Nandini Sukumar

Chief Executive Officer The World Federation of Exchanges

Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. WFE exchanges are home to nearly 45,000 listed companies, the market capitalization of these entities is over $82.5 trillion and around $81.8 trillion in trading annually passes through the infrastructures that the WFE members safeguard. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s DLT Workstream.

Ms. Sukumar has been CEO of the WFE since March 2015. Prior to this, she served as Acting Chief Executive Officer from November 2014, having been recruited by the WFE Board as Chief Administrative Officer in May 2014 to run the Federation on a daily basis and work with its global network of members as a proponent of the benefits of fair, orderly, public markets. Ms. Sukumar came to the WFE after a 14-year career at Bloomberg where she created, grew and ran their coverage of market structure, exchanges and UK regulation.

Pedro Gurrola-Perez

Head of Research The World Federation of Exchanges

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In 2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

Dr. Eva Hüpkes

Head of Regulatory and Supervisory Policies Financial Stability Board (FSB)

Eva Hüpkes is Adviser on Regulatory Policy and Cooperation at the Financial Stability Board (FSB), a position she assumed shortly after the FSB’s creation in 2009. Prior to that she served as Head of Policy and Regulation at the Swiss Financial Market Supervisory Authority FINMA and FINMA’s predecessor organization, the Swiss Federal Banking Commission (SFBC), which she joined in 1999. Previously she worked at the International Monetary Fund in Washington D.C.

She has played a pivotal role in promoting effective resolution of financial institutions as Co-Chair of the Basel Committee Working Group on Cross-Border Bank Resolution, as Secretary to the FSB’s groups working on resolution and as a member of the Advisory Panel of the International Association of Deposit Insurers. As a senior member of the Secretariat she contributed substantially to the formulation of the FSB’s overall strategy and policies to address threats to stability posed by systemically important financial institutions, including the development and implementation of the global standard on resolution (“Key Attributes of Effective Resolution Regimes”).

Eva Hüpkes is a Doctor of Law and a member of the New York Bar. She studied at the Graduate Institute of International Studies and the University of Geneva, the University of Berne in Switzerland, at Georgetown University in Washington DC and at the University of Passau in Germany. She is a Member of the Committee on International Monetary Law of the International Law Association and a Lecturer in international financial regulation at the University of Zurich.

Michael J. Fleming

Head of Capital Markets Studies, Research and Statistics Group Federal Reserve Bank of New York

Michael J. Fleming is Head of Capital Markets Studies in the Research and Statistics Group at the Federal Reserve Bank of New York. His primary research interests are market microstructure, financial intermediation, and monetary policy. His recent work examines Federal Reserve liquidity provision during the COVID-19 crisis, high-frequency liquidity and pricing dynamics in the Treasury market, the effects of market structure changes on Treasury market liquidity and price discovery, and the evolution of Treasury market liquidity and its drivers. Michael joined the New York Fed as an economist in 1994. He received a Ph.D. in Business Economics from Harvard University in 1994 and a B.A. in Economics from Colby College in 1988. He has taught fixed income at NYU Stern.

John McPartland

Director of Research Hidden Road Partners LP

John McPartland is Director of Research at Hidden Road Partners, a quantitative investment firm.  He spent the entirety of his professional career in the derivatives industry in the roles of commercial banker, broker, FCM executive, exchange member, CCP executive and until his recent retirement, Senior Policy Advisor in the Financial Markets Group of the Federal Reserve Bank of Chicago.  In that capacity, he participated in influencing public policy germane to high frequency trading, market structure, CCP default waterfall components, and market concentration issues.  He is a graduate from the University of Minnesota and a US Air Force veteran.

Jorge Alegria

IOMA Chairman (2011-2014)

With more than 35 years of experience in the financial sector, he is currently an International Advisor to Financial Markets Infrastructures and Exchanges in Latam and Asia, and Senior Advisor to the President of CME Clearing. Previously he served as Chief Executive Officer of MexDer (Mexican Derivatives Exchange) and as Sr. MD of Markets Operations and Data Services of the Mexican Stock Exchange (BMV) until May 2015. Before that he was CEO of ABN AMRO Securities (Mexico) and Executive Vice President at Scotiabank Inverlat Mexico.

He served as Chairman of the International Options and Futures Markets Association (IOMA) a division of the World Federation of Exchanges (WFE) for more than three years starting in 2011.

Mr. Alegría graduated in Finance from the ITAM (Mexican Autonomous Technological Institute), where he is also a part-time professor. He has taken and taught several advanced courses and seminars in México and abroad, specialized in capital markets, Fintech and financial derivatives.

Michele Hillery

Managing Director, General Manager, Equities Clearing and Settlement DTCC

Michele has more than 20 years of experience in the financial services industry and has held various positions within Product Management, Quality Assurance and Operations. A key theme of Michele’s career has been her ability to conceive, design and execute major transformation initiatives of highly regulated and critical market function. Prior to joining DTCC’s Equity Clearing group in 2013, Michele led the firm’s Fixed Income Clearing Corporation’s Mortgage-Backed Securities Division (MBSD) where she managed the operations of the business and had responsibility for project development. In this role, she led efforts to deliver a CCP model to the MBSD business– one of the most significant changes in market structure that has brought greater certainty, stability and efficiency to this $70 trillion market. Since joining the firm’s Equity Clearing and Settlement group, Michele has continued to identify innovative opportunities that have advanced the industry’s security, resiliency, and operational processes, including enhancements to ETF processing, improved data services and asset transfers, redrafting cross-CCP agreements, and identifying how emerging technologies could be leveraged to enhance the current clearing and settlement system.  

