Speakers

Edwin Schooling Latter is Director of Markets and Wholesale Policy at the Financial Conduct Authority where his responsibilities encompass policy in relation to primary and secondary markets, trading venues, trading conduct, benchmarks, asset management and pensions.  From 2011-2014 Edwin was head of the Financial Market Infrastructure
Directorate at the Bank of England, responsible for supervision of CCPs, securities settlement systems, and systemically important payment systems, and for the Bank’s input to policy making on central clearing and OTC derivatives reforms. Prior to appointment as head of MID, Edwin worked in the Bank’s Financial Stability area for several years, including as secretary to the Bank’s Financial Stability Committee. Edwin was also previously Managing Director of UK payment system, LINK Interchange Network Ltd.

Tom is responsible for Morgan Stanley’s transition efforts to alternative reference rates to
replace LIBOR through the firm’s Global LIBOR Transition Steering Committee. This
group, spanning ISG, Wealth Management and Investment Management, will ensure that
all businesses and infrastructure organizations have a consistent set of Firm-level
guidelines, their own transition plans and accountability for transition readiness before
year-end 2021.
Tom most recently led the firm’s Global Business Continuity Management Organization,
which is responsible for strategic planning and risk management for potential cyber and
physical disruptions. He is a member of the firm’s Securities Operating Committee, Risk
Management Committee and Asset/ Liability Management Committee.
Prior to being named Vice Chairman, Tom was the Global Head of the Bank Resource
Management Division where he was responsible for the firm's secured funding, securities
lending, global hedging and collateral management activities.
Beginning his career in the industry in 1977, Tom joined Morgan Stanley in 1986 and has
been engaged in the Firm’s funding, collateral and hedging activities throughout his
career at the firm. Based in New York, Tom has also completed multi-year assignments
in Morgan Stanley’s London and Tokyo offices.
In April, 2019, Tom was named Chair of the Alternative Reference Rates Committee
(ARRC) by the Federal Reserve Board. The ARRC is a group of private-market
participants convened to help ensure a successful transition from USD LIBOR to a more
robust reference rate.
Tom was appointed Chair of the US Commodity Futures Trading Commission’s Market
Risk Advisory Committee (MRAC) Interest Rate Benchmark Reform Subcommittee in
October, 2018.
Tom served as Chair of the Treasury Market Practices Group (TMPG) until May 2019.
The TMPG is sponsored by the New York Federal Reserve and is an industry group
committed to supporting the integrity and efficiency of the U.S. Treasury and Agency
Mortgage Securities Markets.
Tom serves on the board of directors of International Swaps and Derivatives Association,
Inc. (ISDA). Tom was appointed to the Alternative Reference Rate Committee,
sponsored by the Board of Governors of the Federal Reserve in 2014. Tom previously
served on the Financial Research Advisory Committee to the US Treasury Office of
Financial Research from 2012 to 2017.

William started as an Aeronautic engineer in UK after graduating from Imperial College in 1988.  He moved back to Hong Kong in 1994 as EM rates trader in Chase Manhattan Bank.

In 1998, William joined Goldman Sachs and was promoted as Co-Head of Macro Trading, Asia Pacific.  He then joined Merrill Lynch in 2002 as Managing Director to develop Asia Currency and Rates Trading businesses.

In 2005, William joined HSBC HK to run Asian rates trading.  He was promoted to Head of Rates and Credit, Asia Pacific in 2016.   Since May 2020, William has expanded his role to Head of FICC Trading in Asia.  In 2023, he has been added further responsibility of Head of Markets and Securities Services in HK.

Philip Whitehurst is Head of Service Development for LCH’s Rates business which includes SwapClear, the market-leading swap clearing service it operates.

Based in London, Philip has over 25 years' experience in the OTC Derivatives markets in a range of functions and firms. Following initial roles trading GBP and DEM interest rate swaps and options, Philip spent more than 10 years structuring fixed income derivatives solutions for institutional and retail clients the APac and EMEA regions for the major international investment banks.

