OCE Staff

Lee Baker4 joined the Commission in 2018 where he conducts economic and statistical analysis of swaps data. His current research focuses on the FX and IRS derivatives markets. Prior to joining OCE, he spent four years at the Bureau of Labor Statistics working as an economist producing employment estimates for state and local areas. He received an M.A. in Economics from the University of Connecticut.

Gloria Clement1 joined the Office of the Chief Economist in 2015, after serving in the Office of the General Counsel’s regulatory and litigation groups since 1999. She works on cost-benefit considerations of CFTC regulations and provides counsel on all OCE-related matters. In her previous roles, she provided legal counsel on a number of CFTC rulemakings, interpretive guidance releases, and staff actions. She also has been involved in cases concerning the CFTC's exclusive jurisdiction over allegations of manipulation in the energy futures; the Commission’s statutory authority to freeze fraudulently received assets; and the distribution of FCM customer assets during insolvency. She received a J.D. from the University of Cincinnati Law School.

John Coughlan4 joined the CFTC in 2015. Prior to joining OCE he worked in DSIO and DMO on a variety of empirical projects involving swaps and futures data. John's research interests include microstructure of derivatives markets, understanding behaviors of market participants across markets and asset classes, and determinants of systemic risk. He received an M.A. in Applied Economics from the Johns Hopkins University in 2012.

Raymond P.H. Fishe2 has consulted with the Commission since 2009. He provides economic advice on the Commission’s rulemaking, supports enforcement investigations, and conducts quantitative analysis on the structure of derivatives markets and the strategic behavior of market participants. He holds the Patricia A. and George W. Wellde, Jr. Distinguished Chair in Finance at the University of Richmond, and was previously a visiting academic scholar at the U.S. Securities and Exchange Commission. He has written extensively on futures, options and market microstructure, and has published in leading journals such as The Journal of Finance, Journal of Financial Economics, Journal of Financial Markets, The American Economic Review, Journal of Econometrics, and Financial Management. He received a Ph.D. in Economics from the University of Florida.

Richard Haynes3 joined the Commission in 2014. He works on various rule-makings and policy matters, most recently including the Commission’s Concept Release on Automated Trading and the Joint Report on the U.S. Treasury Market. His research interests are market micro-structure, high-frequency and automated trading, trading networks, derivatives market liquidity, and trends in derivatives clearing and execution. Prior to joining the Commission, he worked as a derivatives policy advisor at the U.S. Treasury and as a commodities trader/quantitative analyst at Credit Suisse. His research has been published in journals such as Journal of Financial and Quantitative Analysis, Journal of Mathematical Sociology, and Journal of Management Inquiry. He received a PhD in Mathematics from the University of Chicago.

Stephen Kane4 joined the Commission in 2010 and works on swaps regulation and CFTC policy. He was formerly a finance professor at the University of Houston, Brooklyn Polytechnic University, and Suffolk University, a Visiting Scholar at the Federal Deposit Insurance Corporation, a Vice President at Chase Manhattan Bank, and a Policy Analyst at Office of Management and Budget. He has numerous publications in mathematics, statistics, and finance in journals such as the International Review of Financial Analysis and Financial Practice and Education. He earned his Ph.D. in Mathematics from Ohio State University.

Ayla Kayhan4 consulted with the Commission since 2015, and joined full time in 2016. She works on issues relating to central counterparties, including international studies on incentives to clear from the perspectives of clearing houses, FCMs and end users, and she provides economic analysis for futures rulemaking. Immediately prior to joining the Commission, she was a professor at the Finance Department at Louisiana State University. From 2008-2012, she was a visiting academic scholar at the U.S. Securities and Exchange Commission, where she worked on disclosure rulemakings relating to proxy access, ratings shopping, municipal securities, and the proxy voting system. She also worked on Dodd-Frank rulemakings, including oversight of credit rating agencies, incentive based compensation arrangements, and removal of regulatory references to credit ratings. Her research focuses on capital structure and corporate governance, with specific topics including credit ratings, financial leverage, incentive mechanisms, disclosure, private equity, municipal securities, securities and derivatives markets, financial intermediation, and financial regulation. Her papers have been published in leading academic journals such as Journal of Financial Economics and The Review of Financial Studies. She received a Ph.D. in Finance from the University of Texas at Austin.

Madison Lau4 joined the Commission in 2018. He works on swap data collected by the Commission. His research focuses on credit markets, and trends in derivatives clearing. In his previous roles at Federal Energy Regulatory Commission and Bureau of Labor Statistics, his work focused on data quality management, and developing visualization tools to improve his team’s efficiency in analyzing large amounts of data. He received a M.A. in Economics from San Diego State University.

Lihong L. McPhail4 joined the Commission in 2015. She provides economic analysis for various rulemakings, most recently including “Margin Rule for Uncleared Swaps” and “Capital Liquidity and Reporting Rule for Swap Dealers.” Her research focuses on how policy affects liquidity, pricing, risk transfer, and market structure. Prior to joining the Commission, she was a senior financial analyst with the Farm Credit Administration, where she developed and oversaw its comprehensive stress testing modeling and capital adequacy process. Prior to that, she conducted research on commodities and derivatives at the U.S. Department of Agriculture’s Economic Research Service. Her numerous articles have been published in journals such as Energy Journal, Journal of Risk Management in Financial Institutions, The RMA Journal, American Journal of Agricultural Economics, and Energy Economics. She holds the Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM) designations, and received a Ph.D. in economics from Iowa State University.

