2024 FINANCIAL MARKETS QUALITY CONFERENCE - Future of Financial Markets: Innovation and Uncertainty
September 17, 2024
Lohrfink Auditorium, Rafik B. Hariri Building
Georgetown University McDonough School of Business
Washington, D.C.
Dear Colleagues and Guests,
It is my distinct pleasure to welcome you to Georgetown University’s McDonough School of Business for the Georgetown Psaros Center for Financial Markets and Policy’s annual Financial Markets Quality (FMQ) Conference.
First, I would like to thank Michael (B’89, P’21) and Robin Psaros (P’21) for the transformational gift that has allowed us to establish the Georgetown Psaros Center for Financial Markets and Policy as the preeminent destination for unbiased expertise at the intersection of finance and policy. Through our influential thought leadership and programming, we are able to contribute to driving the future of global finance. We are truly grateful to the Psaros family.
In the last year, the Psaros Center has engaged with many industry leaders and government officials to impact policy and practice. We have convened private sector and governmental officials to discuss the private credit market, hosted an event with a former secretary of the Treasury, published an array of whitepapers from our esteemed visiting fellows, and in May, we held our second annual FinPolicy Trek which introduced students to key policymakers and financial leaders. In addition to today’s in-person, annual conference, I encourage you to connect with us on social media to stay updated throughout the year on our programming.
Today, with the support of our many sponsors and participants, especially BlackRock, Evercore, LSEG, Invesco, and Ripple, the Psaros Center is once again bringing together policymakers, regulators, global leaders from the private sector, and scholars to address timely issues transforming today’s financial markets.
Again, welcome to Georgetown McDonough. I hope you find the conference insightful and engaging.
Best wishes,
Reena Aggarwal
Robert E. McDonough Professor of Finance Founding Director, Georgetown Psaros Center for Financial Markets and Policy
Agenda at a Glance
8:00 - 8:55 a.m. Registration, Breakfast, and Networking
8:55 - 9:00 a.m. Welcome
9:00 - 9:45 a.m.
Panel Discussion: Market Structure
9:45 - 10:15 a.m.
Panel Discussion: Innovation in ETFs
10:15 - 10:30 a.m.
Break
10:30 - 11:00 a.m.
A Conversation with Rostin Behnam (C’00), U.S. Commodity Futures Trading Commission Chair
11:00 - 11:30 a.m.
A Conversation with Patrick McHenry (R-NC), U.S. House Financial Services Committee Chair
11:30 a.m. - 12:00 p.m.
A Conversation with Cynthia Lummis (R-WY), U.S. Senator
12:00 - 12:30 p.m.
A Conversation with Terrence Duffy, CME Group Chairman and Chief Executive Officer
12:30 - 1:30 p.m.
Lunch
1:30 - 2:15 p.m.
Panel Discussion: Crypto and the Financial Markets
2:15 - 2:45 p.m.
A Conversation with David Schwimmer, LSEG Chief Executive Officer
2:45 - 3:00 p.m. Break
3:00 - 3:45 p.m.
Panel Discussion: Regulatory Roundtable
3:45 - 4:15 p.m.
A Conversation with Nellie Liang, U.S. Department of the Treasury Under Secretary for Domestic Finance
4:15 - 5:00 p.m.
A Conversation with Jamie Dimon, JPMorganChase Chairman and Chief Executive Officer
5:00 - 6:00 p.m. Networking Reception
8:00 - 8:55 a.m. Registration, Breakfast, and Networking
8:55 - 9:00 a.m. Welcome
Reena Aggarwal, Founding Director, Georgetown Psaros Center for Financial Markets and Policy and Robert E. McDonough Professor of Finance, Georgetown University McDonough School of Business
Timothy Massad, Board Member, Psaros Center for Financial Markets and Policy and former Chair, U.S. Commodity Futures Trading Commission
Panelists
Jim Angel, Associate Professor of Finance, Georgetown University McDonough School of Business
Catherine Clay, Executive Vice President, Global Head of Derivatives, Cboe Global Markets
Chuck Mack, Vice President, Head of Strategy and Market Structure, Nasdaq
Sapna Patel, Head of Americas Market Structure and Liquidity Strategy, Morgan Stanley
Nandini Sukumar, Chief Executive Officer, World Federation of Exchanges
9:45 - 10:15 a.m. Panel Discussion: Innovation in ETFs
Moderator
Jesse Pound, Markets Reporter, CNBC
Panelists
Samara Cohen, Chief Investment Officer for ETF and Index Investments, BlackRock
Gerard O’Reilly, Co-Chief Executive Officer and Co-Chief Investment Officer, Dimensional Fund Advisors LP
Natasha Vij Greiner, Director, Division of Investment Management, U.S. Securities and Exchange Commission
10:15 - 10:30 a.m. Break
Agenda
10:30 - 11:00 a.m. A Conversation with Rostin Behnam (C’00), U.S. Commodity Futures Trading Commission Chair
Moderator
Sonali Basak, Anchor and Global Finance Correspondent, Bloomberg TV
Keynote Speaker
Rostin Behnam (C’00) was sworn in as the U.S. Commodity Futures Trading Commission’s (CFTC) 15th Chair on January 4, 2022, after being unanimously confirmed by the U.S. Senate. President Biden nominated Behnam to lead the agency.