Philip joined LCH in 2009 to lead SwapClear’s Product Management function, and has been heavily involved in the design & development of many of LCH’s recent initiatives including SwapClear’s client clearing models, its compression services and the nascent extension into non-cleared OTC derivatives. He has most recently been representing LCH in industry forums, such as ARRC, established to address the challenge of Benchmark Reform.

Duncan Wood is the London-based editor-in-chief of Risk.net. He was promoted to the role at the start of 2015, to lead the editorial reorganisation of the website and its print titles. Wood had been editor of Risk magazine since July 2011. He rejoined Risk as European editor in October 2009, having originally worked for Risk and Asia Risk in London and Hong Kong as a writer and researcher between 1998 and 2000.

In the intervening years, Wood was news editor for the Oliver Wyman-founded online start-up ERisk.com. He also worked freelance for six years while living in Germany, with his work featuring in Euromoney, Financial News, IFR, and The Wall Street Journal, as well as Risk magazine and its sister titles. Wood has written about derivatives and risk throughout his 17-year career in journalism. He is a Neal Awards finalist, and has won Incisive Media's journalist and editor of the year awards.

Mark Cabana is the head of US Short Rates Strategy at BofA Merrill Lynch Global Research, based in New York. In this role, he publishes research and trade recommendations covering US short-term interest rates and macro strategy. He also meets regularly with a broad range of clients to discuss the firm's views on Fed policy, interest rates and financial regulation. He has been with the firm and in this role since 2015.

Before joining the firm, Cabana worked as an officer in the Markets Group at the Federal Reserve Bank of New York, which he joined in January 2007, analyzing global macroeconomic conditions and financial markets. Prior to that role, he was a senior trader/analyst on the Fed’s Treasury Market Policy staff.

Cabana earned a bachelor’s degree in political science and Asian studies at Furman University and a master’s degree from Johns Hopkins University in international relations. He is a CFA charterholder.

Helen Bartholomew is editor-at-Large for Risk.net, based in London. Prior to joining Risk, she was derivatives editor for International Financing Review, part of Thomson Reuters, where she previously reported on debt and equity capital markets. Helen holds a bachelor’s degree in Anthropology from the University of Durham, UK.

Lukas Becker is the Markets desk editor for Risk.net. His topics of interest include over-the-counter derivatives pricing, collateral management, market infrastructure and legal risk. He is based in London.

He was previously the Europe, Middle East and Africa editor of Risk magazine.

Irina Ursachi has over nine years of experience in the banking industry, managing international projects in various European jurisdictions such as UK, France, and Germany. Her expertise covers the design and specification of business processes as well as the implementation of regulatory requirements, the execution of market developments  in trading systems and valuation models.

Mrs. Ursachi is an active contributor to research projects and publications in the area of Risk Management. 

Nicolas Millot has over nine years of experience in the banking industry. He is an expert in the accounting treatment of financial instruments and related disclosures under IFRS and French accounting standards. He answers technical consultations from financial institutions or Corporate and provides various consulting services around implementation of IFRS or French accounting principles.

He has taken part in several working groups of the French accounting standard settler (ANC) and the French auditors regulator (CNCC).

