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Fundamentals of Swaps & Other Derivatives 2012


Speaker(s): Angie Karna, Cristina Perez, David J. Gilberg, David R. Sahr, Gary Barnett, Gary M. Rosenblum, Joshua D. Cohn, Katherine Darras, Lauren Teigland-Hunt, Matthew J. Hooper, Ray Shirazi, Rick Grove, Scott L. Flood, Silas J. Findley
Recorded on: Oct. 15, 2012
PLI Program #: 34584

Matthew Hooper is a Director in the Legal Department in the Investment Banking Division of Barclays Bank PLC. His primary practice area is OTC Commodities. He joined Barclays London office in 2000 to provide legal support to Barclays' commodities business unit as it developed from a U.K. financial OTC commodities trading business into a global OTC commodities business that trades both physically-settled and financially-settled oil, gas and power commodities, base and precious metals, commodities investor products, emissions, pulp and freight across all regions in the world.  He transferred over to Barclays New York office in 2003 to assist the build out of the physical power and gas trading business in North America. Prior to joining Barclays, he practiced in the field of commercial and personal injury litigation for 5 years. Matthew is qualified as a solicitor and barrister in the Northern Territory of Australia and the Federal Courts of Australia; he is qualified as a solicitor in the United Kingdom and is qualified as an attorney in New York State.


Silas Findley is a Director and Legal Counsel and has been with Citi since 2007. Prior to joining Citi, Mr. Findley was a Director at Financial Guaranty Insurance Company and practiced law at Sidley Austin LLP. He acts as primary legal coverage for several of Citi's credit trading businesses.

Mr. Findley received a J.D. with high distinction from the University of Iowa College of Law. Member of the Illinois and New York Bars.

 


Angie Karna is a Managing Director in the Legal Department of Nomura Holding America Inc. in New York. She is the Head of Legal for Global Markets, Americas. Angie joined Nomura in September 2009.

Prior to joining Nomura, Angie was a senior attorney at Barclays Capital and Lehman Brothers in New York. She joined Lehman Brothers in 2000 and joined Barclays Capital when it purchased the US operations of Lehman Brothers in September 2008. Prior to Lehman Brothers, Angie worked at Shearman and Sterling in New York, CIBC World Markets in Toronto and Osler, Hoskin & Harcourt in Toronto.

Angie holds a J.D. degree, an LL.B degree and a Bachelor of Science degree. She is a member of the Bar in New York and Ontario, Canada.

Angie has been appointed by the U.S. Commodity Futures Trading Commission (the “CFTC”) to serve as Chair of the CFTC’s Global Markets Advisory Committee (“GMAC”); she was previously appointed to serve as a member of the GMAC from 2015 – 2016. She has been appointed to serve on the National Futures Association’s (“NFA”) Business Conduct Committee and she has been elected to serve on the Swap Dealer Subcommittee of the NFA Nominating Committee.

Angie is the Chair of the Finance and Audit Committee and she serves on the Executive Committee of the Board of Trustees of the Institute of International Bankers (“IIB”).  Angie was a Co-Chair and a Vice Chair of the Securities Industry and Financial Markets Association (“SIFMA”) Swap Dealer Committee (“SDC”) from 2014 – 2018 and she continues to Co-Chair the SDC Cross-Border Subcommittee. Angie is an active member of additional SIFMA, IIB, International Swaps and Derivatives Association (“ISDA”) and other industry association committees and working groups. Angie is a founder and Board Member of Women in Derivatives, a nonprofit organization whose mission is to attract, retain, educate and develop female leaders in the financial industry.

Angie is a frequent speaker at industry conferences.

Angie is the Chair and Sponsor of Nomura’s global Dodd-Frank program and leads other market structure regulatory initiatives. She is the Chair of Nomura’s Diversity and Inclusion Committee and an Executive Sponsor of Nomura’s Women’s Network.

Angie was a recipient of the 2015 Outstanding 50 Asian Americans in Business Award.


David Sahr advises domestic and foreign financial institutions on regulatory, enforcement and compliance matters, including with respect to the extraterritorial impact of US regulation. He represents banks and their affiliates before federal and state agencies, including the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission.

David has worked closely with banks and trade associations on the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). He has drafted comment letters on new capital rules, the Volcker Rule and new derivatives regulations.

David is also advising several foreign and US banks on their implementation of the requirements of Dodd-Frank, including the extraterritorial impacts. For example, he has provided in depth advice with respect to the prohibition on proprietary trading and on sponsorship of and investment in covered funds by banking entities (the Volcker Rule) and the regulation of OTC derivatives. Chambers USA 2011 noted David’s work “advising a number of foreign lenders and other financial services entities on Dodd-Frank compliance, ” and according to Chambers USA 2012, “[h]e is widely admired by peers and clients alike, who highlight him as being ‘very responsive and extremely well informed.’”


Gary Barnett is the founder and CEO of Digital Capital Markets, LLC, an SEC registered broker-dealer and FINRA member.

Mr. Barnett is a former Deputy Director in the Division of Trading and Markets at the U.S. Securities and Exchange Commission, where he was responsible for (i) broker-dealer oversight, including capital, margin and segregation rules, governance and risk management; (ii) derivatives policy; (iii) certain trading practices; and (iv) Volcker.

