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Advanced Swaps & Other Derivatives 2012


Speaker(s): Charles M. Miller, Christopher L. Ramsay, David Meister, David Yeres, David Z Moss, Don Thompson, Douglas E. Harris, Gary Barnett, Geoffrey B. Goldman, Harold S. Novikoff, Jeffrey T. Waddle, Joshua D. Cohn, Kathryn M. Trkla, Kenneth M. Raisler, Kevin Walek, Laura Schisgall, Lauren Teigland-Hunt, Mark A. Steffensen, Mark G. Hanchet, Mark H. Leeds, Mary P. Johannes, Matthew Daigler, Michael D. Bopp, Michael S. Sackheim, Nevis Bregasi, Paul M. Architzel, R. Penifield Starke, Robert C. Lee, Sarah Lee, Seth Grosshandler, Silas J. Findley, William Thum, William A. Curran
Recorded on: Oct. 16, 2012
PLI Program #: 34592

Charles Miller specializes in litigation in connection with debt and equity securities and derivatives, and structured financial products. Mr. Miller has extensive experience advising corporations, total return funds, high net worth individuals, and other market participants with respect to their positions in securities, derivatives, and structured products, including potential legal claims relating to such positions. Mr. Miller has extensive knowledge of, and experience with, a broad range of financial products, including asset-backed securities, collateralized debt obligations, and structured derivative transactions effecting risk transference through trust structures. Mr. Miller is also experienced in litigation arising in connection with the purchase and sale of residential mortgage-backed securities (“RMBS”), including agency and private label RMBS, as well as collateralized debt obligations (“CDOs”) securitizing or synthetically referencing RMBS and other assets. Mr. Miller has extensive knowledge of the Securities Act of 1933 and the Securities Exchange Act of 1934, including securities claims pursuant to Sections 11, 12, and 15 of the ’33 Act, and Section 10(b) and Rule 10b-5 of the ’34 Act.

Mr. Miller has extensive knowledge of the International Swaps and Derivatives Association (“ISDA”) form derivative contracts and related
protocols, and remains current with respect to potential changes to derivative execution and clearing pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Mr. Miller is a 1997 graduate of the Fordham University School of Law, where he taught trial advocacy as an adjunct professor following graduation.


David Yeres, who has over 35 years experience in government and private practice with Commodity Exchange Act matters, heads the
Clifford Chance US commodities and derivatives enforcement practice. Mr. Yeres was counsel to the Chairman of the Commodity Futures
Trading Commission, the federal regulatory agency for commodity futures and options trading, and served on the Commission’s Financial Products Advisory Committee. He was also the Deputy Associate Attorney General of the United States as well as a federal criminal prosecutor. He is the former chairman of the New York State Bar Association Committee on Commodities Law.

Mr. Yeres, who has been in private practice since 1983, has represented, among others, trading companies, banks, and funds with regard to related internal investigations and contentious matters, as well as the dealing or trading in a wide range of physical and financial commodities transactions. He has advised domestic and international clients on the development and operation of various financial products including funds and other structured vehicles that utilize derivative transactions, securities and foreign exchange as well as commodities. Mr. Yeres served as an adjunct professor of Commodity Exchange Act regulation at the Fordham Law School and is widely acknowledged as expert in the Commodity Futures Trading Commission's regulation and enforcement program.


Mark Hanchet's practice at Mayer Brown focuses on commercial litigation, arbitration, complex business litigation, securities litigation and regulatory enforcement, primarily involving financial institutions. He serves as one of the Firm's Group Leaders, for International Banking and Financial Services Litigation. Mark has experience in all phases of litigation, not only at the trial and appellate levels in federal and state courts, but also in various alternative dispute resolution forums.

Much of Mark's financial services practice is international in nature; he routinely represents banks in connection with cross-border litigation and in proceedings seeking attachments and injunctions concerning assets located in the US and abroad. He also advises clients on a variety of issues relating to international dispute resolution, including forum selection, jurisdiction, service of process, and he is well-versed in navigating international discovery and judgment enforcement issues.

Representative financial services clients in recent matters include the following institutions and their affiliates: Associated Bank; Banco de Chile; Bank Leumi; Bank of America; Bank Hapaolim; Bank of New York; Banque Libano-Française SAL; Bayerische Landesbank; CIBC; Chevy Chase Bank; Citibank; Credit Suisse; Dresdner Bank; Fortis Bank; HSBC; IKB; Schroders; SMBC; Société Générale; Standard Bank of South Africa; Toronto Dominion Bank; UBS; and Wachovia.