Nicolas also Teaches IFRS at Université Paris Dauphine

Tom is responsible for Morgan Stanley’s transition efforts to alternative reference rates to
replace LIBOR through the firm’s Global LIBOR Transition Steering Committee. This
group, spanning ISG, Wealth Management and Investment Management, will ensure that
all businesses and infrastructure organizations have a consistent set of Firm-level
guidelines, their own transition plans and accountability for transition readiness before
year-end 2021.
Tom most recently led the firm’s Global Business Continuity Management Organization,
which is responsible for strategic planning and risk management for potential cyber and
physical disruptions. He is a member of the firm’s Securities Operating Committee, Risk
Management Committee and Asset/ Liability Management Committee.
Prior to being named Vice Chairman, Tom was the Global Head of the Bank Resource
Management Division where he was responsible for the firm's secured funding, securities
lending, global hedging and collateral management activities.
Beginning his career in the industry in 1977, Tom joined Morgan Stanley in 1986 and has
been engaged in the Firm’s funding, collateral and hedging activities throughout his
career at the firm. Based in New York, Tom has also completed multi-year assignments
in Morgan Stanley’s London and Tokyo offices.
In April, 2019, Tom was named Chair of the Alternative Reference Rates Committee
(ARRC) by the Federal Reserve Board. The ARRC is a group of private-market
participants convened to help ensure a successful transition from USD LIBOR to a more
robust reference rate.
Tom was appointed Chair of the US Commodity Futures Trading Commission’s Market
Risk Advisory Committee (MRAC) Interest Rate Benchmark Reform Subcommittee in
October, 2018.
Tom served as Chair of the Treasury Market Practices Group (TMPG) until May 2019.
The TMPG is sponsored by the New York Federal Reserve and is an industry group
committed to supporting the integrity and efficiency of the U.S. Treasury and Agency
Mortgage Securities Markets.
Tom serves on the board of directors of International Swaps and Derivatives Association,
Inc. (ISDA). Tom was appointed to the Alternative Reference Rate Committee,
sponsored by the Board of Governors of the Federal Reserve in 2014. Tom previously
served on the Financial Research Advisory Committee to the US Treasury Office of
Financial Research from 2012 to 2017.

David Bowman is a Senior Advisor at the Board of Governors of the Federal Reserve System. Mr. Bowman serves as the Board’s senior staff liaison to the Alternative Reference Rates Committee, a group of private sector participants convened by the Board of Governors and Federal Reserve Bank of New York to help identify alternatives to LIBOR and to develop strategies to promote their use. Mr. Bowman also serves as the Board’s representative to the FSB’s Official Sector Steering Group (OSSG) and has previously served as a senior staff member supporting Chairman Jerome Powell in his capacity as co-chair of the OSSG and helped to coordinate the OSSG’s work summarized in the 2014 FSB report, Reforming Major Interest Rate Benchmarks, as well as its subsequent reports. Mr. Bowman additionally serves as the Board of Governor’s representative as an observer to the IBA LIBOR Oversight Committee.

Mr. Bowman has a Ph.D. in Economics from the University of California at Berkeley.
 

Edwin Schooling Latter is Director of Markets and Wholesale Policy at the Financial Conduct Authority where his responsibilities encompass policy in relation to primary and secondary markets, trading venues, trading conduct, benchmarks, asset management and pensions.  From 2011-2014 Edwin was head of the Financial Market Infrastructure
Directorate at the Bank of England, responsible for supervision of CCPs, securities settlement systems, and systemically important payment systems, and for the Bank’s input to policy making on central clearing and OTC derivatives reforms. Prior to appointment as head of MID, Edwin worked in the Bank’s Financial Stability area for several years, including as secretary to the Bank’s Financial Stability Committee. Edwin was also previously Managing Director of UK payment system, LINK Interchange Network Ltd.

Peter Phelan is Deputy Assistant Secretary for Capital Markets at the U.S. Department of the Treasury. His office focuses on housing finance, capital formation, market structure and liquidity, derivatives, equity and fixed income markets, and reference rate reform. Prior to Treasury, Peter was at CIT Group where he ran the interest rate and foreign exchange desk for the company. He worked at Commerzbank AG before that as the deputy desk manager for the North American balance sheet operations, focused on asset liability management and investment portfolios. Peter is a graduate of Dartmouth College.

