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Advanced Swaps & Other Derivatives 2019

Speaker(s): Barry Taylor-Brill, Carol McGee, Curtis A. Doty, David Meister, Debra W. Cook, Don J. Macbean, Don Thompson, Douglas E. Harris, Gabriel D. Rosenberg, Gary Barnett, Geoffrey B. Goldman, John S. Servidio, Joseph Zangri, Joshua Beale, Joshua D.. Cohn, Kathryn M. Trkla, Kenneth M. Raisler, Lauren E. Bennett, Locke R. McMurray, Mark H. Leeds, Matthew A. Stevens, Matthew Kerfoot, Megan O’Flynn, Michael S. Sackheim, Michael W. Ehrstein, Pamela M. Geraghty, Peter Y. Malyshev, Philip W. Raimondi, R. Penfield Starke, Rita M. Molesworth, W. Graham Harper, Wenchi Hu
Recorded on: Oct. 22, 2019
PLI Program #: 247710

Barry Taylor-Brill is Senior Vice President & Assistant General Counsel at Wells Fargo & Company where his legal team covers derivatives and foreign exchange products across asset classes, including fixed income, currency, credit, equity, municipal and commodity derivatives and physicals. He was Senior Vice President and Deputy General Counsel at Wachovia Corporation prior to its merger with Wells Fargo, and was derivatives counsel with First Chicago Corporation from 1983 until 1995. Mr. Taylor-Brill has been a member of the documentation committee of the International Swaps & Derivatives Association since its inception in 1984 and helped draft the ISDA Master Agreements (and related Credit Support Annexes).

Mr. Taylor-Brill holds an A.B. degree, summa cum laude, from the University of Illinois and a J.D. from Northwestern Pritzker School of Law. He was a faculty speaker for the Practising Law Institute’s swaps program from 1985-2000, and has authored several articles on derivatives.

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.

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.


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

BChE, University of Delaware, 1984 (cum laude)

Bar Admissions

New York


“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

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.

Don Thompson is generally recognized as a leading expert on derivatives documentation and regulatory issues. He has been active in the documentation projects of the International Swaps and Derivatives Association (ISDA) since its formation, and was heavily involved in industry advocacy efforts concerning Title VII of the Dodd-Frank financial reform law as well as its implementation at JPMorgan Chase & Co. Until his retirement in 2016, Don served as Managing Director and Associate General Counsel at JPMorgan.  Since 1985, he has represented JPMorgan in its full range of derivatives activities, with a focus on regulatory, documentation and litigation matters.  At various points in his 30 plus year career at JPMorgan, Mr. Thompson has:

Served as Co-Head of the Derivatives and Regulatory Reform Practice Groups in the Legal Department of JPMorgan's Investment Bank

Served as Co-Chair of the ISDA Documentation Committee and worked on many ISDA documentation standardization efforts, including the 1992 and 2002 versions of the ISDA Master Agreement and various iterations of the ISDA Credit Derivatives Definitions

Been a frequent speaker at industry conferences and events relating to derivatives issues, including those sponsored by ISDA, SIFMA and the Practicing Law Institute

Testified before U.S. Congressional Committees on Dodd-Frank and derivatives issues, including hearings before the House Agriculture Committee, the House Committee on Financial Services and the Senate Banking Committee

Served as Co-Chair of JPMorgan's North American Reputation Risk Committee, which reviews sensitive Investment Bank transactions

Been deposed as an expert witness in a number of litigations involving derivatives closeouts of major counterparties

Served on the Board of Directors and the Executive Committee of the Board of the National Futures Association (NFA) and on the Swap Dealer Advisory Committee to the NFA

Mr. Thompson graduated from The State University of New York at Stony Brook in 1978 with a BA (double major in Economics and Political Science) and in 1981 with a JD from Harvard Law School.  He is admitted to practice law in the State of New York.

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, 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.


Columbia Law School, J.D., 1996

Stanford University, A.B., 1993

Bar Admissions/Qualifications

New York

Graham Harper is a partner at Delta Strategy Group, a regulatory consulting and advocacy firm based in Washington, DC, that focuses primarily on the CFTC, SEC, and Congress.  The firm represents a variety of financial services clients, including exchanges, energy and agribusiness companies, trade groups, financial services firms, investment funds, and Fortune 500 companies in connection with key regulatory reforms and financial legislation. As a partner, Graham works with senior management, legal, and business personnel within client firms to identify regulatory issues, advises on the creation a strategic approach to resolve issues, and advocates on behalf of clients to regulators and Members of Congress.