Mark also represents a wide range of clients involved in litigation flowing from complex business transactions. He recently has provided legal counsel and representation to the following entities and their affiliates in various engagements: ABB, Inc.; Cargill; Ion Media Networks; Macquarie; Merrill Lynch; Nestle, S.A., Penson Worldwide, Inc.; Starwood Capital Group; Swisscom; Toyota Motors; and Unilever.
Mark joined Mayer Brown in 2005. Previously, he was a partner with another prominent law firm in New York.

Education

  • Université de Strasbourg III, DEA, 1988
  • McGill University, BCL, LLB, 1987 (Editor, Law Journal)
  • McGill University, BA, 1983

Admitted
  • US District Court of Appeals for the Eleventh Circuit, 2003
  • US District Court of Appeals for the Second Circuit, 1995
  • US District Court for the Eastern District of New York, 1993
  • US Court for the Southern District of New York, 1989
  • US Court for the Western District of New York, 2008
  • New York, 1989


Matthew A. Daigler is Senior Special Counsel in the Office of Derivatives Policy in the Division of Trading and Markets, U.S. Securities and Exchange Commission. In this position, he is responsible for addressing various regulatory issues relating to derivatives, including determining the legal status of new financial products and implementing Title VII of the Dodd-Frank Act. Prior to his current position, Mr. Daigler was counsel to Commissioner Elisse B. Walter, where he advised her on a wide range of issues relating to markets, market participants, and financial products. He is a graduate of the University of Toronto (B.A.), Boston College (Ph.D.), and the University of Chicago Law School (J.D.), and is a member of the Massachusetts bar. 


Paul M. Architzel is a partner in the Securities Department, Chair of the Derivatives and Futures Practice Group and a member of the Broker-Dealer Compliance and Regulation Group. Mr. Architzel advises firm clients on compliance with the recent regulatory reform mandates of the swaps and derivatives markets.

Mr. Architzel’s practice focuses on all areas of futures regulation, including the regulation of commodity pools and commodity trading advisors, and the regulation of futures exchanges, derivatives clearing organizations and futures commission merchants. He is an expert on issues involving the listed derivatives markets, the clearing and trading of OTC derivatives, end-user market participation and cross-border access issues. He also handles complex matters that involve the overlapping jurisdiction of securities and futures regulations, as well as compliance issues facing hedge funds and commodity pools. Mr. Architzel has practiced actively before the Commodity Futures Trading Commission (CFTC) as well as the Securities and Exchange Commission (SEC), and is a frequent speaker at futures and derivatives industry conferences.

Before entering private practice, Mr. Architzel served as Chief Counsel of the Division of Economic Analysis, now the Division of Market Oversight, at the CFTC for more than 20 years, and was the chief architect of the Core Principle framework for futures market regulation.

Mr. Architzel also spent several years as the in-house chief US regulatory counsel for Eurex Frankfurt AG, a global derivatives/futures exchange and clearinghouse. Mr. Architzel is an adjunct professor of law in the Securities and Financial Regulation LLM program at Georgetown University Law Center where he teaches Futures Regulation and the Commodity Exchange Act.


David Meister heads Skadden’s Government Enforcement and White Collar Crime Group in New York. Having served twice in federal law enforcement — most recently as Enforcement Director of the U.S. Commodity Futures Trading Commission (CFTC) and previously as an assistant United States attorney in the Southern District of New York — Mr. Meister has more than 25 years of experience litigating enforcement and white collar crime matters from both the prosecution and the defense perspectives. He represents financial institutions and other corporations and their boards, and individuals, in matters involving the full range of federal, state and international criminal and enforcement agencies. He has conducted numer­ous jury trials and has led internal investigations throughout his career.

Mr. Meister rejoined Skadden in 2014 after serving for nearly three years as Director of the CFTC’s Enforcement Division, where he was responsible for the overall direction of the program. Under Mr. Meister’s leadership, the CFTC conducted hundreds of investigations involving physical commodities, futures, swaps and other derivatives, and brought record numbers of enforcement actions with record sanctions. For instance, he led the CFTC’s investigation and prosecution of the first-ever Dodd-Frank Act charges; cases involving worldwide LIBOR and other benchmark manipulation; commodities market fraud and manipulation; supervision failures; unlawful trading practices; misuses of customer funds; deficient accounting and auditing; and Ponzi schemes. He also led key Dodd-Frank rule­makings, such as the prohibition against a wide range of manipulative and deceptive conduct and the whistleblower rule.