Thomas C. Deas, Jr. is the current Chairman of the National Association of Corporate Treasurers, having also served a previous term as its Chairman from 2011 through 2013. From 2001 until his retirement in 2016, he served as Vice President and Treasurer of FMC Corporation (NYSE: FMC), with responsibility for the worldwide treasury function, including financing, treasury operations, pension investments and funding, and insurance and risk management. Prior to joining FMC, he served as Vice President, Treasurer and CFO of Applied Tech Products Corp., of Airgas, Inc. (NYSE: ARG) and of Maritrans Inc. (NYSE: TUG). Prior to these positions, Mr. Deas was employed for 18 years at Scott Paper Company (NYSE: SPP), where he served in various capacities in finance and treasury. Mr. Deas received a BS in Physics from the University of South Carolina. Following service as a destroyer officer in the U.S. Navy, he received an MBA from the Wharton School of the University of Pennsylvania. He is the past Chairman of the International Group of Treasury Associations and is a director of the University of South Carolina Educational Foundation and its Investment Policy Committee. He has served as a member of the Financial Stability Board’s Market Participants’ Group and is a current representative to the Federal Reserve’s Alternative Reference Rates Committee. Both these efforts are charged to recommend changes concerning how LIBOR and other interest rate indexes are determined. Mr. Deas is a member of the steering committee of the Coalition for Derivatives End-Users. He is a frequent speaker at investor conferences and professional forums and has testified on financial reform before numerous Congressional committees.

Meredith Coffey is Executive Vice President of the Loan Syndications and Trading Association (LSTA), and runs Research Department and co-heads the LSTA’s regulatory and CLO efforts, which help facilitate continued availability of credit and the efficiency of the loan market. In addition, Ms. Coffey heads efforts to analyze current and anticipated loan market developments, helping the LSTA build strategy and improve market efficiency, and providing commentary through weekly newsletters, periodic conferences and webcasts. Ms. Coffey and the analyst team also engage market participants, press and regulators on issues and developments in the global loan market. Ms. Coffey has published analysis on the syndicated loan market in numerous books and periodicals, presents frequently, and has testified several times before Congress on issues pertaining to theloan and CLO markets. Prior to joining the LSTA, Ms. Coffey was Senior Vice President and Director of Analysis focusing on the loan and adjacent markets for Thomson Reuters LPC, working in and running loan research for 15 years. Ms. Coffey has a B.A. in Economics from Swarthmore College and a graduate degree in Economics from New York University.

Mark Cabana is the head of US Short Rates Strategy at BofA Merrill Lynch Global Research, based in New York. In this role, he publishes research and trade recommendations covering US short-term interest rates and macro strategy. He also meets regularly with a broad range of clients to discuss the firm's views on Fed policy, interest rates and financial regulation. He has been with the firm and in this role since 2015.

Before joining the firm, Cabana worked as an officer in the Markets Group at the Federal Reserve Bank of New York, which he joined in January 2007, analyzing global macroeconomic conditions and financial markets. Prior to that role, he was a senior trader/analyst on the Fed’s Treasury Market Policy staff.

Cabana earned a bachelor’s degree in political science and Asian studies at Furman University and a master’s degree from Johns Hopkins University in international relations. He is a CFA charterholder.

Darrell Duffie, Dean Witter Distinguished Professor of Finance at the Graduate School of Business, STANFORD UNIVERSITY

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business, and Professor (by courtesy) in the Department of Economics, Stanford University.

Duffie is a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and a member of the board of directors of Moody's Corporation. He was the 2009 president of the American Finance Association, and in 2014 chaired the Financial Stability Board's Market Participants Group on Reference Rate Reform.

Duffie's recent focuses on capital markets and financial stability. His research is published in journals such as Econometrica, Journal of Political Economy, and Journal of Finance, among others. His recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).

Andreas Giannopoulos is Head of Benchmark Interest Rates Governance at Barclays and leads Barclays’ Benchmarks Office. Since 2015, he has worked in the Chair's Office of the Bank of England's Working Group on Sterling Risk Free Reference Rates and in the Working Group on Euro Risk-Free Rates since 2017.

Jason is responsible for the firm's London Inter-bank Offered Rate (LIBOR) transition efforts. Previously, he was deputy head of Liquidity Solutions for Goldman Sachs Asset Management (GSAM). From 2010 to 2017, Jason was the head of International Liquidity Portfolio Management for GSAM, responsible for the management of international liquidity portfolios. From 2007 to 2010, he was co-head of the Secured Funding team on the Central Funding desk, where he and his team were responsible for all financing transactions and financing counterparty relationships across the Investment Management Division. Prior to that, Jason worked in the portfolio and risk strategy group of GSAM’s Fixed Income team from 2004 to 2007. Before joining GSAM, he was an analyst in Fixed Income Operations. Jason joined Goldman Sachs in 2000 and was named managing director in 2012. Jason was recognized by Financial News as one of the “FN 40 Under 40 Rising Stars of Asset Management” in 2013 and 2014. Jason serves on the Board of Trustees of Fairy Bricks. Jason earned a BA in Economics from the University of Michigan in 2000.