In her free time, Michele hikes in upstate New York, volunteers at Active Plus, a New York-based organization that provides health and fitness education to children and teens, and spends time with her family, dog and cat. 

Michele earned a BBS from University of Limerick in Ireland and a MS from New York University.

Vanaja Indra

Market and Regulatory Reform Director (Europe and UK) Insight Investment

Corentine Poilvet-Clediere

Head of Repo Clearing, Collateral and Liquidity LCH SA

Mrs. Corentine Poilvet-Clediere is the Head of the Repo clearing, Collateral and Liquidity at LCH SA and as such heads the global pool of Euro denominated cleared repos based in Paris, offering 13 government debts and a GC service to a network of more than 95 banks across the globe as well as a growing share of asset managers.

Corentine Poilvet-Clediere is also responsible for the overall liquidity profile and collateral offering of LCH SA across asset classes (equities, Credit Default Swaps, Commodites in addition to fixed income). 

She has been with the London Stock Exchange Group for 11 years during which she held various positions including Global Head of Regulatory Strategy for LSEG and supported the creation of the Credit Default Swaps clearing business for LCH. Prior to this Mrs. Poilvet-Clediere worked in investment banking in New York City.

Mrs. Poilvet-Clediere holds three Master degrees: Political Sciences in France (Science Po); Macro economy and monetary policy in the UK (Bristol University) and Finance in the US (Harvard Business School).

José Manuel Ortiz-Repiso

Head of Clearing & Repo Operations SIX

Mr. José Manuel Ortiz-Repiso is the Head of Clearing & Repo Operations at SIX. 

Mr. Ortiz-Repiso is in charge of the management and the strategy of two highly diversified CCPs. In this role, he leads the Clearing and Repo operations teams, while managing the Clearing business and liaising with clients, regulators and other key stakeholders.

He has been with BME since 2000. More than 20 years of experience in the entire financial industry value chain, from trading to post-trading, holding different roles in multiple areas, acquiring in-depth knowledge about infrastructures management, participating in their growth, in their adaptations to different regulatory and technical changes, and involved in coordinating the most important projects of the company. 

Mr. Ortiz-Repiso holds an Executive MBA from IE Business School and an economics and business degree from Alcala de Henares University. 

Dr. Robert Czech

Senior Research Economist Bank of England

Robert is a Senior Research Economist at the Bank of England. His research is mainly focused on the structure and interconnectedness of fixed income and derivative markets. 

His research has been featured in the Financial Times, Bloomberg and Citywire and was awarded the Savvy Investor Award for Highly Commended Fixed Income Papers. His academic papers have been published in top peer-reviewed finance journals such as the Journal of Financial Economics and the Journal of Financial Intermediation.

Robert holds a PhD in Finance from Imperial College London, and a BSc and MSc in Business Administration (Finance major) from the University of Cologne.

Chris Rhodes

Chief Operating Officer ICE Clear Europe

Chris is COO at ICE Clear Europe. Chris rejoined ICE in January 2022, having left in 2019 to become Chief Risk Officer at financial trading firm Tyler Capital. Chris first joined ICE in 2016 and became Global Head of Derivatives, responsible for ICE’s interest rate and equity derivatives complex. 

Chris has more than 14 years’ trading experience in the derivatives markets, and prior to his first role at ICE Futures Europe, he was a founding partner and senior trader at Arc Derivatives. Chris holds a first class honours degree in Economics from the University of Hertfordshire.

Froukelien Wendt

Independent Member of the CCP Supervisory Committee, Director for CCPs The European Securities and Markets Authority (ESMA)

Froukelien Wendt is an Independent Member of the CCP Supervisory Committee at the European Securities and Markets Authority (ESMA). In this role, she is responsible for the supervision of third country CCPs and convergence in the supervision of EU CCPs. Previously, she worked at the IMF and led missions in the area of CCPs, central securities depositories and payment systems in the context of IMF Financial Sector Assessment Program (FSAP) and Technical Assistance projects. She also worked at the World Bank as a Senior Securities Settlement Expert and at De Nederlandsche Bank, where she was responsible for oversight of payment and securities settlement systems, and CCPs. Froukelien started her career at Euronext N.V., where she worked in the strategy and cash market development departments. She holds a master in Economics from the RijksUniversiteit Groningen, and a master in Financial and Investment Analysis from the Universiteit van Amsterdam.

Froukelien Wendt

Independent Member of the CCP Supervisory Committee, Director for CCPs The European Securities and Markets Authority (ESMA)

Froukelien Wendt is an Independent Member of the CCP Supervisory Committee at the European Securities and Markets Authority (ESMA). In this role, she is responsible for the supervision of third country CCPs and convergence in the supervision of EU CCPs. Previously, she worked at the IMF and led missions in the area of CCPs, central securities depositories and payment systems in the context of IMF Financial Sector Assessment Program (FSAP) and Technical Assistance projects. She also worked at the World Bank as a Senior Securities Settlement Expert and at De Nederlandsche Bank, where she was responsible for oversight of payment and securities settlement systems, and CCPs. Froukelien started her career at Euronext N.V., where she worked in the strategy and cash market development departments. She holds a master in Economics from the RijksUniversiteit Groningen, and a master in Financial and Investment Analysis from the Universiteit van Amsterdam.