As Director, Mr. Meister worked closely with top leadership at the SEC, the DOJ and numer­ous U.S. attorneys’ offices, the Federal Energy Regulatory Commission, and other federal and state agencies and self-regulatory organizations across the country, as well as the U.K. Financial Conduct Authority and financial market regulators in Europe, Asia and Australia. He served as co-chair of the Securities and Commodities Fraud Working Group of the Finan­cial Fraud Enforcement Task Force, which President Obama established in 2009. Mr. Meister also was a key liaison with congressional oversight committees.

Prior to his CFTC appointment, Mr. Meister was a partner at Skadden, where he handled a broad array of high-profile white collar matters involving the securities and derivatives markets, complex accounting, insider trading, disclosures, the Foreign Corrupt Practices Act, tax laws and a variety of other subjects. For instance, he acted for clients in cases concern­ing the financial crisis, auction rate securities, mutual fund market timing, collateralized debt obligations, subprime mortgages and credit default swaps. Mr. Meister has extensive cross-border investigative experience and has counseled clients in the U.K., Europe and Asia concerning the impact of U.S. laws abroad. He also has routinely handled complex private litigation in parallel to white collar matters.

Mr. Meister previously served as an assistant U.S. attorney in the U.S. Attorney’s Office for the Southern District of New York, prosecuting a wide variety of cases as a member of that office’s Securities and Commodities Fraud Task Force and representing the government in numerous trials and appeals.

Education

J.D., Columbia University School of Law, 1987 (Harlan Fiske Stone Scholar)

BChE, University of Delaware, 1984 (cum laude)

Bar Admissions

New York

Publications

“The Territorial Barrier to Commodity Exchange Acts Suits,” The National Law Journal, November 13, 2014

“Rule 180.1: The CFTC Targets Fraud and Manipulation,” New York Law Journal, April 7, 2014


Bill Curran works in Morgan Stanley's Institutional Compliance Department covering portions of the firm's Fixed Income, Repurchase and OTC Clearing businesses. Bill began his career at Morgan Stanley in 2005 and previously covered prime brokerage and securities lending.  Prior to joining Morgan Stanley, Bill served as regulatory counsel for the American Stock Exchange and was in private practice as an attorney before that. Bill received his law degree from Seton Hall University School of law and his Bachelor of Arts in Political Science and Economics from Rutgers College.

 


David Z. Moss joined Purrington Moody Weil LLP as a Partner in March 2012. Prior to joining the firm, Mr. Moss was Senior Vice President & Counsel at D. E. Shaw & Co., L.P., where he managed the documentation group and for more than ten years handled a range of hedge fund and asset management trading agreements as well as regulatory matters relating to OTC derivatives. 

Purrington Moody Weil is a boutique law firm representing primarily buy-side clients on investment management, corporate, regulatory and transactional matters. Mr. Moss' practice is primarily in OTC derivatives, prime brokerage, and futures; he handles both trading agreements and regulatory compliance matters in each of those areas. His OTC derivatives experience includes having represented the D. E. Shaw group on ISDA's Equity Steering Committee and as a voting member of the ISDA Credit Derivatives Determinations Committee. He acted as co-chair of the ISDA working group responsible for the Equity Derivatives Determinations Committee and was one of the primary buy-side negotiators in the 2011 ISDA Equity Derivatives Definitions project. He was also a member of the MFA's OTC Derivatives Regulatory Subcommittee as well as the FIA working group that drafted the OTC clearing addendum.

Mr. Moss received his J.D. from the UC Berkeley School of Law in 1994, where he was a member of the Order of the Coif, and his B.A. in economics from the University of California, Berkeley in 1991, where he graduated magna cum laude.


Harold S. Novikoff focuses on creditors' rights, bankruptcy, debt restructurings and financial market transactions, and is Chair of the Restructuring and Finance Department at Wachtell, Lipton, Rosen & Katz. Mr. Novikoff has more than 37 years of professional experience in repre-senting the principal creditors in major Chapter 11 cases and out-of-court debt restructurings; purchasers of financially distressed companies; and dealers and other market participants in connection with derivatives, repurchase agreements and other financial market transactions.

Mr. Novikoff has chaired and taught numerous continuing legal education and professional pro-grams on a broad spectrum of financial, creditors' rights and bankruptcy-related topics. He is a co-author of Collier on Bankruptcy, and an author of numerous published articles and outlines on bankruptcy-related topics.

Mr. Novikoff is a former chair of the Committee on Bankruptcy and Corporate Reorganization of the Association of the Bar of the City of New York, co-chair of the Capital Markets Committee of the National Bankruptcy Conference, a Commissioner of the ABI Commission to Study Chapter 11 Reform, a Fellow of the American College of Bankruptcy, and a member of the Steering Committee of the Board of Visitors of Columbia Law School.

