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Last Updated: 06/19/06

News Release

Chicago Fed Announces Leadership Changes and New Group

CHICAGO - The Federal Reserve Bank of Chicago announces the promotion of David Marshall to senior vice president and Adrian D'Silva to vice president in the bank's new Financial Markets Group.

The group will conduct research and policy studies on financial markets, payments systems, systemic risk issues, and related public policy questions, with a particular focus on Chicago derivatives exchanges and clearinghouses. Members of the group will work closely with the bank's Economic Research and Supervision & Regulation departments.

Background about David Marshall

Marshall, 55, previously served as a vice president in the Economic Research Department, acting as team leader for the department's macroeconomics group. In addition, he is an adjunct professor of finance at the University of Chicago and an associate editor for the economic research journal Macroeconomic Dynamics.

Before joining the Chicago Fed as a senior financial economist, Dr. Marshall served on the faculty at both Northwestern University and the University of Chicago.

Prior to graduate school, Dr. Marshall was a violinist with the Houston Symphony Orchestra. He received a B.A. in philosophy from Yale University in 1972 and his M.S. and Ph.D. in economics from Carnegie Mellon University in 1985 and 1988 respectively. He lives in Chicago's Lincoln Park neighborhood.

Background about Adrian D'Silva

D'Silva, 56, previously served as director of the capital and risk management groups in the bank's Supervision & Regulation Department. Before joining the bank in 1995, he spent 17 years as a derivatives trader in Chicago, London, Singapore, Tokyo and Hong Kong.

D'Silva received a bachelor's degree from Iowa State University in political science, sociology and anthropology in 1973 and a master's degree in international management from Thunderbird, the American Graduate School of International Management in 1977. He also has worked on graduate studies in political science at Stanford University.

D'Silva lives in Winnetka.

Background about the Federal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.

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Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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