Prior to joining the SEC, Mr. Barnett was the Commodity Futures Trading Commission’s Director of the Division of Swap Dealer and Intermediary Oversight. There he established the swap dealer registration and compliance programs, led the responses to the FCM and RFED crises following MF Global, including the reorientation of the exam program and the creation and adoption of the FCM customer protection rules, and formed DSIO’s CPO/CTA team and led many of its key initiatives.

Before joining the CFTC in 2011, he was a partner and head of the U.S. Derivatives and Structured Finance Practice Group at Linklaters LLP. Prior to Linklaters, he was a partner and co-head of the Securitization and Derivatives Practice at Shearman & Sterling LLP.

Mr. Barnett was an adjunct professor of law and taught Derivatives Regulation at Cornell Law School from 2012 through 2015, chaired PLI’s annual conference on New Developments in Securitization from 1995 through 2010, is co-Chair of the PLI annual conferences on fundamental and advanced swaps and other derivatives, and is a member of the New York, California and Oklahoma bars. 

 


Gary Rosenblum is a Managing Director and Associate General Counsel in the Legal Department of Bank of America Corporation, in New York. He is Senior Counsel for Bank of America Merrill Lynch’s Corporate Equity Derivatives Group and the Americas Equity Sales and Swaps Groups.  He joined Merrill Lynch in 1997 and stayed with the company when it was merged with Bank of America Corporation in January 2009.

Prior to Merrill Lynch, Mr. Rosenblum worked at Proskauer, Rose in New York and Blank, Rome, Comiskey & McCauley in Philadelphia and Miami. He is a member of the Bar in New York, Florida and Pennsylvania. He is the Bank of America Merrill Lynch Legal representative on the  ISDA Equity Steering Committee, and is a member of a number of other ISDA and SIFMA committees and working groups. He is a frequent speaker at industry conferences.


Josh Cohn provides derivatives dispute advisory and expert witness services.

Josh retired in 2016 as Partner and head of Mayer Brown’s US Derivatives & Structured Products practice and co-leader of the global Derivatives & Structured Products practice.  He concentrated his practice on derivatives, having extensive experience as US counsel to the International Swaps and Derivatives Association (ISDA), and representing dealers and end-users in a wide range of transactions.

Josh’s positions in years prior included, Partner, Allen & Overy, Derivatives Counsel, Cravath, Swaine & Moore and Senior Vice President and General Counsel, DKB Financial Products, Inc.

Josh has been listed for derivatives law in The Best Lawyers in America, IFLR 1000 and The Legal 500.  Josh has been ranked band 1 in Chambers USA since 2008, having been characterized in  the years since as “a derivatives oracle,” “ luminary” and “doubtless one of the best derivatives lawyers in the world.”

Josh is on the P.R.I.M.E. Finance Panel of Recognized International Market Experts in Finance.


Lauren Teigland-Hunt is Managing Partner at Teigland-Hunt LLP. Her practice focuses on both OTC and listed derivative transactions as well as physical commodity and securities trading.  She has extensive experience representing hedge funds, asset managers, multinational corporations and financial institutions, exchanges and clearinghouses, swap data repositories and trade associations in a wide range of trading matters and products, including fixed income, credit, equity, foreign exchange and commodity instruments.

Having advised on the development of some of the first clearing platforms for swaps, she is one of the industry’s leading experts in swap clearing. She also actively advises and advocates for clients with respect to rules promulgated under the Dodd-Frank Act and other matters related to derivatives reform and U.S. commodities law and regulation. In recent years she has acted as counsel to several ISDA drafting committees and served as chair of the OTC Derivatives Subcommittee of the American Bar Association.

Prior to founding Teigland-Hunt LLP in 2002, Lauren was an attorney at Sullivan & Cromwell LLP in the firm’s Commodities, Futures and Derivatives Group (1996-2002) and worked as a futures trader and banker in New York and Paris (1986-1993). She graduated with honors from both Stanford Law School (J.D. 1996) and Georgetown University (A.B. 1986).


Rick Grove is the Chief Executive Officer of Rutter Associates LLC, the New York based financial markets risk management consulting firm.  Rutter’s consulting practice encompasses a wide range of risk management and valuation advisory work for financial institutions, corporations and regulators in the Americas, Asia and Europe.  Rick’s own practice focuses on derivatives and structured credit products.  He has acted as a consultant and expert on a variety of disputes being mediated, arbitrated or litigated in New York, London, Hong Kong, Shanghai, Singapore, Stockholm and Taipei.

Rick has spent over 30 years working in the financial markets, as both an investment banker and a lawyer.  From 1997 to 2001, he was the CEO of ISDA.  Following ISDA, Rick was a Managing Director at Bank of America, co-managing the Global Commodity Derivatives Group.  Prior to joining ISDA, he worked as a marketer in the derivatives business at Paribas Capital Markets and headed the Financing Desk and the Fixed Income Syndicate Desk in New York.  Rick originally joined Banque Paribas as General Counsel of Paribas Corporation after practicing capital markets, mergers & acquisitions and general corporate law with Cravath, Swaine & Moore in New York and London.

