CCPs, FMUs & the Current Macroeconomic Environment: 
Key Risks, Recent Developments and Primary Considerations for Risk Managers
 

Date: Thursday, October 10th 2019

NEW Location: PwC, 90 PARK AVENUE, New York, NY

Time: Registration & Cocktails 5:30 PM – Program Start 6:15 PM 

 

Please join our distinguished panel as we explore the following topics related to Central Clearing Counterparties (CCPs) and Financial Market Utilities (FMUs):
 
  • How are CCPs responding to new challenges? Discussion of evolving risk management at CCPs
  • How macroeconomic developments such as trade wars, geopolitical risk/military tensions, and interest rate changes impact CCPs and the steps taken by participants
  • The potential illiquidity of global markets and the potential impact on CCPs ability to perform. Has systemic risk truly been reduced or simply concentrated through the increased reliance on CCPs?
  • Risk management perspectives on how to measure, manage and mitigate emerging risks. How should margin frameworks including methodologies and assumptions, and stress testing evolve to respond?  
  • Key considerations for risk managers in evaluating CCPs​
  • Default management preparations and evolving best practices.
  • CCP and FMU operational resiliency and the recent efforts to strengthen them.
Confirmed Panelists:
 
 
Tim Cuddihy, Managing Director, Financial Risk Management, Depository Trust & Clearing Corporation
Tim Cuddihy leads the teams within Financial Risk Management at The Depository Trust & Clearing Corporation (DTCC) supporting Market and Liquidity Risk Management across equities and fixed income products for the DTCC complex.  His responsibilities include risk analysis, counterparty surveillance, client/regulatory engagement, executing risk management best practices, and new initiatives.
 
Cuddihy has 30 years of experience in risk management in financial services including WestLB AG as head of the bank's market risk management team in New York, with risk management responsibilities for the bank's global structured credit products and traditional fixed income products as well as previous experience in risk management for insurance companies.
 
Over the course of his career, Cuddihy has had significant interaction with market participants and the industry under various market conditions. He has significant experience with benchmarking prices and collateral haircuts, developing sound control and valuation analyses of high-risk businesses, and working closely with both regulators and external auditors. He also has advised senior management on peak exposures, potential threats and alternatives to mitigate risks.
 
Cuddihy holds a master of business administration degree in finance from Rutgers University. He also earned a bachelor of arts degree in mathematics and statistics from Rutgers.
 
 
Greg Fell, Managing Director and Global Head of Financial Market Infrastructure Risk Management (FMI Risk) Citigroup
Greg Fell is responsible for FMI risk coverage globally across all Citi businesses.  
 
Before FMI Risk, he was in the Securities and Funds Services Division of Citi, responsible for the establishment of securities custody and clearing operations in Citi branches, and agent bank relationships in countries where Citi does not have a presence.
 
Prior to joining Citibank in 1996, he spent two years in Washington, DC as a Senior Diplomacy Fellow at the United States Department of State (Agency for International Development) working with the overseas missions of USAID on capital market development and banking programs.
 
Earlier in his career, he spent several years in the international bank subsidiary of the American Express Company in a variety of management positions in Amsterdam, New York, Frankfurt, Honolulu, London, Tokyo, Saigon, and Manila.
 
Greg is a member of the DTCC Risk Advisory Council, Euro CCP Risk Committee, ICE Clear Europe CDS Risk Committee, various OTC Derivative Clearing Risk Working Groups, and represents Citibank, N.A. on the Working Group of the Fed Payments Risk Committee (PRC). The PRC is a private sector group of senior executives from US banks and US branches of foreign banks that identifies and analyzes issues of broad industry interest related to risks in payment, clearing, and settlement systems. The committee, sponsored by the Federal Reserve Bank of New York, seeks to foster broad industry awareness and discussion of payments, clearing, and settlement related topics.
 
BA graduate of Dartmouth College, Hanover, New Hampshire.
 
 
Marnie Rosenberg, Managing Director, Clearinghouse Risk, Strategy & Advisory, J.P. Morgan Chase
Marnie Rosenberg is the Global Head of Clearing House Risk & Strategy at JP Morgan within JP Morgan's Risk Management Function. The team's primary responsibilities are to evaluate the firm's membership risk related to centrally cleared trading activities, liaise with internal and external constituents to determine and guide JPM's thinking on central counterparty risk concerns and related regulatory matters. Marnie is an industry leader, and subject matter / risk/ capital expert on central-counterparty (CCP) best practices, structures and related risk concerns, representing JPM in various external industry/trade forums, demonstrating thought leadership in CCP risk methodologies/frameworks, and recovery and resolution. She has been the JPM spokesperson on leading conference panels and at international regulatory (FSB/CPMI-IOSOC/BCBS) meetings and workshops as well as testified on behalf of JPM at a recent (June, 2016) U.S. House of Representatives Agriculture Subcommittee hearing "To review the impact of G-20 clearing and trade execution requirements".
 
From 2004 through 2008, Marnie led JPM investment bank's internal compliance efforts with respect to Sarbanes-Oxley. Prior to joining JPM in 2004, Marnie worked for several years at, a start-up enterprise-wide risk management software company focused on financial services. From 1993 through 1999, Marnie worked at the Federal Reserve Bank of New York's Bank Supervision function as a Senior Financial Examiner.
 
Marnie holds a Masters in Public Policy from Harvard University and a Bachelor of Arts in History from Northwestern University.
 
   
Suzanne Sprague, Managing Director, Credit & Liquidity Risk, Risk Policy, & Banking, CME Group
Suzanne Sprague serves as Managing Director, Credit & Liquidity Risk, Risk Policy, & Banking of CME Group. She is a member of the team responsible for managing CME Clearing's exposure to counterparty credit risk, liquidity risk management and financial performance, acceptable collateral & collateral services, risk management policies and procedures, financial operations and banking.
 
Suzanne joined the company in 2002 and has held numerous roles and leadership positions in Financial Management and Risk Management since that time. During her tenure, she has played a key role in the company's development of risk management policy, including credit risk, liquidity, collateral acceptance, and regulatory response.
 
She earned a bachelor's degree with concentrations in finance and international business from Indiana University and a master's degree in financial markets from the Illinois Institute of Technology.
Moderator:
 
 
Sasha Rozenberg
Sasha joined Chicago Mercantile Exchange in 2010 to build risk management function for the OTC derivatives, and later served as the Chief Risk Officer of CME. In that capacity, he actively participated and led industry efforts to create a safer financial system. His team developed novel approaches to core risk management issues such as default management, margin models, stress testing, and actively participated in the industry-wide dialog about CCP governance; transparency and reporting; recovery and resolution planning; skin in the game; cross-border harmonization and others. Many of the ideas developed by Sasha and his team became industry standard and a part of the regulatory landscape.
 
Sasha started his career in finance as a quantitative analyst developing derivatives pricing models for Goldman Sachs, JP Morgan, and Morgan Stanley. After that, he was the Head of quants and the product manager for credit derivatives at SuperDerivatives, a financial services startup.
 
After retiring from CME, Sasha is consulting on risk management and is building startups.
 
Sasha holds a Ph.D. in physics from New York University and an undergraduate degree from Moscow Institute for Physics and Technology
 
Sasha holds a Ph.D. in physics from New York University.

 

 

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CCPs, FMUs & the Current Macro-Economic Environment: 
Key Risks, Recent Developments and Primary Considerations for Risk Managers