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Advanced Swaps & Other Derivatives 2021


Speaker(s): Anne M. Termine, Carol McGee, Craig D. Singer, Curtis A. Doty, Dale Spoljaric, David G. Lucking, Debra W. Cook, Don J. Macbean, Duncan Hennes, Jr., Elizabeth Groover, Gabriel D. Rosenberg, Gary Barnett, Geoffrey B. Goldman, Jenny L. Ogasawara, John S. Servidio, Joshua Beale, Joshua D. Cohn, Joyce Sophia Xu, Kathryn M. Trkla, Locke R. McMurray, Mark H. Leeds, Mary McHenry, Megan O’Flynn, Neelanjan Maitra, Noah D. Fiedler, Pamela M. Geraghty, Paul M. Architzel, Peter Y. Malyshev, Philip W. Raimondi, Randall W. Roy, Rita M. Molesworth, Robert Wasserman, Ryne V. Miller, Scott D. O’Malia, Scott Parsons, Shane O’Mara, W. Carson McLean, Walt Lukken, Wenchi Hu
Recorded on: Oct. 19, 2021
PLI Program #: 303231

Anne Termine is a partner in Bracewell’s Government Enforcement & Investigations Group. Drawing on nearly 20 years of CFTC experience, Anne Termine represents stakeholders in the commodities, derivatives and cryptocurrency markets in connection with internal investigations, regulatory enforcement and litigation matters. She also helps clients with regulatory advocacy before various agencies and in developing practical compliance and other policies and procedures tailored to their individual business needs. Among her clients are multinational swap dealers, end-users in the energy and agricultural markets, and cryptocurrency exchanges and investment firms.

Ms. Termine is a former Chief Trial Attorney in the U.S. Commodity Futures Trading Commission's (CFTC) Division of Enforcement, where she was responsible for investigating and prosecuting alleged violations of federal laws dealing with commodities, futures, options, swaps, and other derivatives. While in this role, Ms. Termine designed and led the CFTC’s landmark enforcement program involving the manipulation and false reporting of LIBOR, Euribor and TIBOR - critical, international benchmark interest rates. She spearheaded negotiations that resulted in settlements with nine international financial institutions, imposing CFTC penalties totaling over $2.8 billion. In managing this massive, global investigation, Ms. Termine was instrumental in developing relationships and coordinating with diverse foreign regulatory and law enforcement agencies throughout Europe and Asia, as well as with divisions of the United States Department of Justice and a coalition of over 40 State Attorneys General. In recognition of her leadership handling the LIBOR investigations, she received the Chairman’s Award for Excellence, the CFTC’s highest award.

Before joining the CFTC, Ms. Termine was a Senior Assistant District Attorney in the Orleans Parish District Attorney’s Office where she tried more than 140 jury and non-jury trials, including several first and second degree murder cases.

Ms. Termine graduate magna cum laude and received the Order of the Coif from the Tulane University Law School. She is a frequent speaker and publisher of articles on the compliance and enforcement issues surrounding derivatives, in particular swaps and swap dealers, commodities, and cryptocurrencies.


Bob Wasserman is Chief Counsel of the Division of Clearing and Risk at the U.S. Commodity Futures Trading Commission.  

Bob’s responsibilities include bankruptcy and insolvency issues for commodity brokers, and risk management, resilience, recovery and resolution issues for central counterparties, including legal proceedings, as well as related rulemaking and legislative proposals.  He led the effort to develop the CFTC’s recent rulemaking revising its Part 190 Bankruptcy Regulations. 

Bob has served on a number of groups international regulators on issues relating to financial market infrastructures, insolvency, recovery, and resolution, including the FSB Resolution Steering Group and Financial Market Infrastructure Cross-Border Crisis Management Group.  For CPMI-IOSCO, Bob co-chairs the Policy Standing Group, and is a member of the Steering Group.


Carol McGee is the head of the Office of Derivatives Policy in the SEC’s Division of Trading and Markets.  In that role she directs rulewriting and other implementation projects relating to Title VII of the Dodd-Frank Act and the regulation of security-based swaps under U.S. law.  She also provides interpretive advice on the regulatory treatment of novel derivative products under the Exchange Act, and administers the new product provisions contained in the Dodd-Frank Act.  In addition, Ms. McGee is a part of the cross-divisional and interagency teams responsible for the Volcker Rule. 

She was previously a Partner at Alston & Bird LLP and the co-leader of its securities practice group.  Ms. McGee also served as Deputy Chief Counsel in the SEC’s Division of Corporation Finance.  Ms. McGee holds a J.D. from the University of Virginia, an M.Phil from the University of St. Andrews and a B.A., magna cum laude, from Wellesley College.


Craig Singer has represented numerous lawyers and law firms, including some of the nation’s largest firms, in federal and state courts, government investigations, and arbitration proceedings in many jurisdictions around the country.  He has played a significant role in developing and litigating defenses to claims commonly brought against lawyers and law firms, including defenses based on in pari delicto, attorney-client duties, proximate causation and damages.  In October and November 2018, Craig was lead defense counsel in a jury trial for an Am Law 100 law firm sued by a large multinational corporation.  A Chicago jury returned a complete defense verdict in favor of W&C’s client.