Dr. Alicia Greenwood

Chief Executive Officer JSE Clear

Alicia joined the JSE in February 2016, as Head of Post Trade Services. Alicia is responsible for risk management, clearing and settlement of central order book equity and bond transactions, and managing the Group’s derivatives clearing CCP, JSE Clear.

Alicia’s business career spans more than 20 years working in management consulting, investment banking and capital markets. Her experience has been acquired in some of South Africa’s leading companies in these fields, including Accenture, Discovery and Standard Bank. Alicia has worked extensively in strategy, risk and capital management, both in South Africa and across numerous African countries. She has experience in portfolio optimisation and regulatory transformation, and has overseen large-scale business and IT projects, and joint ventures.

Alicia holds a PhD from the University of Cape Town, having majored in Chemistry and Mathematics, and is published in various scientific journals.

Marcelo Carvalho

Managing Director, CCP Chief Risk Officer B3 - Brasil Bolsa Balcão

Since 2021 he is responsible for the CCP risk management. Before that he was responsible for risk modeling, with responsibility for CCP risk measure methodology. He joined B3 (BM&FBovespa) in 2015. Between 2010 and 2015, he was CRO at Polo Capital, where he also acted as co-portfolio manager of a quantitative fund (2014-15). Previously, Marcelo was a researcher at the Institute for Financial Research (SIFR) in Stockholm, Sweden (2007-09). Prior to that, he worked at Galanto Macroeconomic Consultancy (2003-04). He holds a PhD (ABT) in Finance from the Stockholm School of Economics (2009) and a BSc in Economics from the Pontifical Catholic University of Rio de Janeiro (2003).

Cécile Nagel

President, EuroCCP Cboe Global Markets

Cécile has extensive market infrastructure experience, having spent time at the Financial Services Authority and Oliver Wyman, a financial services strategy consulting firm, before joining the London Stock Exchange Group (LSEG). During her almost 10 years there, she worked in a number of senior roles across the organization, including Group Head of Strategy and Head of Equities and Commodities for LCH, the LSEG’s multi-asset clearing house. 

Cecile was drawn to the opportunity to lead EuroCCP by its strong core business in cash equities and the opportunity to revamp its business strategy, extending the firm into clearing new asset classes. The acquisition of EuroCCP by Cboe has enabled a step change in EuroCCP and provided opportunities for growth, including a diversification into derivatives clearing.

Cécile has a master’s degree in Management and Finance from ESCP, one of Europe’s leading business schools. She is also a CFA Charterholder.

With two young children, Cécile spends most of her free time with her family. She also enjoys running and travelling when conditions allow.

Esen Onur

Research Economist Commodity Futures Trading Commission (CFTC)

Esen joined the Commodity Futures Trading Commission in 2011 as a research economist in the Office of the Chief Economist (OCE). Currently he serves as a supervisory economist in OCE, guiding the academic research output of the office. Previously, he served as the head of academic outreach where he established numerous research collaborations with top academic researchers. His own research interests are centered on derivatives markets and market microstructure. His work contributes to the understanding of how market participants use derivatives markets, with a specific focus on the interaction of futures and swaps trading, and traders’ decisions around central clearing. He has also studied how the speed of trading and the changes in technology affect traders’ decisions and market outcomes. In addition to research, Esen has provided cost-benefit analyses for a variety of rulemakings, was instrumental in creating the Commission’s Weekly Swaps Report, and contributed to the CFTC’s involvement in global swaps data harmonization efforts. Prior to joining the CFTC, he was a professor of economics at California State University, Sacramento. His research has been published in leading journals such as Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Commodity Markets, Journal of Alternative Investments, Journal of Futures Markets, and International Journal of Finance and Economics. He received a Ph.D. in economics from University of Virginia.

Udesh Jha

Managing Director, Post Trade Division CME Group

Udesh Jha is a Managing Director within the Clearing and Post-Trade division at CME Group and heads the Post Trade Services team and has worked at CME since 2010. This team comprises the following subject areas for the Clearinghouse – Quantitative Risk Management & Solutions, Credit Risk, Collateral Risk, and Liquidity Risk Management.

Prior to this joining CME Group, he worked at Capital One, Banc of America Securities, and QRM in different risk management roles ranging from ALM, Funds Transfer Pricing and CDO Structuring. Prior to that, Udesh was a Senior Management Consultant with IBM assisting clients with Supply Chain Management solutions across different industrial sectors.

Udesh holds a Bachelor’s degree from the Indian Institute of Technology, a Masters in Science in Civil Engineering from University of Connecticut and an MBA degree from the University of Chicago Booth School of Business.

Richard Metcalfe

Head of Regulatory Affairs The World Federation of Exchanges

Richard Metcalfe is Head of Regulatory Affairs at the World Federation of Exchanges (WFE). Before taking up his WFE post in March 2018, he worked on MiFID implementation at the Markets Division of BNY Mellon in London. He also has extensive experience in wholesale financial services and policy issues, with particular emphasis on derivatives and central clearing; and on asset management. In addition to working at ISDA and the IA, he has worked for SWIFT. 

Earlier in his career, he wrote for and edited various financial publications. He lives in London and studied languages at university.