Prior to joining Delta Strategy Group, Graham worked in the CFTC Chairman’s office responsible for the agency’s interactions with Congress and other financial regulatory agencies, including updates to international regulators about the status of regulatory reform efforts in the US, and served on an internal CFTC task force to review market events associated with the financial crisis.  Having previously served on the staffs of both the Senate Agriculture and Appropriations Committees on derivatives policy issues, Graham was detailed back to the Senate to work on the Congressional response to the 2008 financial crisis, which was ultimately enacted as the “Dodd-Frank Act.”  Graham joined Delta Strategy Group in November of 2009.

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.

Joseph Zangri is the Managing Director for the NFA's Over the Counter Swap Dealer Examinations Department. He oversees the development and execution of NFA's regulatory compliance programs for Swap Members including examinations, investigations, and the coordination of registration and membership activities.  He oversees the development, implementation and execution of NFA's regulatory compliance program.  He participates with NFA leadership in setting strategic direction and acts as the department's lead on regulatory compliance matters and as a key liaison with external constituencies.

Joseph has over 20 years of experience in the derivatives industry.  Prior his current role at NFA, Joseph spent 17 years as CCO of Bloomberg LP and among his responsibilities were the creation and compliance oversight of the Bloomberg Swap Execution Facility and Bloomberg Swap Data Repository.  Joseph was also an Enforcement Attorney at the Securities and Exchange Commission and a criminal prosecutor, white collar crime, at the Suffolk County District Attorney's office.  Joseph earned his Law Degree at Fordham University Law School and his Bachelor of Science in Business Administration at State University of New York at Albany.

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.

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.

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.


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

1973, Yale University, B.S.

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.

Matt Kerfoot has worked as both a lawyer and a banker in the fund finance industry over the past two decades.  Matt is currently in the Fund Finance and Investments group at UBS and was previously a partner at Dechert in their Global Finance practice.  Prior to that Matt was a senior vice president on HSBC's fund finance and solutions desk.

Matthew Stevens, a principal in the Capital Market group within International Tax Services at Ernst & Young LLP, handles planning and controversy matters regarding the U.S. federal income tax consequences of transactions, specializing in the design, structuring and implementation of domestic and international financial transactions.  He advises hedge funds, private equity funds, high net worth individuals (both U.S. and non-U.S.), insurance companies, and foreign and domestic multinational corporations.

Matthew serves as chair of the annual Practicing Law Institute program “Taxation of Financial Products and Transactions.”  He has served as chair of the Financial Transactions Committee of the Tax Section of the District of Columbia Bar, and as the chair of the Financial Transactions Committee of the Tax Section of the American Bar Association.  He has co-taught the Georgetown University Law Center class entitled “United States Taxation of International Income – II.”  He has published a number of articles dealing with international aspects of U.S. income tax and with the taxation of financial products and transactions.  Matthew is listed in Chambers USA:  America’s Leading Lawyers for Business.   From 2002 to 2004, Matthew served as special counsel to the Chief Counsel for the Internal Revenue Service. There, he advised the Chief Counsel regarding published guidance on a wide range of tax issues involving financial products and cross border transactions.


Harvard University
(J.D., 1990)

University of Kansas
(B.A., 1987)

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.

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.


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.


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.


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.


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.


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.


  • 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.

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.

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.

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.

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).

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.

Lauren Bennett is a Special Counsel in the Office of the Chief Counsel for the Division of Swap Dealer and Intermediary Oversight at the Commodity Futures Trading Commission, where she focuses on the cross-border implementation of the Commission’s regulatory requirements for swap dealers and other swap market intermediaries.  Additionally, Ms. Bennett provides guidance to market participants and industry groups regarding compliance with Commission regulations, including registration requirements and external business conduct standards.  Prior to joining the Commission, Ms. Bennett was an Associate General Counsel and Senior Compliance Officer at Legg Mason Investment Counsel.  Ms. Bennett previously served as a Senior Regulatory Analyst at the Financial Industry Regulatory Authority (FINRA).  She holds a B.S. from Boston College and a J.D. from the University of Maryland School of Law.

Michel W. Ehrstein is Special Counsel for Managed Funds and Financial Requirements in the Division of Swap Dealer and Intermediary Oversight at the U.S. Commodity Futures Trading Commission.

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.

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.