Craig has particular experience in defending professionals and firms in matters arising from Ponzi schemes and other frauds.  He is the author of a book on that subject, Professionals, Firms, and Fraud: Defending Professionals Against Liability for Client Fraud, which was published by the ABA in 2015.  Craig is also a member of the TriBar Opinion Committee, which prepares influential reports on legal opinion practice, and a member of the board of the Working Group on Legal Opinions, which provides a national forum for the discussion of important issues relating to closing opinions.

In addition to his lawyer liability practice, Craig also practices in the areas of false claims and criminal defense, and appellate work.  He is co-author of a treatise, Federal Criminal Discovery, published by the American Bar Association.  Craig has represented clients in virtually every federal appellate Circuit and in multiple state appeals courts.

Craig earned his J.D., with Highest Honors, from the University of Chicago Law School.  After law school, Craig clerked for Chief Judge Abner J. Mikva of the U.S. Court of Appeals for the District of Columbia Circuit and Associate Justice John Paul Stevens of the U.S. Supreme Court.  He joined Williams & Connolly in 1996.


Dale Spoljaric currently is a Managing Director with National Futures Association (NFA) where he oversees the OTC derivatives department's swap dealer examination and capital compliance programs.  Prior to NFA, Mr. Spoljaric was US Head of Agency Derivative Services Compliance at Barclays Capital Inc. where he led a team of compliance professionals covering futures, cleared swaps, and FX prime brokerage.  He also spent time as a Control Officer with JP Morgan Securities in the F&O and Cleared OTC Operations group.  He began his career in the futures industry with Chicago Mercantile Exchange where he conducted audits of clearing member FCMs.  Mr. Spoljaric earned a Bachelor of Science degree with a double major in Accounting and Information Technology from Marquette University in Milwaukee, Wisconsin. He's also a registered CPA in Illinois and Certified Fraud Examiner.


David Lucking is the Head of our Global International Capital Markets group and is based in New York. He has particular expertise in derivatives and structured finance transactions, as well as the regulatory framework that underpins the derivatives market. David advises financial institutions on a wide range of derivatives products and asset classes (including credit, rates, FX, longevity) in both funded and unfunded form. David is the U.S. adviser to the Credit Derivatives Determinations Committee which determines Credit Events and other matters for the credit derivatives market as a whole. David has advised on various aspects of the transition of the over-the-counter derivatives market to regulated trading platforms and central clearing houses, as well the registration of a number of swap dealers under the Dodd-Frank Act.

David is a frequent speaker on the topic of OTC derivatives and derivatives regulation. He has also drafted a number of market standard document templates for the International Swaps and Derivatives Association, Inc. (ISDA) and other derivatives industry bodies, including the 2014 ISDA Credit Derivatives Definitions and documentation for confirming trades referencing the iTraxx and CDX indices.

As Global Co-Head of A&Out, our international LGBTQ+ allies program, David is a vocal advocate for the LGBTQ+ community at A&O. He regularly leads initiatives to encourage workplace diversity, and helps foster a culture where LGBTQ+ colleagues feel welcome and valued.

David is regularly ranked in legal directories. In Chambers USA 2021, it is noted that he is “very responsive and he is able to handle a diverse array of tasks, and he is able to bring the relevant people together” to assist holistically on complex matters. One client also comments that "I am in good hands with him; he is clear in his explanation of concepts and he tells me what I should be worried about, and what really doesn't matter."


Debra W. Cook is Managing Director and Deputy General Counsel of The Depository Trust & Clearing Corporation (DTCC). Her primary areas of responsibility include supporting the services of the OTC derivatives businesses globally.

Debra joined DTCC in 2005 upon the establishment of its Tampa office. Prior to DTCC, she served as Counsel in Citigroup’s Tampa office, starting at Solomon Inc, where she advised over-the-counter derivatives and foreign exchange trading businesses. Debra began her career as an attorney for the Federal Reserve Bank of New York. At the FRBNY, Debra analyzed data on interbank netting schemes for the Legal Working Party of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten countries (the Lamfalussy Report). She also represented FRBNY on the drafting committee for the revision of UCC Article 8 which applied the concept of “entitlement holder” to the modern book-entry system of securities holding and transfer.

At DTCC, Debra has focused on over-the-counter derivatives matters globally, including: advising on the growth and expansion of DTCC’s derivatives products and services; managing trade repository registration and on-going compliance in multiple jurisdictions; interfacing with regulators on derivatives regulations; addressing data access and data privacy issues and policy.

Debra was recently appointed to the Board of Trustees of The University of Tampa and is a member of the International Women’s Forum.

Debra received a B.A. from the College of William and Mary and her J.D. from the Washington College of Law at American University, where she was Note & Comment Editor of the Administrative Law Journal.


Elizabeth Groover is a Special Counsel in the Registration and Compliance Branch of the Market Participants Division and joined the CFTC in June 2010.  Since 2014, Ms. Groover has focused on issues and questions involving commodity pool operators, commodity pools, and commodity trading advisors.  Most recently, she has assisted in developing and presenting final rulemakings before the Commission revising CFTC Form CPO-PQR, as well as several other Part 3 and Part 4 regulatory provisions impacting the operations of CPOs and CTAs.

Ms. Groover received her J.D., magna cum laude, from the Loyola University New Orleans College of Law in 2009, where she also served on the Loyola Law Review Editorial Board.  Prior to that, she attended Tulane University, completing a B.A. in History with honors.


Gary Barnett is the founder and CEO of Digital Capital Markets, LLC, an SEC registered broker-dealer and FINRA member, and Co-Founder of Fleming Park Global Partners, LLC, a business and regulatory consulting firm.