Alexandre Garcia

CCP Supervisor Banque de France

Alexandre Garcia is a CCP supervisor at Banque de France. Alongside his oversight of the French CCP, he participates to a number of international working groups at CPMI-IOSCO, ESRB and the Eurosystem. Throughout the last three years, he has been working on the development of clearing capacity in the European Union, procyclicality of margin practices and CCP recovery and resolution. He previously worked at the International Affairs Division of the French banking supervisor ACPR, in particular on the leverage ratio, capital requirements, liquidity and governance. He holds a Master’s Degree in Public Affairs.

Patricia Sáenz de Maturana

Senior Policy Advisor IOSCO

Patricia Saenz de Maturana works as a Senior Policy Advisor at the IOSCO Secretariat since 2016. She leads the policy work on CCPs and other financial market infrastructures and derivatives related issues, including the PFMI, cyber and operational issues, stablecoins, digital innovations and margin related issues. She works closely with the Committee on Payments and Markets Infrastructures (CPMI) In the CPMI-IOSCO Policy Standing Group and with the Basel Committee on Banking Supervision (BCBS), in particular in the BCBS-CPMI-IOSCO work on margins and the BCBS-IOSCO Working Group on margin requirements for non-centrally cleared derivatives. She also represents IOSCO Secretariat before the FSB on resolution related matters.

Prior to that, she worked at the European Commission, in particular on EMIR issues, and in legal private practice.

Gilles Hervé

Policy Officer European Commission

Mr Hervé began his career with BNP Paribas where he worked for in Paris, New York and London and held different roles in the field of market risk before spending a number of years in the Equity Derivatives arm of the bank as an Equity Finance Trader. 

In 2012 he moved to the French Central Bank working on the regulation of derivatives and the supervision of CCPs. Since 2017 Mr Hervé has been seconded to the European Commission in the Financial Markets Infrastructure Unit where he works on derivatives, CCPs and collateral.

Maria José Gomez Yubero

Co-chair of FSB Cross-border Crisis Management Group for FMIs and Head of Resolution, Benchmarks and Financial Stability Spanish National Securities Market Commission (CNMV)

Maria Jose Gomez Yubero is Head of Resolution, Benchmarks and Financial Stability Issues at the Spanish National Securities Market Commission (CNMV) where she has carried out different duties as a senior executive in the fields of prudential and conduct supervision as well as on investor protection, financial education, resolution, sustainable finance and financial stability. Among others, she has been Director of Supervision and Director of Investors. She co-chairs the FSB's Cross-Border Crisis Management Group for Financial Market Infrastructures (fmiCBCM). She is a member of the SAREB Monitoring Commission, the EBA Resolution Committee and the FSB Resolution Steering Group as well as of the Supervisory Colleges of EURIBOR, EONIA y LIBOR. She also participates in several ESMA and IOSCO committees. She chairs the Crisis Management Group for the Spanish CCP (BME Clearing).

Author of articles and research papers. Regular speaker and panellist. Professor of the Master in Banking and Financial Regulation (Universidad de Navarra) and Higher Course in Sustainable Finance (Instituto de Estudios Bursátiles - IEB).

Ms. Gómez Yubero graduated with a Bachelor's Degree in Economic and Business Studies from the Autonomous University of Madrid and she completed the General Management Program (PDG) at IESE Business School (University of Navarra). She is a member of the Spanish Institute of Financial Analysts (IEAF), Academic Advisor of FIDE and member of the Advisory Board and of the Jury of KnowSquare.

Edip Acat

Senior Advisor, Central Office, Payments and Securities Settlement Deutsche Bundesbank

Edip has been working as an overseer for FMIs at Deutsche Bundesbank since October 2020. There, he works on topics related to recovery and resolution of FMIs. In addition, Edip is am member of the international organisations FSB fmiCBCM and CPMI-IOSCO PSG. 

Previously, Edip worked for BaFin for seven years, mainly in the area of EMIR and CSDR, where he was involved in the introduction of the OTC clearing obligation in Germany and in the European authorisation process of the German CSD. At BaFin, Edip also worked for many years as a member of ESMA's PTSC and CPMI-IOSCO's IMSG. Most recently, Edip worked at BaFin on topics related to technological innovation in the financial sector.

Edip is a fully qualified lawyer and specialised in European law and international capital markets law.

Klaus Martin Löber

Chair of the CCP Supervisory Committee European Securities and Markets Authority (ESMA)

Klaus Löber is the first Chair of the ESMA CCP Supervisory Committee (CCP SC) and Director for Central Counterparties (CCPs) at the European Securities Markets Authority (ESMA). He took up office on 1 December 2020 and is serving a five year term. His areas of responsibility encompass in particular the enhancement of supervisory convergence and ensuring a resilient CCP landscape in the EU as well the monitoring and management of the risk that CCPs established in third countries may pose to the EU. He is also chairing the ESMA CCP Policy Committee contributing to the EU Single Rule Book in the area of CCPs and is participating in a variety of FMI related groups at the global level.

Prior to this role, Mr Löber was Head of Oversight of the European Central Bank in charge of the oversight of financial market infrastructures, payments instruments and schemes. 

From 2012 to 2016, he was Head of the Secretariat of the Committee on Payments and Market Infrastructures, the global standard setting body in the area of payments, clearing and settlement hosted by the Bank for International Settlement in Basel, Switzerland.

Earlier positions include the European Commission, Deutsche Bundesbank and private practice.

Mr Löber regularly publishes on financial markets legal, regulatory and infrastructure issues and lectures at universities.