Rick is a member of the panel of experts of PRIME Finance, the financial markets dispute resolution service in The Hague.  He has chaired ISDA’s U.S. Regulatory Committee and testified about derivatives in the Senate and House of Representatives.  He has served on ISDA’s panel of experts for credit event determinations.

Rick has taught classes on derivatives, structured credit products and risk management at the CFTC, the Bank of England, the Japanese FSA, the Bank of China Institute for International Finance (Beijing), the Reserve Bank of New Zealand (Wellington), the National Bank of Georgia (Tbilisi), the National Bank of Kazakhstan (Almaty) and Columbia, Fordham, NYU, Princeton, St Andrews and National Taiwan universities.

Rick has conducted training sessions on financial markets transactions for judges in Australia, Chile, China, Delaware, Hong Kong, Romania, Singapore and Taiwan.

Rick is a member of the International Institute for Strategic Studies in London, the Atlantic Council in Washington, the International Advisory Committee of EcoPeace Middle East and the Board of the University of St Andrews American Foundation. 

Rick received his J.D. from Harvard University and his A.B. from Princeton University.


Cristina Pérez is a Managing Director and Associate General Counsel for HSBC Securities (USA), Inc. where she supports the fixed income structuring businesses for the Americas and is responsible for the regional netting and collateral opinion review and approval. Before joining HSBC in 2006, Cristina was a Vice President at Credit Suisse’s Legal and Compliance Department and an associate at Shearman and Sterling, working in both cases on derivatives and structured finance matters.  Cristina has also practiced civil law in Ecuador where she advised U.S. and European oil, communication and other companies regarding cross-border acquisitions and credit transactions.  She has vast experience working with Latin America.

Cristina has a JD from New York University School of Law and a BA “Cum Laude” from Williams College.  She also has a law degree from the Pontificia Universidad Católica del Ecuador. From 1997 to 1999, Cristina was an associate professor at the Pontificia Universidad Católica’s School of Law and taught courses in comparative law, ethics and lawyering.

Cristina is qualified to practice law in New York State and Ecuador.


David Gilberg is a partner of Sullivan & Cromwell LLP and practices primarily in the area of  derivatives and trading-related matters, including regulation of derivative products and market participants, registration, compliance and regulation under the Commodity Exchange Act, the federal securities laws, the banking laws and the Dodd-Frank Act generally.  Mr. Gilberg advises a broad range of financial institution clients on the regulation of swap dealers and swap transactions; development of clearing systems, exchanges and electronic trading facilities for the trading of derivatives and other financial instruments; regulation of hedge funds and other private funds and managed vehicles; development of financial indices and indexed products and related matters.  Mr. Gilberg graduated from Harvard Law School in 1981 and from the University of Pennsylvania, with a B.A. and M.A., in 1978.


Katherine Darras is ISDA’s General Counsel. She joined ISDA in 2001 as assistant general counsel, became General Counsel, Americas in January 2008 and General Counsel in June 2016. Ms. Darras has been team leader for a wide variety of ISDA publications, including the 2002 Equity Definitions, the 2006 Inflation Definitions, the 2006 ISDA interest rates definitions and the 2011 Equity Derivatives Definitions; Ms. Darras also led the creation of the Dodd-Frank protocols and is responsible for the ISDA Amend electronic documentation facility.  Before joining ISDA, Ms. Darras was an associate at Salans LLP in New York, where she worked in the financial institutions group.

Ms. Darras holds a BA (Honours) from the University of Western Ontario, an LL.B. from Queen's University at Kingston, Ontario and is a member of the New York Bar.


Ray Shirazi is a Partner in the Financial Services Department of Cadwalader, Wickersham & Taft LLP.  Mr. Shirazi represents financial institutions and end-users in transactions involving derivatives, including equity, credit and fixed-income derivatives.

Mr. Shirazi received his J.D. in 1988 from UCLA where he was managing editor of the UCLA Law Review.  He received his undergraduate degree from the UC Riverside, where he graduated, cum laude, in 1984.


Scott L. Flood is a Managing Director and Senior Deputy General Counsel.  He started in 1990 at Salomon Brothers Inc., a predecessor firm to Citi. He is the Co-Head of the Markets and Securities Services Legal team in Citi’s Institutional Client Group with lawyers in New York, London, Singapore and Hong Kong. Lawyers in this Group cover Securitized Products, Derivatives, Foreign Exchange, Commodities, Fixed Income and Equity, Futures, Custody and Clearing and Investor Services.  He advises the Institutional Client Group on sales and trading, capital market products, corporate governance and regulatory matters.  He also advises Risk, Treasury, Operations and Financial Reporting departments on legal, regulatory and credit matters. Prior to joining Salomon, Mr. Flood was associated with White and Case.

Mr. Flood received a B.A. from Amherst College in Economics and a J.D. from Harvard Law School.  After Harvard, Mr. Flood clerked for the Hon. David Nelson, U.S. District Court of Massachusetts.  He is active on a number of industry committees and is a member of the New York Bar and the Massachusetts Bar.