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, holds FINRA Series 7, 79, 24 and 63 licenses, 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


Jenny L. Ogasawara serves as the Branch Chief for the Clearing Agency Risk Monitoring Group within the Office of Clearance Settlement/Division of Trading and Markets.  Jenny joined the Commission in 2012 as a Financial Economist and has worked on risk-based supervision and risk initiatives related to CCPs. Prior to joining the Commission, Jenny worked at the US Treasury, focusing on the monetization of TARP assets.  Jenny also worked as an investment banker at UBS and Goldman Sachs covering Global Industrials as well as Equity Capital Markets.  Jenny received her BA in Economics at Claremont McKenna College and an MBA from the University of Chicago, Booth School of Business.


John Servidio is a partner in Goodwin’s Capital Markets and Digital Currency & Blockchain Technology practices. He advises clients on the origination, sales and trading of financial instruments including securities, rates, currencies, commodities and digital assets. In the capital markets space, Mr. Servidio assists dealers and issuers with structuring equity and equity-linked offerings, hedging and monetization transactions, securities repurchase programs and corporate derivatives. In the blockchain space, he helps clients build and invest in decentralized exchanges (DEXs), decentralized applications (Dapps) and decentralized finance (DeFi) protocols for staking, financing, lending and trading virtual currencies.

Mr. Servidio’s previous industry experience includes serving as assistant general counsel at a global investment bank and as an attorney at another well-known investment banking firm. Before law school, Mr. Servidio was an analyst in the real estate group at a large commercial bank. He is a frequent author and speaker on swaps, derivatives, cryptocurrencies and blockchain technology.


Josh Beale is an Associate Director in the Market Participants Division of the Commodity Futures Trading Commission.  Josh’s primary responsibilities include capital, margin, segregation, and financial reporting requirements for futures commission merchants, swap dealers, major swap participants, and introducing brokers.

Josh joined the Commission in 2012 and has worked on several intermediary and self-regulatory organization compliance matters, including the swap dealer and major swap participant capital and financial reporting rule.  Josh spent several years in public and internal accounting prior to joining the Commission.


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.


Joyce Sophia Xu is a corporate partner based in the Paul Hastings New York office. Ms. Xu heads up the firm's global Derivatives practice as well as the firm's global Libor Transition Task Force. Her clients range from financial institutions and corporations to hedge funds and private equity funds.

Ms. Xu has been recognized and ranked by Chambers Global and Chambers USA every year since 2011. She was named to Crain's New York Business's 40 Under 40 list in 2011. Ms. Xu has authored a large collection of articles and book chapters on both Libor transition and derivatives products and regulations. For her book chapter titled, "U.S. Corporate and Regulatory Aspects of Equity Derivatives," in Equity Derivatives: Documenting and Understanding Equity Derivative Products (Globe Law & Business, Globe Business Publishing Ltd. 2009, pp. 357-384), she received the Burton Award for Achievement in Legal Writing. Ms. Xu also co-authored Reflections on Dodd-Frank: A Look Back and a Look Forward, a compendium of articles that review and analyze key rulemaking developments under the Dodd-Frank Act.

Involvement

- Member of the ISDA Equity Derivatives Committee 

- Member of the ISDA Accounting & Equity Working Group 

- Member of the Derivatives and Structured Products Law Committee of the New York State Bar Association

Accolades and Recognitions

- Named to Crain's 40 Under 40 list (2011) 

- Awarded Asian American Business Development Center's Outstanding 50 Asian Americans Business Award 

- Named one of the world's leading lawyers for business by Chambers Global (2011-2020) and Chambers USA (2011-2020)

- Recognized as a leading lawyer by IFLR1000


Kathryn (Katie) has over 35 years’ experience in the derivatives and securities industries, working on a variety of matters for institutional investors, professional trading firms, commercial hedgers, futures commission merchants, securities brokerage firms, domestic and foreign exchanges and clearing houses, and others. Her experience ranges from representing clients on matters before the CFTC, SEC, and self-regulatory organizations; analyzing regulatory proposals; counseling clients on the implications of legislative and rule changes; and providing general regulatory counsel.

Katie has a thorough understanding of regulation of futures markets and derivatives clearing, protection of customer funds, and issues involving commodity broker bankruptcies. She assists with drafting clearing house rules and rule changes and analyzes enforceability of clearing house rules. She counsels clients on differences in treatment and protection of funds associated with cleared versus non-cleared derivatives transactions and clearing of swaps versus futures. Along with a Foley colleague, she served as special commodity counsel to the trustee in the PFG commodity broker bankruptcy. As Co-Chair of the ABA Part 190 Subcommittee comprised of members of the ABA Derivatives & Futures Law and Business Bankruptcy Committees, Katie co-led the project to draft “model” Part 190 Commodity Broker Bankruptcy Rules, which the Subcommittee submitted to the CFTC in 2017 and which formed the foundation for the comprehensive amendments the CFTC approved in December 2020.

Katie is Chair of the ABA Derivatives & Futures Law Committee, and served as the first Chair of the Committee’s Innovative Digitized Products and Processes Subcommittee. She is a member of the Executive Committee for the Futures Industry Association Law & Compliance Division. Katie is a co-author of the 2019, 2020 and 2021 Cumulative Supplements to the treatise Derivatives Regulation. In October 2020, she joined the Board of Editors of the Futures and Derivatives Law Report.