Andrew Hauser is the Executive Director for Markets. He is responsible for all aspects of the design and execution of the Bank of England’s operations in financial markets, which includes managing the Bank’s own balance sheet and overseeing the UK’s official foreign exchange reserves on behalf of HM Treasury. In addition to these operational duties, he is responsible for market intelligence gathering and providing the Bank’s Monetary Policy and Financial Policy Committees with analysis of global financial markets.

Andrew joined the Bank in 1992 and has worked in senior roles in most major functions.  Most recently, he was Executive Director for Banking, Payments and Financial Resilience. He oversaw the development of the Bank’s own financial risk framework, the operation and strategic development of payment systems, and wholesale and retail banking operations. He was also the executive sponsor for the Bank’s work on FinTech, including setting up of the FinTech Hub. Prior to this, he led the joint Bank/HMT/FCA Fair and Effective Markets Review.

Andrew was Private Secretary to the Governor in 2009-11. He also represented the United Kingdom as a member of the Executive Board of the International Monetary Fund in Washington DC in 2004-6, had oversight of the Bank’s Inflation Report and regional agency network, and served on the secretariat to the Monetary and Financial Policy Committees.

Andrew has an MSc in Economics from the London School of Economics and an MA in Politics, Philosophy and Economics from Oxford University.  In addition to his role at the Bank of England, he was a Non‐Executive Director and Chair of the Audit and Risk Committee for NHS Resolution between 2013 and 2017.

Timothy J. Bowler is President of ICE Benchmark Administration, a wholly-owned subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE). IBA combines robust regulatory and governance frameworks with advanced technology to bring credibility and trust to globally important benchmarks. 

Prior to joining ICE Benchmark Administration in October of 2017, Bowler was a managing director in the Financial Institutions Group at Goldman Sachs advising U.S. depository institutions. Before returning to Goldman Sachs in 2016, Bowler was Counselor to Secretary Lew at the U.S. Treasury. In that function, he was responsible for advising the Secretary on matters related to Housing Finance Reform and troubled municipalities including the Commonwealth of Puerto Rico. He previously served as the U.S. Treasury’s Acting Assistant Secretary for Financial Stability and Deputy Assistant Secretary for the Office of Capital Markets.

Before the U.S. Treasury, Bowler was a managing director in Goldman Sachs’ Financial Institutions Group and held various capital markets and risk management roles at JPMorgan.

Bowler earned a Bachelor of Science degree with a concentration in Finance from the College of William and Mary.

Jasper is Director of G7 Portfolio Management within the EBRD Treasury. He oversees the central risk warehouse for all hard currency risks across the Bank’s balance sheet, and is also heavily involved with IBOR transition across various RFR working groups. Jasper joined the EBRD in 2011. Previously he worked as a macro trader, and was a market maker at ABN AMRO.

Phil leads NatWest Markets’ customer engagement on external Market Structure and Regulatory Reforms, an ever dynamic area given that industry developments are  accelerating rather than drawing breath. Engaging all types of customers across multiple asset classes and regions globally, Phil has a wealth of knowledge when it comes to
NatWest Markets’ business, having joined the Markets Graduate Programme many years ago following completion of his Masters in Economics. His breadth of experience, given previous roles in Sales, Account Planning and Strategy, has been invaluable in providing him with the basis on which he has built a well-rounded approach to
regulatory change.

In recent years, he has taken the lead in implementing many key post-crisis regulatory reforms, including Dodd-Frank, EMIR and MiFID II. Most recently Phil has been leading the client engagement strategy for Brexit and IBOR reform and is an active member of the Risk-Free Rates (RFRs) forums that are shaping this pivotal market reform.

