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Financial Markets Group Fall Conference

Monday, 11/02/26
9:00 AM
Breakfast and Registration
10:00 AM
Welcome Remarks
Speaker
Cindy Hull, Vice President and Director of the Financial Markets Group, Federal Reserve Bank of Chicago
10:15 AM
Keynote and Fireside Chat
Keynote Speaker
Andréa M Maechler, Deputy General Manager, Bank for International Settlements (BIS)
Moderator
Austan Goolsbee, President & CEO, Federal Reserve Bank of Chicago
11:00 AM
Break
11:30 AM
Panel 1: Settlement Innovations: Renovate or Rebuild
Moderator
David W. DeCarlo, Counselor on Financial Markets, Federal Reserve Bank of Chicago
Panelists
Efthimia Kefalea, Head of Derivatives Clearing Development, Eurex Clearing
Sarah V. Riddell, Partner, K&L Gates LLP
Paolo Saguato, Professor of Law and Director of Program on Financial Markets, Antonin Scalia Law School, George Mason University
12:30 PM
Lunch
1:30 PM
Paper Presentation: Kalshi and the Rise of Macro Markets
Speaker
Jared Katz, Northwestern University
2:00 PM
Break
2:15 PM
Panel 2: Trading Innovations: New Contracts, New Risks?
Moderator
Ketan B. Patel, Senior Policy Advisor and Head of Financial Markets Risk Analysis, Federal Reserve Bank of Chicago
Panelists
Ilya Beylin, Associate Professor, Seton Hall University
JJ Kinahan, Senior Vice President, Cboe
Amar Reganti, Director of Public Markets, Textron
Liam Smith, Chief Strategy Officer, Optiver US
3:30 PM
Break
3:45 PM
Discussion Series: Trading and Settlement Innovations and Their Implications for CCPs
3:45 PM
What are the Implications for CCP Operational Risk, Including Cyber Risk?
Speakers
Andrej Bolkovic, Chief Executive Officer, The Options Clearing Coporation
Verena Carmichael, Senior Manager, Post Trade Policy, Financial Market Infrastructure Directorate, Bank of England
4:25 PM
What are the Implications for the Role of Central Banks and CCPs?
Speakers
Tim Cuddihy, Managing Director and Group Chief Risk Officer, Depository Trust and Clearing Corporation
Sam Schulhofer-Wohl, Senior Vice President and Senior Advisor to the President, Federal Reserve Bank of Dallas
5:10 PM
Closing Remarks
5:15 PM
Reception

Financial Markets Group Fall Conference

The 2026 Financial Markets Group Fall Conference, hosted by the Federal Reserve Bank of Chicago, was held on Monday, November 2, from 9:00 a.m. to 5:00 p.m. CT.

The theme of the conference was Navigating Innovation in Centrally Cleared Markets. The event featured discussions on various trading and settlement innovations and examined their potential impact on central counterparties’ operational risk management, business models, and relationships with central banks.

The conference provided a unique opportunity to hear from expert practitioners and academics on key issues affecting the stability, integrity, and efficiency of the financial system. Senior policymakers, central bankers, market regulators, academics, and industry leaders were invited to participate.

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