Financial Markets Quality Conference -- 2023

FINANCIAL MARKETS QUALITY CONFERENCE November 15, 2023 Lohrfink Auditorium, Rafik B. Hariri Building Georgetown University McDonough School of Business Washington, D.C. #GUFinance #FMQ #PsarosCenter

Welcome Dear Colleagues and Guests, It is my distinct pleasure to welcome you to Georgetown University and the McDonough School of Business for our annual Financial Markets Quality (FMQ) Conference, hosted by the Georgetown Psaros Center for Financial Markets and Policy.

Last year, we received a transformational gift from Michael Psaros (B’89) and his family. This gift allows us to establish the Psaros Center for Financial Markets and Policy as the preeminent destination for unbiased expertise at the intersection of finance and policy. Through influential thought leadership and rigorous, independent research, the Psaros Center impacts policy and practice. We are truly grateful to the Psaros family.

2023 has been a busy year. We launched a number of new programs including the unique FinPolicy Trek that gives students a front row seat to observe key policymakers and global financial leaders. In addition to today’s in-person conference, I encourage you to join our Virtual FMQs and other programming throughout the year.

Today, with the support of our many sponsors, especially BlackRock, Invesco, and the London Stock Exchange Group, the Psaros Center is once again bringing together Members of Congress, Senators, policymakers, regulators, global leaders from the private sector, and scholars to address timely issues that are transforming global finance.

Again, welcome to Georgetown University and Washington, D.C., I hope that you find the conference insightful and engaging.

Best wishes, Reena Aggarwal

Reena Aggarwal Robert E. McDonough Professor of Finance Director, Georgetown Psaros Center for Financial Markets and Policy

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Agenda at a Glance 8:00 - 9:00 a.m.

Registration, Breakfast, and Networking

9:00 - 9:15 a.m.

Welcome: Reena Aggarwal, Director, Georgetown Psaros Center for Financial Markets and Policy

9:15 - 9:45 a.m.

Fireside Chat: CFTC Chair Rostin Behnam (C’00)

9:45 - 10:30 a.m.

Panel Discussion: Market Structure

10:30 - 10:45 a.m.

Break

10:45 - 11:30 a.m.

Panel Discussion: Digital Assets

11:30 a.m. - 12:00 p.m.

Fireside Chat: Robert Cook, President and CEO, FINRA

12:00 - 1:00 p.m.

Lunch

1:00 - 1:30 p.m.

Fireside Chat: David Schwimmer, CEO, London Stock Exchange Group

1:30 - 2:15 p.m.

Panel Discussion: Climate Disclosure

2:15 - 2:30 p.m.

Break

2:30 - 3:00 p.m.

Fireside Chat: U.S. Senator Mark Warner

3:00 - 3:15 p.m.

Book Presentation: David Leonhardt, Author of Ours Was the Shining Future: The Story of the American Dream

3:15 - 4:00 p.m.

Regulatory and Policy Roundtable: CFTC Commissioner Christy Goldsmith Romero, CFTC Commissioner Summer Mersinger, and SEC Commissioner Hester Peirce

4:00 - 4:30 p.m.

Fireside Chat: U.S. Senator Cynthia Lummis

4:30 - 5:15 p.m.

A View from the Hill: U.S. Representative Jim Himes, U.S. Representative Mike Lawler, U.S. Representative Stephen Lynch, and U.S. Representative Bryan Steil (B’03)

5:15 - 6:30 p.m.

Networking Reception Transformation of Financial Markets | 3

Agenda 9:00 - 9:15 a.m. Welcome Reena Aggarwal, Director, Georgetown Psaros Center for Financial Markets and Policy, and Robert E. McDonough Professor of Finance, Georgetown University McDonough School of Business 9:15 - 9:45 a.m. Fireside Chat with Rostin Behnam (C'00), Chair, Commodity Futures Trading Commission Moderator Emily Wilkins, Washington Correspondent, CNBC Keynote 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.

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Agenda 9:45 - 10:30 a.m. Panel Discussion: Market Structure Moderator Stacey Cunningham, Board Member, New York Stock Exchange Panelists Jim Angel, Associate Professor of Finance, Georgetown University McDonough School of Business Jeffrey S. Davis, Senior Vice President and Senior Deputy General Counsel, Nasdaq Hope Jarkowski, General Counsel, New York Stock Exchange Sapna Patel, Head of Americas Market Structure and Liquidity Strategy, Morgan Stanley 10:30 - 10:45 a.m. Break 10:45 - 11:30 a.m. Panel Discussion: Digital Assets Moderator Victoria Guida, Economics Reporter, Politico Panelists Daniel Gorfine, Founder and CEO, Gattaca Horizons LLC David LaValle (C’99), Senior Managing Director, Global Head of ETFs, Grayscale Investments Jason Monk, Director of Capital Markets and Digital Assets Product Strategy, Invesco

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Agenda 11:30 a.m. - 12:00 p.m. Fireside Chat with Robert Cook, CEO of FINRA Moderator Rohan Williamson, Professor of Finance and the Bolton Sullivan and Thomas A. Dean Chair of International Business, Georgetown University McDonough School of Business Keynote Robert Cook is president and CEO of FINRA and chairman of the FINRA Investor Education Foundation.