Recent representations include the United States Treasury in the rescues of Fannie Mae and Freddie Mac, JPMorgan (the largest secured creditor) in the Lehman Brothers and MF Global bankruptcies, and major creditors of Collins & Aikman, KKR Atlantic and Pacific, Axon Financial, Victoria Finance, Northwest Airlines, HealthSouth, 360networks, Thornburg Mortgage, American Home Mortgage, GMAC Mortgage, Independent Wireless One, Looking Glass Networks, National Century Financial Enterprises, American Business Financial Services and Navigator Gas.

Mr. Novikoff received his bachelor's degree with Distinction from Cornell University. He received his Juris Doctor from Columbia University School of Law, where he was a member of the Columbia Law Review.


Nevis Bregasi is Senior Counsel at MFS Investment Management. Ms. Bregasi is generally responsible for supporting MFS' derivative activities and the counterparty risk associated with all investment activities. Among the areas she covers are swaps, foreign exchange transactions, commodity investments and repurchase agreements. Ms. Bregasi is also the acting Vice-Chair of the Securities Industry and the Financial Market Association (SIFMA) Asset Management Group's Derivatives Committee.

Ms. Bregasi joined MFS in September 2007. Before joining MFS, she worked in the Bankruptcy and Commercial Law Department at WilmerHale's Boston office and in the International Markets and Bankruptcy Departments at Allen & Overy's New York office.

Ms. Bregasi received her law degree from Harvard Law School.


Robert C. Lee is a Director at Deutsche Bank, where he is in Global Markets as part of the Systemic Risk Management Group. The group is in charge of the systemic risk issues and market structure initiatives in the global derivatives markets. 

Prior to his current position, Mr. Lee was in the legal department of Deutsche Bank, focusing on credit derivatives and structured products. Before joining Deutsche Bank, he was an associate at Clifford Chance in New York. 

Mr. Lee is a graduate of the University of Texas at Austin. He received his J.D. from Duke Law School.


Sarah J. Lee is a Managing Director and Associate General Counsel at Bank of America Merrill Lynch in New York and is Global Head of Fixed Income Derivatives and Regulatory Reform in the Legal Department. Ms. Lee has been with Bank of America Merrill Lynch since 1996, spending six years in the London office and moving to New York in January 2003. Ms. Lee has very broad derivatives and regulatory experience and has worked most recently in the US and Europe on regulatory reform initiatives working with policymakers and regulators in Washington DC and Brussels.  Ms. Lee is also an active member of many ISDA working groups for derivative products including credit, interest rates, FX and property derivatives. As an experienced industry practitioner, Ms. Lee is currently serving as one of the members of the ISDA Advisory Board to the ISDA Documentation Committee.

Ms Lee has been recognised in the industry for her leadership in her field of expertise winning the Global Counsel Award Individual of the Year 2011 for Regulatory Financial Services and most recently International Financial Law Review In-House Award at the Americas Women in Business Law Awards 2012. Ms Lee was also one of the 3 solicitors shortlisted in England and Wales as In House Solicitor of the Year 2011. 

Prior to joining Bank of America Merrill Lynch, Ms. Lee was a solicitor at Denton Wilde Sapte during which time she spent eight months in their Tokyo office.

Ms. Lee received an LL.B. degree with honors from Kingston University, London, England.


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.

 


Don Thompson is a former Managing Director and Associate General Counsel at JPMorgan Chase & Co.  He was Co-Head of JPM's Regulatory Reform Practice Group in the Legal Department and Co-Chair of the ISDA Documentation Committee.  Since 1985, he represented JPM in its full range of derivatives activities, with a focus on regulatory, documentation and litigation matters.  He is a frequent speaker at industry conferences and other forums on derivatives documentation and regulatory issues.  He has testified before numerous Congressional Committees on the OTC swaps market and derivatives regulation and was leading the process of implementing Title VII of Dodd-Frank at JPMorgan.  Don is on the Board of Directors of the National Futures Association, the self regulatory association for the futures and OTC swaps markets.  Don is a graduate of Harvard Law School.


Douglas E. Harris is a Managing Director at Promontory Financial Group where he advises clients on regulatory matters involving risk management, compliance, investment products, derivatives, and capital markets. He also counsels financial services companies on general corporate governance, internal controls, and strategic advisory matters. He has considerable experience with the regulatory and compliance issues associated with trading, clearing, and capital markets activities, having served as senior deputy comptroller for capital markets at the Office of the Comptroller of the Currency, and as general counsel of a futures commission merchant and a designated-contract-market and derivatives clearing organization.