Klaus Martin Löber

Chair of the CCP Supervisory Committee European Securities and Markets Authority (ESMA)

Klaus Löber is the first Chair of the ESMA CCP Supervisory Committee (CCP SC) and Director for Central Counterparties (CCPs) at the European Securities Markets Authority (ESMA). He took up office on 1 December 2020 and is serving a five year term. His areas of responsibility encompass in particular the enhancement of supervisory convergence and ensuring a resilient CCP landscape in the EU as well the monitoring and management of the risk that CCPs established in third countries may pose to the EU. He is also chairing the ESMA CCP Policy Committee contributing to the EU Single Rule Book in the area of CCPs and is participating in a variety of FMI related groups at the global level.

Prior to this role, Mr Löber was Head of Oversight of the European Central Bank in charge of the oversight of financial market infrastructures, payments instruments and schemes. 

From 2012 to 2016, he was Head of the Secretariat of the Committee on Payments and Market Infrastructures, the global standard setting body in the area of payments, clearing and settlement hosted by the Bank for International Settlement in Basel, Switzerland.

Earlier positions include the European Commission, Deutsche Bundesbank and private practice.

Mr Löber regularly publishes on financial markets legal, regulatory and infrastructure issues and lectures at universities.

Dale A. Michaels

Chief Financial Risk Officer OCC

Dale Michaels is Chief Financial Risk Officer at OCC, the world's largest equity derivatives clearing organization.

In this role, Mr. Michaels is responsible for OCC's market, credit and liquidity risk, default management, customer margin methodologies and model development activities. He previously worked on the company's securities lending initiatives.

Mr. Michaels represents OCC on the U.S. Commodity Futures Trading Commission's Market Risk Advisory Committee, and sits on the Executive Committee of CCP12, a global association of central counterparty clearing organizations (CCPs) whose aim is to promote effective, practical and appropriate risk management and operational standards for CCPs to ensure the safety and efficiency of the markets they represent.

Prior to joining OCC, Mr. Michaels developed and directed various risk management functions as a Managing Director at CME Group, where also he led the integration of the risk management and clearing functions involving CME Group, The Chicago Board of Trade, the New York Mercantile Exchange and COMEX, creating significant capital and operational savings for market participants. Previously Mr. Michaels was a fixed-income trader and began his career at the Chicago Board of Trade serving as a financial analyst and then a staff economist.

Mr. Michaels received a Bachelor of Science in Finance and Economics from Illinois State University and earned his Master of Business Administration in Finance from DePaul University. He also holds a Chartered Financial Analyst Designation.

David Horner

Chief Risk Officer LCH Ltd

David Horner is the Chief Risk Officer of LCH Ltd, responsible for all risk management activities across the SwapClear, RepoClear, EquityClear and ForexClear services. He has been in his current role since the beginning of 2021. Mr Horner joined LCH in 2014 as the Head of Risk for the SwapClear service. He recently led the transition of several currencies from LIBOR to risk-free rates. Before joining LCH, Mr. Horner was a Managing Director in the Risk division at Credit Suisse, where he spent 12 years in various credit and market risk roles based in London, Hong Kong and New York. Mr. Horner received his degree in Mathematics from Cambridge University.

Vikram Kothari

Managing Director National Securities Clearing Corporation Limited (NSCCL)

Mr. Vikram Kothari has worked in areas of product development, operations, risk management, sales in the stock exchange, custody, clearing and banking space for more than 20 years.

Prior to his current role as Managing Director of NSE Clearing Limited (formerly known as National Securities Clearing Corporation Limited (NSCCL)) in India, he worked with organizations like JP Morgan Chase, HSBC, and NSE in various capacities. He joined NSE Clearing Limited in November 2017.

He is a graduate from Mumbai University and a Member of the Institute of Chartered Accountants of India.

Orly Grinfeld

EVP, Head of Clearing Tel Aviv Stock Exchange

Mrs. Orly Grinfeld spent the last 5 years as an Executive Vice President and Head of Clearing of Tel Aviv Stock Exchange. 

She also serves as the CEO of Tel Aviv Stock Exchange Clearing House (TASECH), Tel Aviv Stock Exchange Derivative Clearing House (MAOF) and Tel Aviv Stock Exchange Nominee Company (TASENC) - a fully owned subsidiaries that deals with registration, Clearing, Settlement, Custody and operation of securities and derivatives traded on Tel-Aviv Stock Exchange.

Mrs. Grinfeld also holds 20 years of experience in business and financial risk management, serving as the Chief Risk Officer of Tel Aviv Stock Exchange, Chief Risk Officer of Israel Railways, and the Head of Business Risks Department of Ernst & Young Israel.

She holds Master of Business Administration (MBA) from Ben-Gurion University and Bachelor of Administration (BA) from Tel Aviv University.

Prof. David Murphy

Visiting Professor, Department of Law London School of Economics (LSE)

David Murphy is a visiting professor in practice in the Law School at the London School of Economic and Political Science.  He is a leading expert on derivatives regulation, central clearing, and prudential policy, having published extensively in these areas, and worked in both bank and central counterparty policy at national and international levels.

Dmitrij Senko

Chief Risk Officer, Member of the Executive Board Eurex Clearing AG

Dmitrij Senko is a Member of the Executive Board and Chief Risk Officer of Eurex Clearing AG. He took on this role in 2019, following 9 years in previous positions at Eurex Clearing. He was one of the main architects of Eurex Clearing’s industry-leading risk engine Prisma back in 2011–2012, and he led the Risk stream in the Eurex Clearing EMIR authorisation project in 2013. Dmitrij has been part of the project team building up the clearing house in Singapore since 2014 and held the role of Chief Risk Officer of Eurex Asia from July 2015 until February 2018. From 2013, Dmitrij was Head of Risk Analytics and Model Validation in the Risk Department of Eurex Clearing. 

