Washington, D.C. — CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), today announced new members and leadership of the GMAC and its Subcommittees on Global Market Structure, Technical Issues, and Digital Asset Markets. In total, there are 128 members across the GMAC and its Subcommittees, constituting the largest-ever single advisory committee initiative sponsored by the CFTC. The next public meeting of the GMAC is on July 17, 2023 at the New York Stock Exchange. [See CFTC Press Release No. 8730-23]

Commissioner Pham announced that Amy Hong, Head of Market Structure & Strategic Partnerships, Global Banking & Markets, Goldman Sachs, will serve as GMAC Chair. Darcy Bradbury, Managing Director and Head of Public Policy, D.E. Shaw & Co., continues to serve as GMAC Vice Chair. In addition, Kevin Kennedy, Executive Vice President, North American Markets, Nasdaq, and Nadine Chakar, CEO, Securrency, have joined the GMAC as members.

“I am thrilled to welcome the new GMAC and Subcommittee members, and thank them for their willingness to serve and support the GMAC’s work program as we develop consensus solutions to the most significant current and emerging issues in global markets,” said Commissioner Pham. “International collaboration and coordination are critical to promoting financial stability and access to markets. The deep expertise and seasoned experience of our members will be invaluable in proposing pragmatic recommendations for regulatory reform. I am gratified to have the exceptional and proven leadership of Amy and Darcy for our GMAC initiatives.”

“I am proud to further my involvement and serve the CFTC’s GMAC in this new capacity,” said Amy Hong, Goldman Sachs’ Head of Market Structure & Strategic Partnerships for Global Banking & Markets. “I look forward to working with Commissioner Pham and the entire Committee to help ensure the strength and resiliency of derivatives markets globally.” 

Commissioner Pham also announced the following GMAC Subcommittee leadership appointments:

Global Market Structure Subcommittee: Brad Tully, Global Co-Head, Corporate Derivatives and Private Side Marketing, J.P. Morgan, and Michael Winnike, Director, Head of US Market Structure, Global Trading Group, BlackRock, will serve as Co-Chairs.

“We appreciate the opportunity to work with the Commission and broader industry on critical and timely issues impacting global markets,” said Brad Tully, Global Co-Head, Corporate Derivatives and Private Side Marketing at J.P. Morgan.

“Safe and efficient derivatives markets are essential to BlackRock’s ability to manage risk on behalf of our clients. I am delighted to work with the Commission and an esteemed panel of industry leaders to explore how we can advance and adapt the market structure considering rapid technological, macro-economic and regulatory change,” said Michael Winnike, BlackRock’s Head of US Market Structure.

Technical Issues Subcommittee: Allison Lurton, General Counsel and Chief Legal Officer, FIA, and Tara Kruse, Global Head of Infrastructure, Data and Non-Cleared Margin, ISDA, will serve as Co-Chairs.

Allison Lurton, FIA’s General Counsel and Chief Legal Officer said, “This is an opportune time to re-examine current best practices for managing extreme volatility, minimizing disruptions to orderly trading, and protecting market integrity, and FIA is pleased to work with the industry to devise solutions.”

“The GMAC is an ideal forum for global collaboration on key market issues, from improving efficiencies in post-trade processes to enhancing the consistency and accuracy of regulatory reporting. I’m delighted to co-chair the Technical Issues Subcommittee and look forward to working with the other Committee members to help foster safer and more efficient global markets,” said Tara Kruse, Global Head of Infrastructure, Data and Non-Cleared Margin at ISDA.

Digital Asset Markets Subcommittee: Caroline Butler, Global Head of Digital Assets, BNY Mellon, and Sandy Kaul, Senior Vice President, Head of Digital and Industry Advisory Services, Franklin Templeton, will serve as Co-Chairs.

Caroline Butler, Global Head of Digital Assets, BNY Mellon, said, “I’m honored by this opportunity to work alongside my esteemed colleagues across our sector and the CFTC. As our industry continues to evolve, BNY Mellon is committed to playing a leadership role in shaping the future of finance for the betterment of our clients and the broader ecosystem.”

“Franklin Templeton has been a passionate proponent of exploring and delivering opportunities in the digital asset markets and we so appreciate the CFTC’s leadership in this arena and are excited to take on a leadership role and work with other industry participants towards the goal of shaping a 21^st century financial ecosystem,” said Sandy Kaul, SVP, Head of Digital and Industry Advisory Services, Franklin Templeton.

Commissioner Pham said, “The GMAC is fortunate to have leaders like Brad, Michael, Allison, Tara, Caroline, and Sandy. I am confident that their efforts will meaningfully advance international and U.S. policy dialogues and inform key standards.”

New GMAC Member appointments:

Global Market Structure Subcommittee (GMSS) Member appointments:

Technical Issues Subcommittee (TISS) Member appointments:

Digital Asset Markets Subcommittee (DAMS) Member appointments:

Commissioner Pham recently announced the 2023-2025 proposed work program for the GMAC, including the Global Market Structure Subcommittee, the Digital Asset Markets Subcommittee, and the Technical Issues Subcommittee, and called for input from the public. [See CFTC Press Release No. 8703-23]

The GMAC was created 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. Brigitte Weyls is the GMAC Designated Federal Officer, and Gates S. Hurand is the GMAC Alternate Designated Federal Officer.

There are five active Advisory Committees overseen by the CFTC. They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets. These committees facilitate communication between the Commission and market participants, other regulators, and academics. The views, opinions, and information expressed by the Advisory Committees are solely those of the respective Advisory Committee and do not necessarily reflect the views of the Commission, its staff, or the U.S. government.