Member Kevin Werbach Liem Sioe Liong / First Pacific Company Professor, Professor of Legal Studies and Business Ethics, and department chair at the Wharton School, University of Pennsylvania Yesha Yadav Milton R. Underwood Chair and Professor of Law, Associate Dean & Robert Belton Director of Diversity, Equity & Community at Vanderbilt University - Market Structure
Name Entity Representing Title Ann Battle (Co-Chair) International Swaps and Derivatives Association Senior Counsel, Market Transitions & Head of Benchmark Reform Stephen Berger Citadel, LLC Managing Director, Global Head of Government & Regulatory Policy Dr. Richard Berner Clinical Professor of Management Practice in the Department of Finance and Co-Director of the Stern Volatility and Risk Institute David Bowman Board of Governors of the Federal Reserve System Senior Associate Director Biswarup Chatterjee (Co-Chair) Citigroup Managing Director and Head of Innovation for the Global Markets Division Tim Cuddihy Depository Trust and Clearing Corporation Managing Director and Group Chief Risk Officer Edward Dasso National Futures Association Senior Vice President-Market Regulation Reginald Griffith Louis Dreyfus Company Global Head of Regulatory Compliance Jennifer Han Managed Funds Association Chief Counsel and Head of Global Regulatory Affairs Graham Harper Futures Industry Association Principal Traders Group Head of Public Policy and Market Structure at DRW David Horner London Stock Exchange Group Chief Risk Officer, LCH Ltd Elisabeth Kirby Tradeweb Markets Managing Director and Head of Market Structure Derek Kleinbauer Bloomberg SEF LLC President Ernie W. Kohnke Commodity Markets Council General Counsel, Vitol Andrew Nash Managing Director and Head of Regulatory Affairs Morgan Stanley Ashwini Panse Intercontinental Exchange, Inc. Head of Risk Oversight for ICE Clear Netherlands, and Chief Risk Officer for the North American Clearinghouses Marnie Rosenberg Managing Director, Global Head of Central Counterparty Credit Risk and Strategy JPMorgan Chase & Co. Guy Rowcliffe OSTTRA Co-CEO and Chief Commercial Officer Tyson Slocum Public Citizen Director, Public Citizen Energy Program Nathaniel Wuerffel The Bank of New York Mellon Head of Market Structure Huan Zhang Nodal Clear, LLC Chief Risk Officer - Interest Rate Benchmark Reform (Inactive)
Recommendations on DCO System Safeguards Standards for Third Party Service Providers (MRAC Approved December 10, 2024)
The Treasury Cash-Futures Basis Trade and Effective Risk Management Practices (MRAC Approved December 10, 2024)
Market Structure Subcommittee Data and Analysis Regarding FCM Capacity Trends (MRAC Approved April 9, 2024)
CCP Risk and Governance Subcommittee Recommendations On Derivatives Clearing Organizations Recovery And Orderly Wind-Down Plans (MRAC Approved April 9, 2024)
Interest Rate Benchmark Reform Subcommittee SOFR First Recommendation (MRAC Approved July 13, 2021)
CCP Risk and Governance Subcommittee DCO Stress Testing and Liquidity Discussion Paper (MRAC Approved July 13, 2021)
CCP Risk and Governance Subcommittee DCO Capital and Skin in the Game Discussion Paper (MRAC Approved July 13, 2021)
Market Structure Subcommittee Recommendations Regarding the MAT Process (MRAC Approved February 23, 2021)
Market Structure Subcommittee Recommendations Regarding the Swap Dealer Landscape (MRAC Approved February 23, 2021)
CCP Risk and Governance Subcommittee Recommendations on CCP Governance (MRAC Approved February 23, 2021)
CCP Risk and Governance Subcommittee Discussion Paper on Best Practices in CCP Margin Methodologies (MRAC Approved February 23, 2021)
Interest Rate Benchmark Reform Subcommittee Report on CCP Discounting Table Top Exercise (MRAC Approved July 21, 2020)
Managing Climate Risk in the U.S. Financial System, Report of the Climate-Related Market Risk Subcommittee (September 9, 2020)
Interest Rate Benchmark Reform Subcommittee Recommendations on Plain English IBOR Disclosures (MRAC Approved September 9, 2019)
CCP Risk Management Subcommittee Recommendations on Enhancing CCPs’ Preparedness for the Default of a Significant Clearing Member (MRAC Approved November 17, 2016)
Meetings