Prior to joining Eurex Clearing, Dmitrij worked for Accenture Management Consulting in different roles supporting clients in the banking industry on a range of topics in risk management, regulation and technology. He holds an Executive MBA degree from the London Business School and a PhD in physical-mathematical science from Belarus State University.

Marco Weissler

Economist European Central Bank

Marco Weissler holds a PhD in Economics of the University of Frankfurt. He previously worked as a consultant for the German Development Agency (GIZ) and as a researcher for a German federal research institute (IAB) on labour markets and local business conditions. He joined the ECB in 2019 where he held different positions in the directorates Market Operations, Market Infrastructure & Payments and Economics.

Pedro Gurrola-Perez

Head of Research The World Federation of Exchanges

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In 2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

Prof. Paolo Saguato

Assistant Professor of Law Antonin Scalia Law School, George Mason University

Paolo Saguato is an Assistant Professor of Law at Antonin Scalia Law School, George Mason University, specializing in financial regulation. His research interests encompass the intersection of banking, securities and derivatives regulation and the international and comparative dynamics of financial markets. Professor Saguato serves as a member of the ESMA Consultative Working Group of the CCP Policy Committee. In addition, he is the co-editor of “Financial Markets Infrastructures: Law and Regulation,” recently published by Oxford University Press, and the author of multiple academic articles on clearinghouses and financial market infrastructures. 

Before joining Antonin Scalia Law School, Professor Saguato was a Research Fellow at the Georgetown Law Center, a Fellow at the London School of Economics and Political Science, and a Global Hauser Fellow at New York University School of Law. Professor Saguato earned a BA (Laurea in Scienze Giuridiche) and a JD (Laurea Magistrale in Giurisprudenza) summa cum laude at the University of Genoa (Italy) and a PhD in Private, Business, and International Law at the same university. In addition, he holds a LLM from Yale Law School, which he attended as a Fulbright Scholar, where he focused his studies on financial markets regulation and corporate law and was a senior editor of the Yale Journal on Regulation.

Mark Manning

Technical Specialist- Sustainable Finance and Stewardship, Financial Conduct Authority & Co-Chair of Sustainable TaskForce IOSCO

Mark Manning leads the FCA’s policy work on sustainable finance and investor stewardship. In this role, he is responsible for several initiatives, including the FCA’s implementation of the TCFD’s recommendations and the FCA’s work with IOSCO on corporate reporting standards on sustainability. Prior to joining the FCA in 2018, Mark spent fifteen years as a central banker with the Bank of England (BoE) and the Reserve Bank of Australia (RBA). He held a number of senior roles, with a particular focus on policy, research and supervision in the field of financial market infrastructures (FMIs). Before joining the official sector, Mark spent several years as a fixed income and currency fund manager with Kleinwort Benson Investment Management and Goldman Sachs Asset Management. Mark holds Master’s degrees in Economics and Finance, from University College London and London Business School, respectively.

Daniela Peterhoff

Senior Vice President, President of Clearing and Head of European Markets Strategy Nasdaq

Daniela Peterhoff serves as Senior Vice President, President of Clearing and Head of European Markets Strategy at Nasdaq. She is responsible for running the operations of Nasdaq Clearing, future proofing the business and liaising with customers, regulators and other key stakeholders. This includes all aspects of the business covering Products & Services, Technology, Operations and Risk. Daniela also leads strategic planning and M&A activities for our European Market Services business.

Before joining Nasdaq, Daniela worked for close to twenty years in the market infrastructure industry, first in Trading and Clearing Market Development at Eurex and then as a Senior Partner at Oliver Wyman. During her time at Oliver Wyman, Daniela was instrumental in building and leading the Global Market Infrastructure business, the European Corporate & Institutional Banking practice, the Northern European market as well as European strategy development. Her work spanned Strategy, Risk & Regulatory, Operations, Technology and M&A work for banks, the buy-side, PE firms and market infrastructure providers.

Daniela earned an MBA and a PhD in Business Administration from European Business School near Frankfurt.

Iancu Daramus

Responsible Investment Associate Fulcrum Asset Management LLP

Iancu works on the development of Fulcrum’s responsible investment capabilities, having previously worked for Legal & General Investment Management (where he led the stewardship team’s work in the energy sector and advised institutional clients on low-carbon investment solutions) and the Carbon Tracker Initiative (a leading think-tank investigating climate risk in energy markets). He graduated from the London School of Economics, holds degrees in philosophy and public policy, and is one of the lead authors of the CFA Institute’s Certificate in ESG Investing training manual.

Jenny Hancock

Member of Secretariat BIS-Committee on Payments and Market Infrastructures

Jenny Hancock is an economist who has specialised in policy development and supervision of financial market infrastructures. She joined the Committee on Payments and Market Infrastructures in July 2019. Previously, she worked in the Payments Policy Department of the Reserve Bank of Australia, where she was involved in financial market infrastructure supervision and policy development. She holds a Masters of Economics from the University of New South Wales and has completed the Chartered Financial Analyst programme. She has written on various issues related to financial market infrastructures and retail payment systems.

