Financial Markets Group Fall Conference
Wednesday, 11/19/25
8:30 AM
Breakfast and Registration
9:30 AM
Welcome Remarks
Speaker
Cindy Hull, Vice President and Head of Financial Markets Group, Federal Reserve Bank of Chicago
9:45 AM
Fireside Chat
Keynote Speaker
Barry King, Head of Division, Post Trade Policy, Bank of England
Moderator
Ketan B. Patel, Senior Policy Advisor and Head of Financial Markets Risk Analysis, Federal Reserve Bank of Chicago
10:20 AM
Break
10:45 AM
Panel 1: Treasury Clearing Mandate: Implementation Hurdles and Outlook
Moderator
Brett Solimine, Financial Markets Specialist, Federal Reserve Bank of Chicago
Panelists
Dane Fannin, Global Head of Foreign Exchange and Securities Finance, Northern Trust
Casey Spezzano, Head of US Customer Sales & Trading, NatWest Markets
Corey Friedberg, Global Head of Fixed Income Financing, Millennium Management
Gerald Pucci, Global Head of Fixed Income Trading and Global Head of Repo, BlackRock
12:00 PM
Lunch
1:15 PM
Panel 2: Using Stablecoins and Other Tokenized Collateral in Cleared Markets
Moderator
David DeCarlo, Counselor on Financial Markets, Federal Reserve Bank of Chicago
Panelists
Christine Parker, Deputy General Counsel, Circle
Varun Paul, Senior Director for Financial Markets, Fireblocks
Yesha Yadav, Milton R. Underwood Chair and Professor of Law, Vanderbilt Law School
Chris Zuehlke, Global Head of Cumberland, DRW
2:30 PM
Break
2:45 PM
Fireside Chat
Keynote Speaker
Fabio M. Natalucci, Chief Executive Officer, Andersen Institute for Finance and Economics
Moderator
Alessandro Cocco, Senior Policy Advisor, Federal Reserve Bank of Chicago
3:30 PM
Break
3:45 PM
Panel 3: Technology Innovation and Financial Stability: The CCP Perspective
Moderator
Emma Weiss, Senior Financial Markets Specialist, Federal Reserve Bank of Chicago
Panelists
Dhiraj Bawadhankar, Managing Director of Clearing & Post-Trade Product Management, CME Group
Massimo Cutuli, Chief Financial Risk Officer, The OCC
Elizabeth King, Global Head of Clearing, ICE Inc.
Demetri Karousos, President and COO, Nodal Exchange
5:00 PM
Closing Remarks
5:10 PM
Reception
Financial Markets Group Fall Conference
The 2025 Fall Conference of the Financial Markets Group, hosted by the Federal Reserve Bank of Chicago, took place on Wednesday, November 19, from 9:30 a.m. to 5:00 p.m. CT.
The theme of the conference was Crosscurrents in Centrally Cleared Markets: The Evolving Technology, Digital Asset, and Regulatory Landscape. The conference featured panel discussions on the following topics:
- Treasury Clearing Mandate: Implementation Hurdles and Outlook
- Stablecoins and Other Tokenized Collateral at Central Counterparties (CCPs)
- Technology Innovation and Financial Stability: The CCP Perspective
This conference provides a unique opportunity to hear from expert practitioners and academics on key issues impacting the stability, integrity, and efficiency of the financial system. Senior policymakers, central bankers, market regulators, academics, and industry leaders are invited to participate in the conference.