Katie has been Peer Review Rated as AV® Preeminent™, the highest performance rating in Martindale-Hubbell's peer review rating system. She was ranked globally by Chambers Global 2019, 2020 and 2021 and nationally by Chambers USA 2018, 2019, 2020 and 2021 in the area of Derivatives. She has also been selected by her peers for inclusion in The Best Lawyers in America© since 2007 in the area of derivatives and futures law and was named Chicago’s 2014 and 2019 Lawyer of the Year for derivatives and futures law.


Locke McMurray's practice focuses on derivatives and other financial products and spans the full spectrum of transactional, regulatory, and dispute resolution matters. He is a founding member of Jones Day's IBOR/LIBOR (London Interbank Offered Rate) transition task force.

Locke regularly counsels clients, including foreign and domestic financial institutions and corporate clients, on ISDA and other documentation for swaps and other financial products, commercial law and regulation of derivatives under Dodd-Frank and the Commodity Exchange Act.

Locke additionally analyzes financial transactions from a litigation perspective, particularly in relation to derivatives termination and valuation questions, the Uniform Commercial Code, fraudulent conveyances, rights of set-off against deposit accounts and the rights and obligations of various deal participants in securitized product and structured credit transactions. He has vast experience in rendering legal opinions on a variety of bankruptcy, derivatives, and secured transaction matters and on the efficacy of these are other credit mitigation techniques for capital adequacy purposes.

Prior to Jones Day, Locke spent more than 15 years as in-house counsel at a variety of banks, where he held such roles as global head of legal fixed income and equity derivatives, regional head of legal for investment banking and sales and trading at a foreign bank and head of derivatives legal at the Lehman Brothers Chapter 11 estates.


Mary McHenry is a Director in the Compliance Department at National Futures Association (NFA). Ms. McHenry joined NFA in 1987 and spent the first 10 years of her career at as an examiner. Her current responsibilities include overseeing the team that conducts the review of disclosure documents and promotional material. During her tenure, Ms. McHenry has been involved in the development and implementation of numerous rules, as well as, external facing filing systems affecting Commodity Trading Advisors and Commodity Pool Operators, including the quarterly PQR and PR reporting requirements. Ms. McHenry received a Bachelor of Science degree in Accounting from DePaul University and is a Certified Fraud Examiner.


Megan R. O’Flynn is Assistant General Counsel at the International Swaps and Derivatives Association, Inc. (ISDA) where she works on derivatives-related documentation and legal projects. She is currently involved in ISDA’s legal technology initiatives including the ISDA Clause Library Project and the new ISDA Create Negotiation Platform. Ms. O’Flynn also covers the ISDA’s Sanctions Committee, FX Operations Working Group and the Legal & Documentation workstreams related to margin implementation for CFTC and SEC compliance, and reviews and maintains ISDA’s United States and Latin American legal opinions. Before joining ISDA, Ms. O’Flynn was an associate at Sullivan & Cromwell in New York, where she worked in the financial institutions and commodities, futures and derivatives groups.

Prior to entering the legal profession, she was a senior associate at Ernst & Young-Parthenon strategy consultancy in Boston, Massachusetts.

Ms. O’Flynn holds an A.B. from Duke University, a J.D. from Northwestern University Pritzker School of Law, and is a member of the New York Bar.


Noah Fiedler helps his lawyer and law firm clients navigate many, and varied, difficulties. Noah's clients value his pragmatic approach to both litigation and counseling. By assessing potential impacts on the practice as a whole, he advises legal service providers regarding creative and practical solutions to their situations. He has extensive experience defending lawyers in malpractice claims and in disciplinary proceedings, as well as counseling individual lawyers, law firms, and legal departments on risk management and ethics issues.

With his vast knowledge on the subject, Noah has been vital in developing a variety of law firm risk-management resources, including Hinshaw's LawyeringLaw. He is the editor of Hinshaw's Lawyers' Lawyer Newsletter, co-editor of its Cyber Alerts, and serves on the planning committee for the annual Legal Malpractice and Risk Management Conference.

Noah has wide-ranging experience as an appointed and elected official in Wisconsin. He has served in multiple elected leadership positions in his local community with varying responsibilities and areas of oversight, including planning and public works.

Noah teaches Professional Responsibility as an adjunct professor at the University of Wisconsin Law School.

 


Peter Malyshev focuses his practice on regulatory, compliance and transactional matters relating to commodities, derivatives, and securities products regulated by the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC).

For over 20 years, Peter has assisted clients in the United States and overseas on numerous transactions involving over-the-counter and exchange-traded derivatives products in almost every asset class and market, such as: banking, financial institutions and insurance; agriculture, energy, mining, and emissions; transportation and infrastructure; interest rates and credit default swaps; foreign exchange, crypto currencies, and precious metals; and securities.

Since 2008, Peter has been actively involved in assisting market participants in drafting and commenting on the proposed derivatives legislation in U.S. Congress – this legislation subsequently became the Dodd-Frank Act of 2010. After the passage of the Dodd-Frank Act, Peter has continued assisting clients with advocacy and compliance relating to the CFTC and the SEC rule-makings. As part of this effort, he also engages with the National Futures Association (NFA), the Financial Industry National Regulatory Association (FINRA), and other self-regulatory organizations’ (SROs) implementation efforts under the Dodd-Frank Act and the CFTC and SEC regulations thereunder.