Dr. Maxine Nelson

Senior Vice President, GARP Risk Institute Global Association of Risk Professionals

Maxine is a Senior Vice President at the Global Association of Risk Professionals (GARP) Risk Institute, GARP’s research and thought leadership arm, where she focusses on climate financial risk management.

She has extensive experience in risk, capital and regulation gained from a variety of roles, including Global Head of Wholesale Risk Analytics and Head of Capital Planning at HSBC, responsibility for counterparty credit risk at the UK Financial Services Authority during the last financial crisis, leading the credit risk team at KPMG London, senior credit risk consultant at Oliver Wyman, and embedding operational risk analytics globally at National Australia Bank. She has a degree in mechanical engineering and a PhD characterising how to best apply probability theory to real world problems.

Xintong (Eunice) Zhan

Professor of Finance and Li-Dasan Endowed Chair Fudan University School of Management (FDSM)

Xintong Zhan is currently a Professor of Finance and Li-Dasan Endowed Chair at Fudan University School of Management (FDSM). She was formally an assistant professor at Erasmus University Rotterdam and The Chinese University of Hong Kong. Prof. Zhan received her Ph.D. in Finance from the Chinese University of Hong Kong and B.A. in Finance from Guanghua School of Management, Peking University. She is both a CFA Charterholder and a CAIA Charterholder. 

Prof. Zhan’s research interests are in empirical asset pricing, sustainable finance, and derivatives. Her work has appeared in a variety of academic journals including the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and Management Science. She is the Principal Investigator of several Hong Kong competitive RGC grants and many other research grants from both academic and industry sponsors such as The Canadian Derivatives Institute (CDI) and Geneva Institute for Wealth Management. She has received various research awards such as AAM–CAMRI Prize in Asset Management by Asia Asset Management and NUS, the ETF Research Academy Award by the Paris–Dauphine House of Finance and Lyxor Asset Management, Chicago Quantitative Alliance (CQA) Academic Competition Award, and the best paper awards at various academic conferences. 

Jon V. Cherry

President and Global Head of Options Northern Trust Securities, Inc.

Jon currently serves as President and Global Head of Options of Northern Trust Securities, Inc. Jon is responsible for sales, business development, trading, and leadership of Northern Trust’s Institutional Brokerage business.

The Global Options business is an institutional brokerage service under Northern Trust Capital Markets and is a market leading provider of high touch trading and related services to institutional clients including Investment Managers, Family Offices, Hedge Funds, Foundations & Endowments, & Public Funds. 

An industry veteran, Jon brings over 20 years' experience in the options market managing extremely large and complex client relationships, most often providing tailored advice and strategy.

Jon joined Northern Trust in November, 2015. Prior to joining Northern Trust, Jon ran his own trading group in Chicago, developing option strategies and trading for Banks, Hedge Funds, and Asset managers.

Aniket Bhanu

Vice President, NSE Clearing (NSCCL) National Stock Exchange of India

Mr. Aniket Bhanu has been associated in various capacities with the National Stock Exchange of India group since 2009. His areas of expertise are risk management, derivatives, regulation and policy. In his current role, he leads research, policy and strategic projects for NSE Clearing and has been instrumental in implementation of several market reforms in the CCP space in India. 

He holds an MBA from the Indian Institute of Management Kozhikode.

Dr. Gerardo Ferrara

Senior Economist Bank of England

Dr. Gerardo Ferrara works as a senior economist within the Capital Markets Division of the Bank of England. He currently leads analyses on issues related to policy discussions by using transactional level data (i.e., EMIR, SMMD, and MIFID 2 data) uniquely available to a supervisory authority. His research interests lie in the areas of market structure, market microstructure, market infrastructures, macroprudential and microprudential policies and their interactions, OTC & ETD derivatives, and repo markets. His work has been published in various peer‐reviewed journals, including, but not limited to, Journal of Economic Dynamics & Control, International Journal of Finance & Economics, Quantitative Finance, and Journal of Financial Market Infrastructures. Prior to joining the Bank of England, he also worked in the private sector as a quantitative analyst, examining issues related to various areas, including asset management, risk management, and policy implementation.

Ashwini Panse

Chief Risk Officer - North American Clearing Intercontinental Exchange Inc.

Ashwini Panse is the 2nd Line Chief Risk Officer for the North American clearing houses at ICE. Panse is also the Head of Risk Oversight for ICE Clear Netherlands and ICE Clear Singapore. Panse oversees the risk management framework at the clearing houses and provides expertise, support, and challenge to the management of all financial and non-financial risks.

Panse joined ICE in 2010 and prior to becoming the 2nd Line Chief Risk Officer, Panse served in other leadership roles in Risk, Compliance, and Internal Audit across ICE’s global business units. Panse has served as the Chief Compliance Officer for ICE Trade Vault U.S. and in her Internal Audit role, Panse administered the Global Sarbanes Oxley 404 compliance and testing program and internal audits for ICE’s U.S. subsidiaries. 

Panse is Chair of the World Federation of Exchanges (WFE) CCP Working Group. She is a Board Member of the FIA Operations America Division, which promotes industry cooperation and exchange of ideas on all topics impacting the U.S. Marketplace. She is also a Board Member and Treasurer at McKenna Farms Therapy Services Inc., a non-profit organization that provides therapeutic programs and resources for children with special needs and their families.

Panse began her career at Pricewaterhouse Coopers LLC, holds an MBA in Finance from Xavier University, Williams College of Business and is a Certified Public Accountant and a Chartered Accountant. 