Scott Mixon5 joined the Commission in 2012. He supervises OCE’s research activities and its economic analyses in connection with Commission rulemaking and policy. His personal research includes the integration of data on swaps and futures activity, with an emphasis on equity and commodity derivatives. Prior to joining the Commission, he spent 15 years in the financial industry: as an alternative investments strategist and fund of hedge funds portfolio manager for Lyxor Asset Management, a subsidiary of Société Générale; as part of Bates White Economic Consulting’s Antitrust practice, where his cases involved allegations of commodity price manipulation, allegations of anticompetitive behavior, and antitrust analysis for the CME/CBOT merger; and as a quantitative and derivatives strategist at UBS. His research has been published in leading academic journals such as Journal of Financial EconomicsJournal of Derivatives, and Journal of Futures Markets. He received a Ph.D. in Economics from Duke University.

Esen Onur9 joined the Commission in 2011. He provides cost-benefit considerations for a variety of rulemakings, contributes to the Commission’s international data harmonization efforts, and was instrumental in creating the Commission’s Weekly Swaps Report. His research interests include derivatives markets, information asymmetry in financial markets, market microstructure, and prediction markets. Prior to joining the Commission, he was a professor of economics at California State University, Sacramento. His research has been published in leading journals such as Journal of Financial and Quantitative Analysis, Journal of Commodity Markets, Journal of Alternative Investments, Journal of Prediction Markets, and International Journal of Finance and Economics. He received a Ph.D. in economics from University of Virginia.

Michael Penick6 joined the Commission in 1991 and the Office of the Chief Economist in 2002. Since the enactment of the Dodd-Frank Act, he has provided economic analysis and advice for numerous Commission rulemakings, especially those related to market structure and enforcement. His other interests include energy markets and the economic history of futures and derivatives markets. He created and maintains the CFTC History pages on the CFTC Web site and leads updates of the CFTC glossary. During the 2000s, he worked with the Division of Enforcement on numerous market manipulation investigations in the energy markets, including Amaranth and Enron. Before 2002, he reviewed new futures contracts and rule amendments for the CFTC’s Product Review Group. Before joining the Commission, he was a member of the Chicago Board of Trade, where he traded options on Treasury bond futures and stock index futures. He has published articles in Financial Derivatives: Pricing and Risk Management and Commodities: Markets, Performance, and Strategies. He received an A.M. in economics from Stanford University.

David Reiffen6 joined the Commission in 2003. He conducts economic analysis of Commission rulemaking and researches the implications of ownership structure on the behavior of financial organizations, such as exchanges. Prior to joining the Commission, he was an Economist at the U.S. Treasury Department and the U.S. Federal Trade Commission. He has written extensively on industrial organization, and his work has been published in leading journals such as The American Economic Review, The Rand Journal of Economics, The Review of Economics and Statistics, and The Journal of Law and Economics. He received a Ph.D. in Economics from UCLA.

Michel A. Robe2 has consulted with the CFTC since 2006, where his work focuses on commodity market volatility, the organization and microstructure of derivatives markets, including algorithmic trading, and investor protection. He is The Clearing Corporation Foundation Professor in Derivatives Trading at the University of Illinois at Urbana-Champaign, and previously taught derivatives and international finance at the University of Miami, McGill University, and American University. He has published numerous academic articles in books and in journals such as Journal of Financial EconomicsJournal of Financial and Quantitative AnalysisInternational Economic ReviewAmerican Journal of Agricultural EconomicsEnergy Journal, and Journal of Futures Markets. He received his Ph.D. in Financial Economics from Carnegie Mellon University.

John S. Roberts7 joined the Commission in 2009. Prior to joining OCE, he spent three years in the Division of Market Oversight Surveillance section working on numerous projects utilizing order book, intraday transaction data and the large trader data. Within OCE, analysis has included swap data collected by the Commission. He has worked on rule makings and working groups to revise swap requirements and reporting rules. His research also focuses on market structure and algorithmic trading. Prior to joining the Commission, he worked at National Economic Research Associates (NERA) and the World Bank. He is completing his Ph.D. degree at University of Maryland.

Rajiv Sharma7 joined the Commission in 2015, where he conducts statistical and economic analysis of swaps data. Prior to joining the Commission, he worked for more than 10 years in Enterprise Risk Management at Capital One, Countrywide, and Bank of America. In these roles he developed and implemented models for measuring risk-based capital and he performed quantitative analysis of portfolios of commercial loans, derivatives, mortgages and retail exposures. He holds the Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM) designations, and received an M.S. in Banking and Finance from Case Western Reserve University.

Bruce Tuckman8 joined the CFTC in 2017 as Chief Economist. Previously, he was a Clinical Professor of Finance at the NYU Stern School of Business, where he wrote about financial markets policy and taught courses on fixed income markets, trading, and liquidity management. Prior to that, he was managing director and global head of research for prime services at Lehman Brothers and then Barclays Capital, where he was also a member of the executive committee of that division. He began his career as a professor at NYU Stern, before starting a 15-year career in the financial industry at the Salomon Brothers Fixed Income Arbitrage Trading group. He has published numerous academic and policy papers, and is author of the textbook, Fixed Income Securities: Tools for Today’s Markets. He received a Ph.D. in Economics from MIT.


1 Senior Special Counsel

2 Consultant

3 Supervisory Research Analyst

4 Economist

5 Associate Director

6 Senior Economist

7 Research Analyst

8 Chief Economist

9 Economist and Head of Academic Outreach