LaSalle Street hosts a discussion with executives representing exchanges, swap dealers, clearinghouses, and asset managers on the impact of the Covid crisis and what to watch for as the pandemic eases.
Ketan Patel, policy advisor and head of financial markets risk analysis in the Chicago Fed’s Financial Markets Group, hosts this episode. Alessandro Cocco, vice president of the Financial Markets Group at the Chicago Fed, provides an introduction.
Joining the podcast for this episode are Teo Floor, chief executive officer of CCP12; Ulrich Karl, head of clearing services at the International Swap Dealers Association; Pedro Gurrola Perez, head of research at the World Federation of Exchanges; and Jason Silverstein, associate general counsel at the Securities Industry and Financial Markets Association.
The guests delve into a range of clearing and trading related topics, including margining, pro-cyclicality, loss allocation, market structure, and the recent events around Archegos Capital Management. The discussion includes the prospects of clearing other asset classes, and the guests provide their perspectives on the March 2020 market stress and lessons that can be learned.
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On Mic
Policy Advisor and Head of Financial Markets Risk Analysis
Federal Reserve Bank of Chicago
Host
Head of Research
World Federation of Exchanges
Guest
Head of Clearing Services
International Swap Dealers Association
Guest
Chief Executive Officer
CCP12
Guest
Associate General Counsel
Securities Industry and Financial Markets Association
Guest
The views expressed on LaSalle Street are the speakers’ own and do not necessarily reflect
the views of the Federal Reserve Bank of Chicago or the Federal Reserve System. Any links to external resources
or websites are provided for informational purposes only.
Pedro Gurrola Perez joined the World Federation of Exchanges in October 2019 from the Bank of
England, where he led a research team at the Financial Market Infrastructures Directorate. He
had joined the Bank of England in 2013, after two years at the UK Financial Services Authority.
Previously, Perez spent more than 15 years lecturing and doing research at a range of
well-regarded academic institutions, including the University of Barcelona and the Instituto
Tecnológico Autónomo de México (ITAM).
Perez holds a PhD in Mathematics from the University of Montpellier, France, and has published
across key academic journals, including Ledger, the Journal of Financial
Market Infrastructures, the Journal of Risk, International
Finance, and the Journal of Futures Markets. His recent work includes
research on CCPs’ initial margin models, on the economics of distributed ledger technologies
(DLT), and on the network structure of settlement fails. He has also published research on
payment systems, back-testing methodologies, and on the structure of interest rate futures
markets. In 2007, he received the National Award on Derivatives Research, awarded by the Mexican
Derivatives Exchange (MexDer).
Ulrich Karl is head of clearing services at the International Swaps and Derivatives Association
(ISDA), with responsibility for leading ISDA’s global clearing strategy. This includes issues
related to central counterparty (CCP) risk management (resilience, recovery and resolution) and the
impact of Brexit on the clearing landscape, as well as clearing mandates (for products and
counterparties), clearing access, capital charges for CCP exposures, and related topics.
Before ISDA, Karl worked for HSBC, where he most recently served as co-head of CCP risk in the
global markets division. While at HSBC, Karl served as the industry chair for ISDA’s clearing,
risk and capital working group.
Karl holds a MSc in Electrical Engineering from Technische Universität in Darmstadt.
Teo Floor is the CEO of The Global Association of Central Counterparties – CCP12. He was
appointed to lead the association from October 2020, after having served on the Executive Board
since 2017.
Floor worked for Eurex Clearing, a CCP within Deutsche Börse Group, from 2008 to 2020. At Eurex
Clearing, Floor worked in various risk management and strategy roles in Frankfurt and London,
with his last position as the Special Advisor to the CEO.
Floor holds a MSci in Mathematical Sciences from the University of Bath, and a BSci in Joint
Mathematics and Computer Science from Imperial College.
Jason S. Silverstein serves as Managing Director, Asset Management Group and Associate General
Counsel of the Securities Industry and Financial Markets Association (SIFMA), where he leads the
derivatives advocacy for asset managers.
Before joining SIFMA, Silverstein served as the General Counsel to a fintech startup developing
post-trade settlement solutions. He also served as Executive Director & Associate General
Counsel of CME Group where he advised CME’s clearinghouse and swap product teams. He played a
central role in developing the company’s solutions for the clearing of interest rate swaps and
credit default swaps and was primarily responsible for drafting CME’s clearing rules. He was
also responsible for advising on customer protection and recovery, wind down, and resolution
issues.
Earlier in his career, Silverstein served as Assistant General Counsel at JPMorgan Chase and as
Associate General Counsel at Bear Stearns where he focused on the structuring and documentation
of derivative products. He began his career as an Associate in Clifford Chance US LLP’s
financial products group, specializing in both derivatives and securitizations.
Silverstein holds a J.D. from Fordham University and a B.S. in accounting from Rutgers University.
He is admitted to the bar in both New York and New Jersey.