Peter assists various U.S. and non-U.S. derivatives markets participants with formulating their risk management and regulatory compliance efforts under the Dodd Frank Act, and CFTC’s and SEC’s regulations as well as cross-border application of U.S. regulations. These market participants include entities that require assistance with structuring risk management and hedging transactions, registering with the CFTC or the NFA in the appropriate category, or seeking an exemption from such registration. For example, these entities include commodity pool operators (CTOs) and commodity trading advisors (CTAs); futures commission merchants (FCMs); introducing brokers (IBs); swap dealers (SDs); major swap participants (MSPs),; foreign boards of trade (FBOTs); swap execution facilities (SEFs); non-U.S. intermediaries; commercial end users; and various derivatives or commodities traders. Assisting with compliance under SROs’ rules, such as U.S. and non-U.S. exchanges and trading facilities, is also a large part of Peter’s practice.

Peter is a frequent speaker at industry conferences, such as the Futures Industry Association (FIA), the ABA, the Practising Law Institute, the International Swaps and Derivatives Association (ISDA), and others. He has written numerous articles on derivatives and commodities topics. He is also is an adjunct professor at George Washington Law School and Georgetown University Law Center in Washington, D.C., where he teaches classes on commodities and derivatives regulation.

Honors and Awards

  • Recognized by Chambers USA for Capital Markets: Derivatives, 2016, 2017, 2018
  • Selected through peer review for inclusion in The Best Lawyers in America© for Derivatives and Futures Law, 2020

Professional and Community Affiliations

  • DC Steering Committee for Corporation, Finance and Securities Law
  • DC Bar Committee on Futures and Derivatives – Chairman


Philip W. Raimondi is currently serving as a Senior Assistant General Counsel for the CFTC, advising the Commission on critical regulatory initiatives.  In this role, Philip is primarily responsible for providing legal advice on a wide array of complex regulatory matters, including product and jurisdictional issues, crypto derivatives, DeFi applications, stable coins, smart contracts, prediction markets, and blockchain applications generally.  Before his current appointment, Philip spent several years in the Chief Counsel’s Office of the Division of Market Oversight.

Prior to joining the CFTC, Philip served as a Vice President of an international bank, providing a wide range of regulatory guidance to an active global trading floor.  Philip also previously worked in private practice at a Manhattan law firm, representing clients engaged in government and regulatory investigations, white collar prosecutions, commercial litigation, and those seeking general regulatory and transactional legal advice in the financial services industry.  Before law school, Philip worked for a large futures brokerage firm and clerked on the NYMEX trading floors. 

Philip is a graduate of Pace University – Lubin School of Business and Seton Hall University School of Law.


PRACTICE

Rita M. Molesworth is a partner in the Corporate & Financial Services Department and a member of the firm's Asset Management, Regulatory and Capital Markets Practice Groups. She is Co-Chair of the firm's Financial Institutions/Regulatory Practice Group. Ms. Molesworth is active in advising clients on the implementation of the Dodd Frank Act and has substantial experience with the Commodity Exchange Act and U.S. securities laws applicable to hedge funds.

Ms. Molesworth advises a broad range of market participants on futures, swaps and general corporate and securities law matters.  Such participants include commodity pool operators, commodity trading advisors, swap dealers, futures commission merchants and other businesses.

Ms. Molesworth is active in assisting clients in U.S. and non-U.S. offerings of commodity pools and hedge funds employing stand­alone and master-feeder structures. She also assists clients with derivatives (Commodity Exchange Act) and securities regulatory compliance.  She also advises clients on CFTC and NFA requirements with respect to privacy, cybersecurity and digital assets.

Chambers USA (2021) ranks Ms. Molesworth in Band 1 nationally in the area of Investment Funds: Regulatory & Compliance. Her deep experience has also been recognized by Expert Guides and The International Who's Who of Private Funds Lawyers, where she has been named as being among the world's leading lawyers for private funds. Ms. Molesworth is also recognized in The Best Lawyers in America for hedge funds law.

SELECTED PROFESSIONAL AND BUSINESS ACTIVITIES

Ms. Molesworth served as Chair of the ABA's Derivatives and Futures Law Committee from 2017 through 2020.  She is a member of the New York City Bar's Committee on Futures and Derivatives Regulation and served as its Chair from 2003 to 2006 and its Secretary from 1997 to 2003. Ms. Molesworth is a past member of the New York City Bar's Private Investment Funds and Energy Committees.

In 2021, the U.S. Department of Justice and the Commodity Futures Trading Commission appointed Ms. Molesworth as an Independent Compliance Monitor in connection with settlements between those agencies and the Bank of Nova Scotia.

Ms. Molesworth has served on the Executive Committee of the Law & Compliance Division of the Futures Industry Association, is a member of the Board of Editors of the Futures and Derivatives Law Report and a member of the Managed Funds Association's CTA/CPO Forum and its Outside Counsel Forum.  She publishes articles and is a regular speaker on educational panels with respect to derivatives and investment management issues. Ms. Molesworth has also taught a course on Derivatives Law and Regulation at Columbia Law School.

PRIOR EXPERIENCE

Ms. Molesworth has significant prior experience in the derivatives industry having worked at the National Futures Association as well as with energy trading companies on the trading floor of the New York Mercantile Exchange.

BAR ADMISSIONS

Ms. Molesworth is admitted to the Bar of the State of New York and was a member of the New Jersey Bar from 1995 to 2016.