Previously, Behnam served as CFTC Commissioner since September 2017. The members of the commission elected Behnam as acting chairman effective January 21, 2021.
Since joining the CFTC, Behnam has individually, and as sponsor of the CFTC’s Market Risk Advisory Committee, advocated for the CFTC to use its authority and expertise to ensure the derivatives markets operate transparently and fairly for participants and customers, and innovate responsibly.
Behnam led the creation of the Climate-Related Market Risk Subcommittee to examine climate-related impacts on the financial system. During his time as commissioner, Behnam also spearheaded efforts to invigorate internal discussions on agency-wide diversity and inclusion initiatives. He remains committed to ensuring that the CFTC remains vigilant in building and maintaining an inclusive workforce, supportive of employees and reflective of the diversity in the markets it oversees and the public it serves.
After graduating from Georgetown University, Behnam worked as a proprietary equities trader in New York City before pursuing a J.D. at Syracuse University.
Agenda
11:00 - 11:30 a.m. A Conversation with Congressman Patrick McHenry (R-NC), U.S. House Financial Services Committee Chair
Moderator
Nick Timiraos (C’06), Chief Economics Correspondent, The Wall Street Journal
Keynote Speaker
Congressman Patrick McHenry is serving his 10th term as the representative for North Carolina’s 10th Congressional District.
In the 118th Congress, McHenry was elected as the chair of the House Financial Services Committee, a committee he has served on since he was elected to Congress. As chair, he has advocated for innovative solutions that increase access to banking services and credit for American families and small businesses.
Prior to serving as the chair, McHenry was elected as the Republican leader at the beginning of the 116th Congress. He also served as vice chair of the House Financial Services Committee, a position he was appointed to at the beginning of the 114th Congress by then-Chair Jeb Hensarling (TX-05).
McHenry is a graduate of Belmont Abbey College, where he earned a Bachelor of Arts in history.
11:30 a.m. - 12:00 p.m. A Conversation with Senator Cynthia Lummis (R-WY)
Moderator
Emily Wilkins, Washington Correspondent, CNBC
Keynote Speaker
Senator Cynthia Lummis (R-WY) was sworn into the U.S. Senate on January 3, 2021, becoming the first woman to serve as a U.S. Senator from Wyoming.
Born on a cattle ranch in Laramie County, Lummis has spent her entire career fighting for Wyoming families, communities, businesses, and values. From the halls of the Wyoming House to the halls of the U.S. House, her time in public service has focused on advocating for Wyoming’s future.
First elected to the U.S. House in 2008, Lummis has built a reputation as a nononsense conservative and principled policymaker.
Agenda
12:00 - 12:30 p.m. A Conversation with Terrence Duffy, CME Group Chairman and Chief Executive Officer
Moderator
Guy Adami (B’86), Fast Money Contributor, CNBC
Keynote Speaker
Terrence A. Duffy serves as chairman and chief executive officer of CME Group. He is responsible for overseeing the world’s leading derivatives marketplace.
Previously, Duffy served as executive chair and president of CME Group since 2012 and as executive chair since 2007. He served as chair of the Board of CME and CME Holdings since April 2002 and as executive chair since October 2006. He was vice chair of the Board of CME Holdings Inc. from its formation in 2001 and of the Board of CME from 1998 to 2002. He was president of TDA Trading, Inc. from 1981 to 2002. He has been a CME member since 1981 and a board member since 1995.
Duffy was appointed by President Bush and confirmed by the U.S. Senate in 2003 as a member of the Federal Retirement Thrift Investment Board (FRTIB), a position he held until 2013.
During his tenure, Duffy led the first merger in the futures industry, combining the Chicago Board of Trade and the Chicago Mercantile Exchange in 2007 to create CME Group. The following year, he oversaw the acquisition of the New York Mercantile Exchange. In 2018, he spearheaded the company’s acquisition of NEX, which streamlined trading across futures, options, cash, and OTC markets. And, in 2021, Duffy embarked on a landmark partnership with Google Cloud to bring expanded access, new products, and greater efficiencies to derivatives markets through cloud technology.
He currently serves as co-chair of the Mayo Clinic Greater Chicago Leadership Council. He is vice chair of the CME Group Foundation.
12:30 - 1:30 p.m. Lunch, Fisher Colloquium
Agenda
1:30 - 2:15 p.m. Panel Discussion: Crypto and the Financial Markets
Moderator
MacKenzie Sigalos, Tech Reporter, CNBC
Panelists
Stuart Alderoty, Chief Legal Officer, Ripple
Thomas Farley (C’97), Chief Executive Officer, Bullish
Dan Gallagher (C’94), Chief Legal, Compliance, and Corporate Affairs Officer, Robinhood
David LaValle (C’99), Global Head of ETFs, Grayscale
Sandra Waliczek (B’17, SFS’18), Blockchain and Digital Assets Lead, World Economic Forum
2:15 - 2:45 p.m. A Conversation with David Schwimmer, LSEG Chief Executive Officer
Moderator
Neil Irwin, Chief Economics Correspondent, Axios
Keynote Speaker
David Schwimmer is chief executive officer of LSEG and a member of the board of LSEG plc.