Immediately prior to joining Promontory, Doug was the general counsel and chief operating officer of BrokerTec Futures Exchange and BrokerTec Clearing Co. He has also served as senior deputy comptroller for capital markets at the Office of the Comptroller of the Currency, where he was responsible for the regulation and supervision of national bank capital markets activities, including trading, dealing, and investing in derivatives and emerging markets instruments, as well as the development of risk management policies and guidelines. Doug was the principal draftsperson of OCC Banking Circular 277, “Risk Management of Financial Derivatives,” the first bank regulatory guidance on managing the risks associated with derivatives, capital markets, and trading activities. He also served on the inter-agency task force on bank-related derivatives activities and as senior staff member of the president’s working group on financial markets. Prior to his time at the OCC, Doug served as assistant general counsel of JPMorgan and general counsel of JPMorgan Futures Inc. 

Doug is also a public director of the National Futures Association, the self-regulatory organization of the U.S. derivatives industry, where he serves on the Executive Committee, the Audit Committee and the Compliance & Risk Committee.

Doug received his A.B. (with honors) from Harvard College and his J.D. from Harvard Law School.


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. 

 


Geoffrey B. Goldman is a partner in the New York office of Shearman & Sterling LLP.  Mr. Goldman’s practice focuses on derivatives, structured products and financial regulation.  He has extensive experience with structuring and documenting over-the-counter derivatives transactions, particularly credit and equity derivatives.  He has represented clearinghouses, trading facilities, repositories and other infrastructure providers for derivatives transactions and has advised industry groups in developing industry-standard documentation for derivative products.  He regularly provides advice with respect to commodities, securities and other regulatory issues related to derivatives and other financial products.

Mr. Goldman also has broad experience representing issuers and underwriters of synthetic and cash-flow collateralized debt obligation transactions.  He has advised clients on structuring public and private commodity pools.  Clients include major U.S. and foreign financial institutions, clearing organizations and trading facilities, derivatives infrastructure providers, corporate users of derivatives, hedge funds and industry groups.

Education

Columbia Law School, J.D., 1996
Stanford University, A.B., 1993

Bar Admissions/Qualifications

New York


Jeff Waddle is a Managing Director and Senior Counsel of The Depository Trust & Clearing Corporation (DTCC).  His current primary areas of responsibility include supporting the services of the OTC derivatives businesses, where he serves as General Counsel of DTCC Deriv/SERV and certain related subsidiaries in the OTC derivatives businesses.  He serves as General Counsel of other DTCC subsidiaries engaged in data sales and syndicated loans businesses.  He has provided legal support to many of DTCC’s other services as well.

Jeff joined the legal department of The Depository Trust Company in 1998.  Prior to that, he worked for two different New York law firms, Davis Polk & Wardwell and Richards & O’Neil, where he did work in corporate, securities, banking, derivatives, and mergers and acquisitions matters.

Jeff received his A.B. from Dartmouth College in 1986 and his J.D. from the University of Chicago in 1990. 


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.


Kathryn M. Trkla is a partner at Foley & Lardner LLP. She works on a variety of matters for futures commission merchants and securities brokerage firms, institutional investors, professional trading firms, commercial hedgers, domestic and foreign exchanges, clearing houses, and other clients. Ms. Trkla has close to 35 years’ experience in the derivatives and securities industries, including 11 years with the Chicago Board of Trade (CBOT) where she was senior vice president and associate general counsel before joining Foley in 2000. She is a member of the firm’s Securities, Commodities & Exchange Regulation Practice within the Securities Enforcement & Litigation Practice, and the firm’s Blockchain Task Force and Business Law Department.

Ms. Trkla’s experience ranges from representing clients on matters before the Commodity Futures Trading Commission, Securities and Exchange Commission and self-regulatory organizations; analyzing regulatory proposals; counseling clients on the implications of legislative and rule changes; and providing general regulatory counsel. Her deep experience and background qualify her to provide a broad and unique perspective on the issues and regulations facing the financial markets and market participants.

Ms. Trkla is a Vice Chair of the ABA Derivatives & Futures Law Committee, Co-Chair of the ABA Part 190 Subcommittee (which developed and submitted to the CFTC comprehensive proposed amendments to the CFTC Part 190 Commodity Broker Bankruptcy Rules), and Chair of the ABA Innovative Digitized Products and Processes Subcommittee. She is a recent past member of the FIA Law & Compliance Division Executive Committee. She has written on diverse matters ranging from regulation of derivatives markets and derivatives clearing, to commodity broker bankruptcies. She is a frequent speaker on those topics on continuing legal education panels at PLI, ABA and FIA events.