EDUCATION

Ms. Molesworth received a JD from Seton Hall University in 1995, and a bachelor's degree in accounting from the University of Massachusetts in 1984.

SELECTED SIGNIFICANT MATTERS

  • Advising a major cryptocurrency exchange platform in connection with Commodity Exchange Act compliance.
  • Advising swap dealer with respect to expanding its contemplated activities.
  • Advise on mapping compliance with internal control requirements.
  • Regularly advise market participants on exchange trading rules, often in real-time.
  • Advise on novel financial products and structures for U.S. and non-U.S. companies.
  • Ongoing representation of commodity pool operator and commodity pools offered by large financial institutions and hedge fund managers.
  • Assist numerous clients in classifying whether the instruments they trade are swaps subject to regulation by the CFTC or security-based swaps subject to regulation by the SEC.
  • Assist numerous market participants in determining whether they have to register with the CFTC or may avail themselves of a registration exemption.
  • Assist numerous hedge fund managers with registration with both the SEC and the CFTC and provide assistance with all aspects of ongoing compliance and reporting (Forms PF, CPO-PQR, etc.).
  • Advised a major university on Commodity Exchange Act matters, including obtaining a no-action position from the CFTC.


Scott O’Malia is Chief Executive Officer of the International Swaps and Derivatives Association, Inc. (ISDA), a position he has held since August 2014. At ISDA, Scott has led the Association’s drive to promote safe and efficient markets and develop industry standards and legal documentation. This includes a push to develop common standards to enable greater technology applications, bringing greater innovation through scalable fintech and regtech solutions.

ISDA is a global derivatives association that represents all derivatives users on key industry issues, including trading, clearing, reporting, margin, capital and legal standards. During Scott’s tenure, Scott has brought greater focus on market infrastructure issues – in particular, the cross-border harmonization of global central counterparty regulation, trade execution and data rules.

Prior to joining ISDA, Scott served as Commissioner of the Commodity Futures Trading Commission (CFTC). While at the CFTC, between October 2009 and August 2014, Scott revived the Technology Advisory Committee, and led an active agenda investigating data standardization, highlighting trade execution rules and developing a better understanding of how algorithmic trading operates in regulated markets.


Scott Parsons is a Founding Partner and Managing Partner of Delta Strategy Group. Parsons moved to Washington, DC, in 1997 to work for newly-elected Congressman Chip Pickering from Mississippi. Parsons was the lead staff member for all agricultural and agricultural-related issues. In that role, he wrote the first bill introduced by Mr. Pickering, a bill that was eventually passed by both the House of Representatives and the Senate and signed into law by the President of the United States.

Parsons was promoted to Legislative Director. After serving Mr. Pickering for two years, Parsons was hired as the Policy Advisor to newly-appointed Commissioner James E. Newsome at the CFTC.

Two years later, when Commissioner Newsome was named Chairman of the CFTC Parsons was named Chief of Staff and Chief Operating Officer for the Commission. At 27 years of age, he became the youngest person to carry the Chief of Staff title at the CFTC and the first COO in the agency’s history.

As Chief of Staff and COO, Parsons was responsible for managing the Commission’s daily operations, overseeing a staff of 500 located in five offices across the country, administering the agency’s budget of roughly $100 million, crafting the Commission’s policy objectives and communicating those objectives to all interested parties, including the regulated industry, the Congress, and other regulatory bodies around the world.

Parsons was also the CFTC staff representative to the President’s Working Group on Financial Markets, which is principally comprised of the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the SEC, and the Chairman of the CFTC.

After six years of CFTC service, Parsons left the federal government to become Executive Vice President at the MFA, a Washington-based trade association representing the interests of hedge funds/hedge fund managers, including Commodity Pool Operators and Commodity Trading Advisors. Parsons’ primary focus at MFA was to create a strategic plan for growing the association’s staff and level of service to its members, as well as to raise the profile in Washington and the overall membership of the group. All of these were accomplished during his tenure.

In July of 2006, Parsons left MFA to form his own government affairs company, Parsons Strategies. With the addition of Jim Newsome, former NYMEX CEO and CFTC Chairman, in early 2010 Delta Strategy Group was formed.


Shane O'Mara is an Associate Director in the Investigations Division of the Compliance Department at NFA.  Shane joined NFA as an Examiner in 2007.  Currently, Shane oversees a team in the Investigations Division which focuses on examinations, investigations, and financial analysis of NFA member firms.  This team is currently concentrated on oversight of swap and block future intermediaries with a focus on supervision and AP communication during brokered transactions at introducing brokers. Shane also helped create and oversees NFA's electronic communications review team that focuses on communications review between NFA member firms and their clients.  Shane graduated from Michigan State University with a B.A. in Finance and received his MBA from the University of Notre Dame.  Shane also holds a Series 3 license, is a Certified Fraud Examiner and has completed the short track of NFA's Swaps Proficiency Requirements.


Walt Lukken is President and Chief Executive Officer of FIA, the leading global trade organization for the futures, options and centrally cleared derivatives markets with offices in Washington, DC, London and Singapore. FIA’s membership includes clearing firms, exchanges, clearinghouses, trading firms and commodities specialists from 48 countries as well as technology vendors, lawyers and other professionals serving the industry. FIA’s mission is to support open, transparent and competitive markets, protect and enhance the integrity of the financial system, and promote high standards of professional conduct.

