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Fundamentals of Swaps & Other Derivatives 2013

Speaker(s): Angie Karna, Cristina Perez, David J. Gilberg, Gary M. Rosenblum, Jerome J. Roche, Joshua D. Cohn, Lauren Teigland-Hunt, Mark Lenczowski, Mark New, Martha L. Burke, Ray Shirazi, Rick Grove, Scott L. Flood
Recorded on: Oct. 16, 2013
PLI Program #: 43243

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.

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’s Corporate Equity Derivatives Group, the Americas Equity Sales and Swaps Groups, and the Equities Legal representative on BAML’s Volcker Committee.  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 Equity and Volcker committees and working groups.  He is a frequent speaker at industry conferences.

Jerome Roche is a Financial Services Regulatory & Enforcement partner in Mayer Brown's Washington DC office. His practice focuses primarily on cross-border financial services matters. He has extensive experience counseling clients regarding the US federal securities laws, the Commodity Exchange Act, the Commodity Futures Modernization Act, the Gramm-Leach-Bliley Act, the USA PATRIOT Act, and the Dodd-Frank Act. According to Chambers USA 2014, Jerome is considered by clients to be "a very strong counselor who brings a highly pragmatic approach to complex issues" and is "very knowledgeable about pretty much all aspects of broker-dealer regulations." His "ability to cut right to the heart of an issue is particularly well regarded by commentators, as is his cross-border expertise." Jerome has been selected by his peers for inclusion in The Best Lawyers in America in the practice area of Banking and Finance Law since 2013. He also has a Martindale-Hubbell peer review rating of AV-Preeminent.


  • Addressing regulatory status questions for US and non-US financial institutions effecting transactions in, and providing advice with respect to, securities, commodities, foreign currency and derivatives;
  • Drafting and implementing supervisory and compliance policies and procedures for regulated financial institutions;
  • Counseling customers and other counterparties of US broker-dealers regarding customer protection rules, broker-dealer insolvencies, and the Securities Investor Protection Act;
  • Seeking required approvals for mergers, acquisitions and restructurings of regulated financial institutions; and
  • Guiding financial institutions and trade associations in complying with, and commenting on, rule-making efforts of the Securities and Exchange Commission, the Commodity Futures Trading Commission, Financial Industry Regulatory Authority, the National Futures Association, and other self-regulatory organizations.


  • Purdue University, BS
  • The University of Michigan Law School, JD


  • Illinois
  • District of Columbia


  • National Hispanic Bar Association

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).

Mark Lenczowski is a Managing Director and Assistant General Counsel  for J.P.Morgan's Corporate and Investment Bank.  He advises the Rates and Global Commodities Groups on regulatory matters, and negotiates and drafts transactional documents for OTC derivatives transactions.   He has worked on OTC derivatives since 1990 and joined J.P. Morgan in 2004.  He also worked at International Finance Corporation as Senior Finance Officer.  Mark graduated from Harvard College in 1985 and from the University of Illinois Law School in 1990.

Mark New is Senior Counsel, Americas, at the International Swaps and Derivatives Association, Inc. (ISDA) where he works primarily on derivatives documentation issues. In this role he has worked on a large number of ISDA projects, including publication of several documents relating to regulatory margin implementation and the 2014 ISDA Credit Derivatives Definitions and related Protocol. He is a regular speaker at ISDA conferences on topics including margin requirements, credit derivatives, and the ISDA Master Agreement.

Prior to joining ISDA, Mr. New worked as a credit derivatives structurer and practiced as a solicitor in London.

Mr. New graduated with first class honours in law at Oxford University and was a Fulbright Scholar at the University of California, Berkeley where he took an LLM degree. He is a member of the New York Bar and a solicitor of England and Wales.

Martha Burke is Senior Capital Markets Counsel at Wells Fargo Bank based in New York, New York.   Martha first joined Wells Fargo in 2005, and prior to that, held counsel positions at both buy- and sell-side firms, specializing mostly in derivatives and trading-related matters. Currently, Martha supports foreign exchange products and services including corporate and institutional FX, treasury management, eCommerce, commercial and business banking and wealth management.  Martha advises clients on transactional and regulatory matters.   

Over the past five years, Martha has spent the majority of her time helping clients transition their businesses in response to Dodd-Frank and other financial reform laws and regulations.  She serves on a number of committees and working groups at the industry level sponsored by ISDA and SIFMA. She is Treasurer and a member of the Financial Markets Lawyers Group (FMLG) of the New York Federal Reserve Bank, and a member of the Global Foreign Exchange Division lawyers group of the Global Financial Markets Association (GFMA). 

Rick Grove is a Partner and 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.

Ray Shirazi is a Partner in the Financial Services Department of Cadwalader, Wickersham & Taft LLP. Ray represents financial institutions and end-users in transactions involving derivatives, including equity, commodity, credit and fixed-income derivatives. Ray also regularly represents clients with respect to a wide range of trading agreements, including ISDA documentation, repurchase agreements, securities lending, prime brokerage, futures, cleared swaps and related agreements. He has been consistently recognized as a leading lawyer in his area of expertise by independent commentators, including by Chambers Global and Chambers USA, in which he is ranked Band 1 in both Capital Markets: Derivatives – USA Nationwide and Capital Markets: Structured Products – USA Nationwide. The Legal 500 named Ray to its Hall of Fame in both Derivatives and Structured Products and Securitization and has recognized him as a leader of Cadwalader’s Tier 1 Structured Finance: Derivatives and Structured Products team. Ray is listed as “Highly Regarded” in the areas of Capital Markets: Equity, Capital Markets: Structured Finance and Securitization and Capital Markets: Derivatives by IFLR1000, and was part of the team that was named 2020 Regulatory Team of the Year by IFLR Americas. Since 2009, he has been recognized as a leading lawyer in Derivatives and Futures by The Best Lawyers in America, where clients praised him as "an expert in the structuring of derivatives and structured products across asset classes." Additionally, since 2006, Ray has been recognized by Super Lawyers as one of the top securities and corporate finance lawyers in New York.

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

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 institutions and other market participants 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.

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.

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.