Webcast

Agenda

Market Risk Advisory Committee (MRAC)
December 10, 2024
9:30am–12:30pm
Meeting Agenda

9:30 A.M. to 
9:45 A.M.

Welcome and Opening Remarks (15 minutes)

  • The Honorable Kristin N. Johnson, MRAC Sponsor and CFTC Commissioner
  • CFTC Commissioners
  • Alicia Crighton, MRAC Chair, Futures Industry Association, Chair of the Board of Directors
  •  Danielle Abada, Senior Counsel to Commissioner Johnson, MRAC Designated Federal Officer

9:45 A.M. to
9:55 A.M.

opening Keynote Remarks (10 minutes)

  • The Honorable Josh Frost, Assistant Secretary for Financial Markets, U.S. Department of the Treasury

9:55 A.M. to 
10:40 A.M.

 

Section One: Market Structure Subcommittee (45 minutes)

Perspectives on Treasury Markets (15 minutes)

  • Deirdre Dunn, Head of Global Rates, Citigroup; Chair, Treasury Borrowing Advisory Committee (TBAC)
  • Scott Rofey, Global Head of Rates, Macro and Commodities Risk, Millenium; Member, TBAC
  • Dave Rogal, Managing Director, BlackRock; Member, TBAC

Recommendations on the Treasury Cash-Futures Basis Trade and Effective Risk Management Practices (15 minutes)

  • Nate Wuerffel, Head of Market Structure, BNY Mellon
  • Alessandro Cocco, Senior Policy Advisor, Federal Reserve Bank of Chicago, on detail at the U.S. Department of the Treasury
  • Tim Cuddihy, Managing Director and Group Chief Risk Officer, Depository Trust and Clearing Corporation
  • Jennifer Han, Chief Counsel and Head of Global Regulatory Affairs, Managed Funds Association

MRAC Member Discussion (10 minutes)

MRAC Member Vote (5 minutes)

10:40 A.M. to 
11:50 A.M.

Section TWO: CEntral Counterparty (ccp) RISK & GOVERNANCE Subcommittee (70 minutes)

Part One: Ensuring Cyber Resilience and Preparedness for Third-Party Service Providers (50 Minutes)

Perspectives on Cyber Resilience (20 Minutes)

  • Sanjeev Bhasker, Deputy General Counsel, Office of the National Cyber Director
  • Todd Conklin, Chief Artificial Intelligence Officer & Deputy Assistant Secretary of Cyber, U.S. Department of the Treasury
  • Steve Pugh, Chief Information Security Officer, Intercontinental Exchange
  • Don Byron, Head of Global Industry Operations and Execution, Futures Industry Association

Recommendations on Derivatives Clearing Organization System Safeguards Standards for Third-Party Service Providers (15 minutes)

  • Alessandro Cocco, Senior Policy Advisor, Federal Reserve Bank of Chicago, on detail at the U.S. Department of the Treasury
  • Dr. Dick Berner, Clinical Professor of Management Practice in the Department of Finance and Co-Director of the Stern Volatility and Risk Institute, New York University
  • Juan Blackwell, Director, Risk, Head of Credit & Counterparty Risk Management, Ontario Teachers’ Pension Plan

MRAC Member Discussion (10 minutes)

MRAC Member Vote (5 minutes)

Part Two: Legal Entity Identifiers at the Beneficial Account Holder Level (20 Minutes)

Recommendations on Legal Entity Identifiers at the Beneficial Account Holder Level (10 minutes)

  • Dr. Dick Berner, Clinical Professor of Management Practice in the Department of Finance and Co-Director of the Stern Volatility and Risk Institute, New York University
  • John Bottega, President, EDM Council

MRAC Member Discussion (5 minutes)

MRAC Member Vote (5 minutes)

11:50 A.M. to
12:00 P.M.

Section THREE: FUTURE OF FINANCE Subcommittee Presentation (10 minutes)

  • Todd Conklin, Chief Artificial Intelligence Officer & Deputy Assistant Secretary of Cyber, U.S. Department of the Treasury

MRAC Member Discussion

12:00 P.M. to
12:15 P.M.

Section Four: Climate-Related Market Risk Subcommittee Presentation (15 minutes)

  • Sandra Lee, Deputy Assistant Secretary, Financial Stability Oversight Council, U.S. Department of the Treasury
  • Christopher Odinet, Professor of Law & Mosbacher Research Fellow, Texas A&M University School of Law
  • Kim Ratcliff, Chair, U.S. Department of Agriculture Advisory Committee on Minority Farmers; Board Member, Capital Farm Credit Advisory Committee; Treasurer and Board Member, Independent Cattlemen Association

MRAC Member Discussion

12:15 P.M. to
2:30 P.M.

Closing Remarks and Adjournment (15 minutes)