Before joining FIA in 2012, Mr. Lukken was Chief Executive Officer of New York Portfolio Clearing, the capital-efficient derivatives clearinghouse jointly owned by NYSE Euronext and the Depository Trust and Clearing Corp.  Under his leadership, NYPC successfully launched its “one-pot” margining of interest rate futures cleared by NYPC with fixed income cash positions cleared by DTCC’s Fixed Income Clearing Corporation.  Prior to this role, he was Senior Vice President in the Office of the General Counsel for NYSE Euronext and served on the LIFFE Board of Directors.

Mr. Lukken served as Acting Chairman of the Commodity Futures Trading Commission for 18 months from June 2007 to January 2009, a period that included the financial crisis, and as CFTC Commissioner from 2002 to 2009.  He represented the CFTC before international organizations and forums, including the International Organization of Securities Commissions.  From 2003 to 2008, Mr. Lukken served as Chairman of the CFTC’s Global Markets Advisory Committee—an industry-comprised body that advises the Commission on issues affecting cross-border regulation and markets. 

Prior to joining the CFTC, Mr. Lukken served for five years as counsel on the professional staff of the U.S. Senate Agriculture Committee under Chairman Richard Lugar.  He specialized in derivatives markets and was prominently involved with the passage of the Commodity Futures Modernization Act of 2000.  Mr. Lukken holds a finance degree with honors from the Kelley School of Business at Indiana University and his Juris Doctor degree from Lewis and Clark Law School in Portland, Oregon.


Carson joined DTCC as an Executive Director and Associate General Counsel in the General Counsel’s Office in February 2019, where he provides a wide-range of legal support and advice to DTCC’s three registered clearing agencies – Fixed Income Clearing Corporation, National Securities Clearing Corporation, and The Depository Trust Company – each designated as a systemically important financial market utility for their respective roles in the clearance and settlement of cash-market securities, including transactions in U.S. Government debt, mortgage- backed securities, equities, corporate and municipal debt, exchange-traded funds, institutional trades, and money-market instruments.

Prior to joining DTCC, Carson served for over six and a half years in various roles in the Office of Clearance and Settlement, in the Division of Trading and Markets, of the U.S. Securities and Exchange Commission (SEC). Most recently, Carson was the Assistant Director for equity and fixed income clearing.

Prior to joining the SEC, Carson was a Senior Attorney for FINRA’s Criminal Prosecution Assistance Group, and an Investigator in FINRA’s Department of Enforcement.

Carson holds an LL.M. in Securities and Financial Regulation, with distinction, from the Georgetown University Law Center, a J.D. from Syracuse University College of Law, and a B.A. from Dickinson College.


Financial institutions, corporations and industry groups look to Gabe on all aspects of financial regulation, including the impact of regulatory reform on business strategy, implementation challenges, and enforcement and supervision.

Gabe advises clients on subjects including derivatives regulation, the Volcker Rule, broker-dealer issues and resolution planning. He has developed online resources to help market participants understand the impact of financial regulatory reform and comply with regulatory obligations. He has written numerous comment letters and other forms of advocacy for clients on key issues.

Gabe is a frequent writer, commentator and lecturer on financial regulatory reform issues. He is co-editor of OTC Derivatives Regulation Under Dodd-Frank, a leading resource on the swap regulatory regime, and has held academic appointments at Yale Law School, the Yale School of Management and the Haas School of Business at UC Berkeley.


Mr. Roy, an attorney, joined the Commission in February 1999 and has spent his entire tenure in the Office of Financial Responsibility within the Division of Trading and Markets.  This office is responsible for administering the broker-dealer financial responsibility rules, including the net capital rule, customer protection rule, books and records rules, and financial reporting rule.  The office also is responsible for administering the capital, margin, segregation, recordkeeping, and reporting rules for security-based swap dealers under Title VII of the Dodd-Frank Act.  Other office responsibilities include reviewing the broker-dealer customer margin rules of the self-regulatory organizations and administering the Commission’s oversight of the Securities Investor Protection Corporation (SIPC).

Mr. Roy received a Bachelor of Arts degree from Middlebury College and a Juris Doctor degree from Catholic University.


Neel is a Senior Special Counsel and is the Crypto Specialist in the Division of Trading and Markets, where his work focuses on initial coin offerings, as well as broker-dealer, fund-related and exchange/ATS matters relating to digital assets and DeFi, as well as fintech more generally.

Neel received a Bachelor of Civil Laws degree from Oxford University in 2004, and a Juris Doctor degree from Columbia Law School in 2010. Prior to joining the Commission, Neel worked as a corporate and securities law associate at Sullivan and Cromwell LLP.


Curtis A. Doty is a Banking & Finance partner in Mayer Brown’s New York office. His practice focuses on the structuring, negotiation, and regulatory and insolvency analysis of OTC derivatives transactions.

Some currently topical areas in Curtis’ practice include: deal-contingent foreign currency hedging connected to cross-border acquisitions; portfolio risk transfers in connection with acquired businesses; counseling clients in relation to “inadvertent” swaps and swap dealing; cross-border collateral arrangements; FX prime brokerage; and the enforceability of netting and collateral arrangements in insolvency.  Curtis is the author of netting and collateral opinions on various industry-standard forms of documentation.


DJ Hennes is a director in Promontory’s New York office where he leads the firm’s Global Markets Group for the Americas. He advises institutions on their governance, supervision, and compliance programs, specializing in banks’ derivatives activities.