Chris is Managing Director, Global Head of Derivatives Trading for Prudential Financial.  His responsibilities include global fixed income and equity derivatives as well as foreign exchange.  Chris began his career with Prudential in 1989, and has worked within Prudential’s derivatives subsidiary since 1993.  He has been in his current role since 2002. 

Chris holds a BA in Economics from Macalester College and an MBA with Distinction in Finance with an International Concentration from NYU.  Chris has earned both the CFA and CLU designations.

Subadra Rajappa joined Societe Generale in October 2014 as Head of US Rates Strategy. In her current role she is responsible for publishing thematic research on US rates markets and highlighting relevant trading opportunities. She is a frequent speaker at internal and industry conferences where she presents her broader market views to the firm’s clients. She currently represents SG at the alternative reference rate committee (ARRC) and is actively involved in discussions with industry groups around transitioning to the new reference rate.

Subadra has over 20 years of experience in the financial industry. Previous at Morgan Stanley, she was a senior rates strategist focused on macro themes in the rates markets. She was the lead strategist covering many topics and presenting in-depth research in fixed-income derivatives, inflation, money markets and the evolving regulatory environment.

Subadra has extensive experience in global fixed-income markets including positions in research, sales and strategy at Morgan Stanley and Citigroup. She has a strong quantitative background and started her career in finance at Salomon Brothers as a quantitative analyst where she focused on emerging market derivatives and credit derivatives before transitioning to rates.

Philip Whitehurst is Head of Service Development for LCH’s Rates business which includes SwapClear, the market-leading swap clearing service it operates.

Based in London, Philip has over 25 years' experience in the OTC Derivatives markets in a range of functions and firms. Following initial roles trading GBP and DEM interest rate swaps and options, Philip spent more than 10 years structuring fixed income derivatives solutions for institutional and retail clients the APac and EMEA regions for the major international investment banks.

Philip joined LCH in 2009 to lead SwapClear’s Product Management function, and has been heavily involved in the design & development of many of LCH’s recent initiatives including SwapClear’s client clearing models, its compression services and the nascent extension into non-cleared OTC derivatives. He has most recently been representing LCH in industry forums, such as ARRC, established to address the challenge of Benchmark Reform.

Liang Wu is an Executive Director of Financial Engineering and heads up CrossAsset Product Management at Numerix. Wu has previously served as VP of Financial Engineering in the Client Solution Group at Numerix. Before joining Numerix in 2015, he worked at CME Group and HSBC in Pricing and Valuation, and Model Review roles. He holds an MSc degree in Financial Engineering from Columbia University, an MSc degree in Space Physics from Rice University and a BSc degree in Geophysics from University of Science and Technology of China.

Duncan Wood is the London-based editor-in-chief of Risk.net. He was promoted to the role at the start of 2015, to lead the editorial reorganisation of the website and its print titles. Wood had been editor of Risk magazine since July 2011. He rejoined Risk as European editor in October 2009, having originally worked for Risk and Asia Risk in London and Hong Kong as a writer and researcher between 1998 and 2000.

In the intervening years, Wood was news editor for the Oliver Wyman-founded online start-up ERisk.com. He also worked freelance for six years while living in Germany, with his work featuring in Euromoney, Financial News, IFR, and The Wall Street Journal, as well as Risk magazine and its sister titles. Wood has written about derivatives and risk throughout his 17-year career in journalism. He is a Neal Awards finalist, and has won Incisive Media's journalist and editor of the year awards.

Helen Bartholomew is editor-at-Large for Risk.net, based in London. Prior to joining Risk, she was derivatives editor for International Financing Review, part of Thomson Reuters, where she previously reported on debt and equity capital markets. Helen holds a bachelor’s degree in Anthropology from the University of Durham, UK.

Lukas Becker is the derivatives desk editor for Risk.net. His topics of interest include over-the-counter derivatives pricing, collateral management, market infrastructure and legal risk. He is based in London. He was previously the Europe, Middle East and Africa editor of Risk magazine.