Ms. Trkla received her J.D. from Northwestern University School of Law and her B.A. from the University of Chicago. 


Kenneth Raisler is head of Sullivan & Cromwell’s Commodities, Futures and Derivatives Group. The Group is responsible for a full range of regulatory, transactional and litigation advice in the commodities, securities and banking areas to its brokerage, investment banking, banking and commercial clients.

Mr. Raisler was an assistant U.S. attorney for the District of Columbia from 1977 to 1982 in the Criminal and Civil Divisions. He then joined the Commodity Futures Trading Commission as deputy general counsel and was the general counsel of the Commission from 1983 to 1987. Mr. Raisler is the past chairman of the ABA Derivatives and Futures Law Committee from 2015-2017. Mr. Raisler was the chairman of the New York City Bar Committee on Futures Regulation from 1988 to 1991. He was a member of the Working Group of The Group of Thirty Derivatives Project. Since 1992, he has been a member of the board of directors of the Futures Industry Association. He also served as a member of the board of directors of the Managed Funds Association. Mr. Raisler is a member of the board of trustees of NYU School of Law and chair of the board’s Development Committee.

Education

1976, New York University School of Law, J.D.

1973, Yale University, B.S.


Laura Schisgall is General Counsel at Societe Generale Americas in New York City. In this role, she is responsible for the legal and compliance teams. She has been with SG since 2008. Prior to being appointed as General Counsel, Laura managed the legal team that covered the derivatives, structured products and sales and trading businesses at SG. Laura is also in charge of the legal aspects of Dodd-Frank implementation at SG. Before joining SG, Laura was General Counsel of the New York legal department at ABN AMRO, where she spent seven years in a variety of roles. Prior to her time at ABN AMRO, Laura was in the Legal Department of Chase Bank, where she worked mainly on equity derivatives transactions. Laura commenced her legal practice at the law firm of Debevoise & Plimpton years, where she spent six years doing securities and M&A work. Laura is a graduate of Columbia University School of Law and a Phi Beta Kappa graduate of Vassar College.


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).


Mark A. Steffensen is a Managing Director and General Counsel for HSBC Securities (USA) Inc. as well as an Executive Vice President of HSBC USA Inc., the U.S. holding company for HSBC Bank USA, N.A.  Mark and his team support all of HSBC's Global Banking and Markets businesses in the Americas region, including capital markets, institutional sales and trading, investment banking, commercial banking and cash management, as well as wealth and investment management.
 
Before joining HSBC in 2006, Mark led a team that supported Morgan Stanley's fixed income division for over 7 years.  He was previously associated with the law firms of Davis Polk & Wardwell where his practice focused primarily on OTC derivatives and broker dealer matters, and with Vedder Price in Chicago where he handled capital markets and finance work.  Mark served as Special Counsel for the U.S. Securities and Exchange Commission, Division of Market Regulation (now Trading and Markets) from 1994 until 1998.  He also served as a law clerk for the U.S. Senate Judiciary Committee, and was a contributor to the Guide to Broker-Dealer Regulation written by Steven Lofchie. 

Mr. Steffensen graduated from The University of Iowa College of Law in 1992, where he was a member of the Iowa Law Review, and holds an MBA from the University of Iowa College of Business, where he also was a lecturer. 


Michael Bopp is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher. He is Co-Chair of the Public Policy Practice Group and chairs the firm’s Financial Markets Crisis Group.  Mr. Bopp’s practice focuses on public policy and regulatory consulting, particularly in the financial institutions field, and congressional, internal corporate, and other government investigations. 

Mr. Bopp engages in high-level, strategic policy and related regulatory work on a variety of issues.  He has focused significantly over the past 5 years on the financial markets crisis and financial regulatory reform issues.  He has helped numerous clients navigate through the crisis, working with Congress and the Administration on regulatory reform legislation and helping to shape new regulatory requirements promulgated as a result of the Dodd-Frank Act. Mr. Bopp also has counseled numerous companies in complying with Dodd-Frank Act requirements.

Mr. Bopp helped to create and run the Coalition for Derivatives End-Users, which has approximately 300 active company and trade association members.  The Coalition works on both legislative and regulatory fronts to help protect interests of end-user companies in the debate over appropriate regulation of derivatives and has been an influential participant in these processes.

From 2006-2008, Mr. Bopp served as Associate Director of the Office of Management and Budget in the White House, and was responsible for overseeing budgets and coordinating regulatory, legislative, and other policy for approximately $150 billion worth of spending for various government agencies, including the Departments of Treasury, Homeland Security, Transportation, Justice, Housing and Urban Development, and Commerce, the General Services Administration, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. 