DJ has extensive experience assisting firms in assessing compliance and designing and implementing target operating models. He has helped firms prepare for registration under a variety of regulatory regimes, respond to regulatory criticism, and plan and execute complex remediation programs involving stakeholders across the firm. In addition, he has helped institutions develop regulatory reporting, training, and monitoring and testing programs.

Since joining Promontory, DJ has advised over 20 swap dealers on regulatory requirements and expectations.


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 investments, capital markets products and strategies, including qualified opportunity funds, over-the-counter derivative transactions, swaps, tax-exempt derivatives, strategies for efficient utilization of tax attributes as well as advising on cross-border 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 is a frequent writer and speaker on tax topics affecting the Capital Markets.


Paul M. Architzel is a partner at WilmerHale, chair of the Futures and Derivatives Group, and a member of the Broker-Dealer Compliance and Regulation Group.

Mr. Architzel's practice covers all areas of futures and swap regulation, including the regulation of futures exchanges, swap execution facilities, foreign boards of trade, derivatives clearing organizations, futures commission merchants, introducing brokers, commodity pool operators and commodity trading advisors. He is an authority 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 practices 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 CFTC's Division of Economic Analysis, now the Division of Market Oversight, for more than 25 years, and was the chief architect of the Core Principle framework for futures market regulation. Mr. Architzel also spent several years as the chief US regulatory counsel for Eurex Frankfurt AG, a global derivatives/futures exchange and clearinghouse.

Professional Activities

Mr. Architzel was an adjunct professor of law in the Securities and Financial Regulation LLM program at Georgetown University Law Center where he taught Futures Regulation and the Commodity Exchange Act.


Ryne Miller is general counsel of FTX US, a regulated cryptocurrency exchange.  Prior to joining FTX US, Ryne was partner at and co-head of Sullivan & Cromwell’s Commodities, Futures & Derivatives group. Mr. Miller is a member of the Derivatives and Futures Law Committee of the American Bar Association, and he is a member of the Executive Committee of the Futures Industry Association’s Law & Compliance Division. Mr. Miller previously worked at the U.S. Commodity Futures Trading Commission as legal counsel to CFTC Chairman Gary Gensler.


Wenchi Hu is the founding member of Fleming Park Law PLLC and co-founder of Fleming Park Global Partners, LLC. She specializes in FinTech, corporate finance, structured transactions, and financial regulations, and has advised and counseled technology companies, broker-dealers, trading firms, alternative trading platforms, and emerging growth companies on corporate transactions, complex financing, equity and treasury trading, market structure, clearing, digital assets, risk management and compliance.

She was previously a partner of Latham & Watkins, LLP, where she advised financial institutions, technology companies, derivatives clearing organizations, and corporate issuers on a wide range of complex legal, regulatory and policy issues.

Prior to that, she was an Associate Director and head of the Office of Clearance and Settlement Supervision in the Division of Trading and Markets at the Securities and Exchange Commission (SEC). As part of that role, she oversaw central counterparties’ risk supervision under the regime established by the Securities Exchange Act and Title VIII of the Dodd-Frank Act and was responsible for clearing agency registration, rule filings and advance notices, requests for no-action relief and exemptive relief, and risk monitoring and supervision. She also worked with Federal Reserve Board, Federal Reserve Bank of New York, Federal Reserve Bank of Chicago and Commodity Futures Trading Commission on supervision of clearing agencies designated as systemically important and providing critical market infrastructure services.

Before joining the SEC, she was a Managing Director and Senior Counsel at Rabobank New York Branch responsible for legal risk management relating to Rabobank’s U.S. capital markets and derivatives business.  

She served as a public director on the Board of OneChicago, a futures exchange jointly regulated by the CFTC and SEC, and a member of OneChicago’s Regulatory Oversight Committee in 2019-2020.

She is a member of New York Bar and District of Columbia Bar.


Don Macbean is a partner in the Structured Finance and Securitization group in the New York office of Katten Muchin Rosenman LLP.  His practice focuses on structuring, negotiating and documenting complex structured energy transactions, over-the-counter derivatives, and structured finance transactions.  Don has extensive experience advising clients in the energy sector with respect to a wide variety of financial transactions, including supply contracts, offtake and hedging transactions (physical and financial), tolling arrangements, and construction debt financings.  He also advises international clients on accessing the U.S. capital markets through complex debt issuances backed by mortgages and other related assets.  Don is recognized in industry publications such as The Legal 500 US, and his clients include financial institutions, insurance companies, underwriters, issuers, corporations and other end-users.


Pamela Geraghty is Associate Director of the Registration & Compliance Branch in the Market Participants Division at the Commodity Futures Trading Commission, where she has focused on drafting regulations, advisories, and no-action letters, in addition to providing guidance to the Commission and industry relating to registration and compliance issues involving swap dealers and other swap market intermediaries.  In particular, Pamela plays a leading role in the Division’s efforts in implementing the Commission’s Chief Compliance Officer regulations for swap dealers and futures commission merchants.  Prior to joining the CFTC in 2013, Pamela was a compliance officer for Prudential Financial’s global investment management business providing compliance support for its private debt investment arm, as well as for its commercial mortgage investment business.  Pamela began her legal career as an enforcement attorney for the New Jersey Bureau of Securities.  Pamela received her J.D. and B.A. in Economics from The Catholic University of America.