Schwimmer joined LSEG in August 2018, having spent 20 years at Goldman Sachs in a number of senior roles, most recently as global head of market structure and global head of metals and mining. He also served as chief of staff to Lloyd Blankfein – then president and COO of Goldman Sachs – and spent three years in Russia as co-head of Russia/CIS. Before joining Goldman Sachs, he practiced law at Davis Polk & Wardwell.
Schwimmer holds a B.A. from Yale University and postgraduate degrees in law (J.D.) and international affairs (MALD) from Harvard University and The Fletcher School of Law and Diplomacy.
Michael Piwowar (MBA’94), Board Member, Georgetown Psaros Center for Financial Markets and Policy; Executive Vice President, The Milken Institute Center for Financial Markets; and former Acting Chair and Commissioner, U.S. Securities and Exchange Commission
Panelists
Sandra Lee, Deputy Assistant Secretary, Financial Stability Oversight Council, U.S. Department of the Treasury
Caroline Pham, Commissioner, U.S. Commodity Futures Trading Commission
Mark Uyeda (B’92), Commissioner, U.S. Securities and Exchange Commission
3:45 - 4:15 p.m. A Conversation with Nellie Liang, U.S. Department of the Treasury Under Secretary for Domestic Finance
Moderator
Michael McKee, International Economics and Policy Correspondent, Bloomberg TV and Radio
Keynote Speaker
Nellie Liang was confirmed as the Under Secretary for Domestic Finance at the U.S. Treasury Department. She previously was a senior fellow in Economic Studies at the Brookings Institution. Liang was also a visiting scholar at the International Monetary Fund’s Monetary and Capital Markets Department, lecturer at the Yale School of Management, and a member of the Congressional Budget Office’s Panel of Economic Advisors. Over three decades at the Board of Governors of the Federal Reserve System, Liang held a range of positions, including as the first director of the division of Financial Stability from 2010 to 2017. In that position, she oversaw the development of financial stability policies related to risks in financial firms and financial markets, and interactions of financial policies with monetary policy. Her recent research has focused on the financial system and macroeconomic growth. Liang received a Ph.D. in economics from the University of Maryland and a B.A. in economics from the University of Notre Dame.
4:15 - 5:00 p.m. A Conversation with Jamie Dimon, JPMorganChase Chairman and Chief Executive Officer
Introduction
Michael Psaros (B’89, P’21), Board Member, Georgetown Psaros Center for Financial Markets and Policy; Co-founder and Managing Partner, KPS Capital Partners
Robert Groves, Executive Vice President and Provost, Georgetown University
Moderator
Reena Aggarwal, Founding Director, Georgetown Psaros Center for Financial Markets and Policy, and Robert E. McDonough Professor of Finance, Georgetown University McDonough School of Business
Keynote Speaker
Jamie Dimon is chairman of the board and chief executive officer of JPMorganChase, a global financial services firm with assets of $3.9 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business, commercial banking, financial transaction processing, and asset management.
Dimon became CEO on January 1, 2006, and one year later also became chairman of the Board. He was named president and chief operating officer upon the company’s merger with Bank One Corporation on July 1, 2004. Dimon joined Bank One as chairman and CEO in 2000.
Dimon began his career at American Express Company. Next, he served as chief financial officer and then president at Commercial Credit, which made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and The Travelers Corporation in 1993. Dimon served as president and chief operating officer of Travelers from 1990 through 1998 while concurrently serving as chief operating officer of its Smith Barney Inc. subsidiary before becoming co-chairman and co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers. In 1998, Dimon was named president of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp.
Dimon earned his bachelor’s degree from Tufts University and holds an MBA from Harvard Business School. He serves on the boards of directors of a number of nonprofit institutions including the Business Roundtable, Bank Policy Institute, and Harvard Business School. Additionally, he serves on the executive committee of the Business Council and the Partnership for New York City, and is a member of the Financial Services Forum and Council on Foreign Relations.
5:00 p.m. Closing Remarks, Paul Almeida, Dean and William R. Berkley Chair, Georgetown University McDonough School of Business
The Georgetown Psaros Center for Financial Markets and Policy is the preeminent destination for unbiased expertise at the intersection of finance and policy. The Psaros Center provides thought leadership and actively contributes to shaping global finance. Located in Washington, D.C., we connect policymakers, industry leaders, and scholars through solutions-driven platforms.
Housed at Georgetown University’s McDonough School of Business, the Psaros Center for Financial Markets and Policy serves as an impartial, academic-based research center. The Psaros Center integrates practice with policy: facilitating a forum for solutions-oriented discussion, conducting relevant and original research on key global market issues, and engaging students interested in the nexus of finance and policy. Collectively, our efforts impact policy and practice by informing current industry professionals, the next generation of finance and policy leaders, and the world to create meaningful change.