From 2003 to 2006, he served as Staff Director and Chief Counsel of the Committee of Homeland Security and Governmental Affairs, one of the Senate’s largest committees and most expansive in terms of jurisdiction. He oversaw more than 100 hearings, led numerous investigations and was a primary drafter of key legislation, including the Intelligence Reform and Terrorism Prevention Act of 2004, the most significant reform of the intelligence community in more than 50 years, and 2006 legislation strengthening port security and overhauling the Federal Emergency Management Agency. He also directed a 50-person investigation of the failure of preparations and response to Hurricane Katrina. The investigation included 22 hearings, 325 witnesses, more than 800,000 pages of documents and an 800 page report. 

Mr. Bopp served as Legislative Director and General Counsel to Senator Susan Collins of Maine from 1999 to 2003.  He was Chief Counsel to the Subcommittee on Oversight and Investigations of the Committee on Education and the Workforce in the U.S. House of Representatives from 1998 to 1999, where he investigated alleged improper activities undertaken by Teamsters’ officials.  Before that, he worked on the Congressional investigation of campaign finance abuses as senior investigative counsel to the House Committee on Government Reform and Oversight and as counsel for the Senate Committee on Governmental Affairs. He also previously served as counsel on the Senate Permanent Subcommittee on Investigations.  Mr. Bopp served as outside general counsel to the campaign to re-elect Senator Susan Collins.

Mr. Bopp received his law degree cum laude in 1992 from Harvard Law School where he was Articles Editor on the Journal of Law and Public Policy.  He graduated magna cum laude, with honors, in public policy from Brown University in 1987.


Seth Grosshandler is a partner at Cleary Gottlieb Steen & Hamilton LLP based in the New York office.

Mr. Grosshandler’s practice focuses on financial institutions, derivative products, securities transactions, secured transactions and structured finance. As an instrumental player in the development of the “safe harbor” provisions of the Bankruptcy Code, the Federal Deposit Insurance Act and Orderly Liquidation Authority, Mr. Grosshandler is regarded as a preeminent expert on risks to counterparties of regulated financial institutions in the event of the insolvency of the financial institution, as well as the rights of secured and unsecured creditors in insolvency proceedings to close-out, net and exercise remedies in derivative and securities transactions. During and after the financial crisis, he advised major Wall Street firms on their exposure to failing and failed counterparties, including Bear Stearns and Lehman Brothers, and various government agencies on market stabilization efforts.

Since then, Mr. Grosshandler has participated in transatlantic regulatory reform initiatives, with a particular emphasis on legal mechanisms for resolving financial institutions. He has been actively engaged with both market participants and regulators on the development of rules to implement Orderly Liquidation Authority, innovative approaches to financial company insolvency such as ‘bail-ins’, and harmonizing U.S. and EU requirements for resolution plans (so-called ‘living wills’). Mr. Grosshandler is currently advising several U.S. and non-U.S. institutions on the preparation of their resolution plans.

Mr. Grosshandler has also been very involved in the move to cleared OTC derivatives – representing the Futures Industry Association in the creation of standard documentation for the relationship between futures commission merchants and their cleared OTC customers and the insolvency treatment of the FCMs’ rights, and the implementation of the CFTC’s “legally segregated operationally commingled” (LSOC) treatment of cleared OTC customer collateral. That work is an outgrowth of Mr. Grosshandler’s representation of an ad hoc group of buy-side and sell-side market participants (with the participation and support of ISDA, SIFMA AMG and MFA), formed at the behest of the Federal Reserve Bank of New York to analyze cross- jurisdictional insolvency issues with respect to customer access to central CDS clearing platforms.

Mr. Grosshandler is designated as a “star performer” by Chambers Global and Chambers USA and is internationally distinguished as one of the best lawyers by Law Business Research’s The International Who’s Who of Business Lawyers, Who’s Who of Banking Lawyers, IFLR 1000: The Guide to the World’s Leading Financial Law Firms, The Legal Media Group Guide to the World’s Leading Banking Lawyers, The Best Lawyers in America and The Legal 500. He was also selected as Best Lawyers' 2014 New York Derivatives and Futures Lawyer of the Year.

Mr. Grosshandler lectures and is widely published on the various aspects of financial institution insolvency matters and derivatives products.

Mr. Grosshandler joined the firm in 1983 and became a partner in 1992. He received a J.D. degree, cum laude, from Northwestern University in 1983 and an undergraduate degree from Reed College in 1979.

Mr. Grosshandler is a member of the Bar in New York. His native language is English, and he is proficient in French.