From 2010 to 2013, Cook served as the director of the Division of Trading and Markets of the U.S. Securities and Exchange Commission (SEC). Under his direction, the division's professionals were responsible for regulatory policy and oversight with respect to broker-dealers, securities exchanges and markets, clearing agencies, and FINRA. In addition, the division reviewed and acted on proposed rule filings from self-regulatory organizations, including the securities exchanges and FINRA, and was responsible for implementing a range of initiatives and studies generated by the Dodd-Frank and JOBS Acts. He also directed the staff 's review of equity market structure.

Prior to joining FINRA, and before his service at the SEC, Cook was a partner at Cleary, Gottlieb, Steen & Hamilton, LLP, based in Washington, D.C. His practice focused on the regulation of securities markets and market intermediaries, including securities firms, exchanges, alternative trading systems, and clearing agencies. During his years of private practice, Cook worked extensively on broker-dealer regulation, advising large and small firms on a wide range of compliance matters.

Cook earned his J.D. from Harvard Law School in 1992, an M.S. in industrial relations and personnel management from the London School of Economics in 1989, and an A.B. in social studies from Harvard College in 1988.

12:00 - 1:00 p.m. Lunch

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Agenda 1:00 - 1:30 p.m. Fireside Chat with David Schwimmer, CEO of London Stock Exchange Group Moderator Reena Aggarwal Keynote David Schwimmer is CEO of London Stock Exchange Group (LSEG) and a member of the board of LSEG. He 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, respectively.

1:30 - 2:15 p.m. Panel Discussion: Climate Disclosure Moderator Gilles Hilary, George R. Houston Professor of Accounting, Georgetown University McDonough School of Business Panelists Martha Carter, Vice Chair and Head of Governance Advisory, Teneo Sam Hodas, Managing Director, Head of Enterprise ESG Strategy, Nuveen Ananth Madhavan, Managing Director, BlackRock Kristina Wyatt, Deputy General Counsel and Chief Sustainability Officer, Persefoni

2:15 - 2:30 p.m. Break

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Agenda 2:30 - 3:00 p.m. Fireside Chat: Mark Warner, U.S. Senate Introduction Arun Gupta, CEO and Board Member, NobleReach Foundation; Author of Venture Meets Mission: Aligning People, Purpose, and Profit to Innovate and Transform Society Keynote Senator Mark Warner (D-VA) was elected to the U.S. Senate in November 2008 and reelected to a third term in November 2020. He serves as chairman of the Select Committee on Intelligence and as a member of the Senate Finance, Banking, Budget, and Rules Committees. During his time in the Senate, Warner has established himself as a bipartisan leader.

From 2002 to 2006, he served as governor of Virginia. When he left office in 2006, Virginia was ranked as the best state for business, the best-managed state, and the best state in which to receive a public education. The first in his family to graduate from college, Warner spent 20 years as a successful technology and business leader in Virginia before entering public office. An early investor in the cellular telephone business, he co-founded the company that became Nextel and invested in hundreds of startup technology companies that created tens of thousands of jobs.

3:00 - 3:15 p.m. Book Presentation: David Leonhardt, Author of Ours Was the Shining Future: The Story of the American Dream Introduction Damien Dwin (B’97), Founder and Chief Executive Officer, Lafayette Square 3:15 - 4:00 p.m. Regulatory and Policy Roundtable Moderator Michael Piwowar (MBA’94), Executive Vice President, MI Finance, Milken Institute; Acting Chair and Commissioner, U.S. Securities and Exchange Commission (former) Panelists Christy Goldsmith Romero, Commissioner, Commodity Futures Trading Commission Summer Mersinger, Commissioner, Commodity Futures Trading Commission Hester Peirce, Commissioner, U.S. Securities and Exchange Commission 8 | Georgetown University McDonough School of Business

Agenda 4:00 - 4:30 p.m. Fireside Chat: Cynthia Lummis, U.S. Senate Moderator Reena Aggarwal Keynote 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 the great State of 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 of Representatives, her time in public service has always been focused on advocating for Wyoming’s future.

First elected to the U.S. House of Representatives in 2008, Lummis quickly earned her reputation as a no-nonsense conservative and principled policymaker.

4:30 - 5:15 p.m. Panel Discussion: A View from the Hill Moderator David Leonhardt, Senior Writer, The New York Times Panelists U.S. Representative Jim Himes (D-CT) U.S. Representative Mike Lawler (R-NY) U.S. Representative Stephen Lynch (D-MA) U.S. Representative Bryan Steil (B’03) (R-WI)

5:15 - 6:30 p.m. Networking Reception

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About the Center Through influential thought leadership and rigorous, independent, and timely research, the Georgetown Psaros Center for Financial Markets and Policy impacts policy and practice for market participants around the world.

Housed at Georgetown University's McDonough School of Business, the Psaros Center accomplishes this by: Advancing the global dialogue on the ways in which finance impacts society;

Addressing timely issues around public and private markets, market structure, ESG, and digital assets; Conducting unbiased research that impacts practice and policy;

Convening scholars, industry participants, policymakers, regulators, investors, and corporate leaders through conferences and events in Washington, D.C., and around the world – both virtually and in person – to help shape practice and policy; and Cultivating students to become the next generation of globally minded, principled leaders who will use finance to serve the common good.

Through these activities, the Psaros Center delivers innovative solutions, enriches the intellectual life of the university, and inspires meaningful change.

For more information Visit us at finpolicy.georgetown.edu @GUFinPolicy @PsarosCenter Psaros Center for Financial Markets and Policy @Psarosfinpolicygu

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Thank You

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