Travis Nesmith

Assistant Director and Section Chief, Quantitative Risk Analysis Federal Reserve Board

Travis Nesmith leads the Federal Reserve Board’s analysis of quantitative risk management at systemically important CCPs, focusing on margin and guaranty fund models, as well as liquidity management, across a wide range of financial markets, both securities and derivatives. He serves as a committee member for the supervision of financial market utilities, quantitative surveillance and financial stability, and interconnectedness risks respectively. In over 20 years at the Board, he has worked on a number of interagency and international groups including currently the Joint Working Group on Margin. Following representing the Board on the margin and collateral groups of the Principles for Financial Market Infrastructures, his work on related groups included: the FSB’s Derivatives Assessment Team; the CPMI-IOSCO’s technical experts’ work group on supervisory stress testing for CCPs and the working groups on Resiliency and recovery of central counterparties and Public quantitative disclosure standards for central counterparties; and the FSOC’s CCP Risk Working Group.

He holds a PhD in economics from Washington University in St. Louis. His more recent research appears in the J. of Risk & Financial Management, J. of Monetary Economics, and Studies in Nonlinear Dynamics and Econometrics. He also is an Associate Editor of Macroeconomic Dynamics and the J. of Financial Market Infrastructures.

Simon Morley

Director Financial Market Infrastructure Bank of England

Simon joined the Financial Market Infrastructure (FMI) Directorate at the Bank of England in 2019 with responsibility for supervision, risk and resilience having spent ten at the FSA and PRA in various roles predominantly supervising large UK headquartered banks. 

Prior to joining the FSA Simon had a wide ranging career in retail and commercial banking, most recently as Head of Balance Sheet Management for Lloyds Retail Banking Division and prior to that as head of Capital One’s UK financial planning and treasury management functions. Simon’s early career was focused on corporate banking, predominantly as a relationship manager.

Simon Gleeson

Partner Clifford Chance

Simon Gleeson joined Clifford Chance in 2007 as a partner in the firm's Financial Regulation group, where he specialises in financial markets law and regulation. He has advised Governments, regulators and public bodies as well as banks, investment firms, fund managers and other financial institutions on a wide range of regulatory issues., and has worked with regulators and governments around the world on the establishment of regulatory regimes.  He has been a member of the Financial Markets Law Committee, chairs the Institute of International Finance's Committee on Cross-Border Bank Resolution, has written numerous books and articles on financial regulation, and is the author of International Regulation of Banking and Bank Resolution and Crisis Management, both published by Oxford University Press. He is a visiting Professor at Queen Mary University of London. He has also been appointed as a Deputy High Court Judge.

Virginie Saade

Head of Government & Regulatory Policy, EMEA Citadel

Virginie Saade is Head of Government and Regulatory Policy for Citadel Securities in EMEA. 

She is responsible for engaging with policymakers and regulators across EMEA on legislative and regulatory initiatives that are significant to the financial services industry. 

Prior to joining Citadel Securities, Ms. Saade was Head of European Regulatory Affairs and Strategy for KCG Europe (now part of Virtu Financial). She originally joined Getco Execution Services as Head of Sales before taking on the management of Getco Execution Services. Prior to that, Ms. Saade held a number of senior roles at NYSE Euronext, including Head of NYSE Arca Europe. 

Ms. Saade is a member of the ESMA Securities and Markets Stakeholders Group. 

Ms. Saade received a bachelor’s degree in Politics and a master’s Degree in Media and Communication Management from Toulouse University in France. She also received an MBA from the Montpellier Graduate Institute of Business in France.

Nandini Sukumar

Chief Executive Officer The World Federation of Exchanges

Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. WFE exchanges are home to nearly 45,000 listed companies, the market capitalization of these entities is over $82.5 trillion and around $81.8 trillion in trading annually passes through the infrastructures that the WFE members safeguard. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s DLT Workstream.

Ms. Sukumar has been CEO of the WFE since March 2015. Prior to this, she served as Acting Chief Executive Officer from November 2014, having been recruited by the WFE Board as Chief Administrative Officer in May 2014 to run the Federation on a daily basis and work with its global network of members as a proponent of the benefits of fair, orderly, public markets. Ms. Sukumar came to the WFE after a 14-year career at Bloomberg where she created, grew and ran their coverage of market structure, exchanges and UK regulation.

Prof. David Murphy

Visiting Professor, Department of Law London School of Economics (LSE)

David Murphy is a visiting professor in practice in the Law School at the London School of Economic and Political Science.  He is a leading expert on derivatives regulation, central clearing, and prudential policy, having published extensively in these areas, and worked in both bank and central counterparty policy at national and international levels.

Nandini Sukumar

Chief Executive Officer The World Federation of Exchanges

Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. WFE exchanges are home to nearly 45,000 listed companies, the market capitalization of these entities is over $82.5 trillion and around $81.8 trillion in trading annually passes through the infrastructures that the WFE members safeguard. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s DLT Workstream.

Ms. Sukumar has been CEO of the WFE since March 2015. Prior to this, she served as Acting Chief Executive Officer from November 2014, having been recruited by the WFE Board as Chief Administrative Officer in May 2014 to run the Federation on a daily basis and work with its global network of members as a proponent of the benefits of fair, orderly, public markets. Ms. Sukumar came to the WFE after a 14-year career at Bloomberg where she created, grew and ran their coverage of market structure, exchanges and UK regulation.

Pedro Gurrola-Perez

Head of Research The World Federation of Exchanges

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In 2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).