William Thum is a principal in Vanguard’s Office of the General Counsel and global head of the Derivatives, Securities Financing, and SMA Group. He chairs the Investment Company Institute’s Derivatives Market Advisory Committee and is a former chair of the Steering Committee of SIFMA’s Asset Management Group. He speaks at ISDA, SIFMA, and ICI conferences, among others, and has written many articles on derivatives issues. Mr. Thum works with global regulators, trade associations, and service providers in developing the new global architecture and regulatory framework for derivatives.

Before joining Vanguard in 2010, he was a partner with Fried, Frank, Harris, Shriver & Jacobson LLP, where he concentrated on derivatives regulatory issues and trading agreements. From 1998 to 2007, he was head of institutional securities documentation at Morgan Stanley. Previously, he held similar positions at UBS and BNP Paribas in New York and at Kleinwort Benson in London and was involved in the drafting of the foundational derivatives master agreements and product definitions.

Mr. Thum earned a B.A. in international relations and economics from Bucknell University and a J.D. from American University Washington College of Law. He is admitted to the bar in New York and Pennsylvania.


Ms. Johannes is Principal of Johannes Advisory Services and has extensive experience in developing public policy strategy and managing legislative and regulatory issues for the financial services industry.   Prior to forming Johannes Advisory Services, Ms. Johannes led ISDA’s industry-wide OTC margin rules initiative, developing and coordinating advocacy and implementation strategies within the industry.   She joined ISDA in 2009 as Senior Director and Head of US Public Policy.   Ms. Johannes served as Director of Federal Agencies Relations for Freddie Mac and as Legislative Manager for Financial Services for Ford Motor Credit Company.   She started her career as a regulatory counsel with the American Bankers Association and was an enforcement attorney for the Board of Governors of the Federal Reserve System. 

Ms. Johannes is a graduate of the Washington College of Law and of Hope College.


Mark H. Leeds is a tax partner with the law firm of Mayer Brown.  Mark’s professional practice focuses on the tax consequences of a variety of capital markets products and strategies, including over-the-counter derivative transactions, swaps, tax-exempt derivatives, strategies for efficient utilization of tax attributes as well as advising on crossborder tax issues.  Prior to joining Mayer Brown, Mark was a shareholder at another international law firm, and a Managing Director and Senior Tax Counsel with Deutsche Bank AG in New York.  At Deutsche Bank, Mark led the Tax Counsel function within Group Tax of the Americas.  Mark is also a recipient of the 2015 Burton Award for Distinguished Legal Writing.  Prior to joining Deutsche Bank, Mark served as the general counsel of a credit derivative company and, prior to that, Mark was a partner at Deloitte & Touche where he led the Capital Markets Tax Practice. Mark began his professional career as a tax associate, first at Skadden Arps, and then at Weil Gotshal.

Mark is a graduate, magna cum laude, of the Boston University School of Law (1984), and holds a Bachelor of Arts, cum laude, from Binghamton University, in Economics (1981).  Mark also holds an LLM in taxation from New York University (1990).

Mark is a frequent writer and speaker on tax topics affecting the Capital Markets.  Some of his recent articles include: Author, Stress Relief: IRS Notice 2016-76 Eases Implementation Rules for Cross-Border Dividend Equivalent Withholding (December 2016); Author, Bits & Pieces: IRS Notice 2016-42 Offers First Glimpse of Qualified Derivatives Dealer Rules (July 2016).


Christopher L. Ramsay is Deputy General Counsel and Head of Global Transaction Management at Citadel LLC, headquartered in Chicago, Illinois.  Prior to joining Citadel, Mr. Ramsay was Senior Counsel and Head of Compliance at CDC Investment Management Corporation in New York, NY.  Mr. Ramsay was previously an Associate General Counsel at Barclays Capital, the investment banking division of Barclays Bank PLC, in New York, NY.


Michael Sackheim is senior counsel in the New York office of Sidley Austin LLP where he concentrates on derivatives regulatory, transactional and enforcement matters.  Michael is a past Chair of the New York City Bar Derivatives Regulation Committee, and he is the managing editor of Futures & Derivatives Law Report (Thomson Reuters, publ.).  Michael is also the co-editor of a new legal treatise, The Virtual Currency Regulation Review (November 2018, Law Business Research Ltd).


Pen Starke is the Assistant General Counsel for Receivership Section in the FDIC's Legal Division. He has worked on receivership operations issues at the FDIC during the past 20 years and specialized in the treatment of qualified financial contracts in FDIC receiverships since FIRREA. In 2010, he worked with congressional staff on the orderly liquidation authority leading up to the passage of the Dodd-Frank Act and is responsible for the ongoing implementing the FDIC's regulations on the OLA.