劳拉Klimpel, DTCC’s General Manager of Fixed Income Clearing Corporation and SIFMU业务发展负责人, 最近被提名为 全球市场咨询委员会(GMAC) 全球市场结构小组委员会. 作为小组委员会的一部分, Klimpel will be co-leading a new workstream with CME’s Udesh Jha that will be focused on examining the impact of Treasury market reform on 衍生品市场, including recommendations for cross-margining between futures and cash markets and changes to derivatives market structure from cash market proposals.
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Sponsored by the Commodity Futures Trading Commission (CFTC), the GMAC was created 25 years ago to advise the Commission on issues that affect the integrity and competitiveness of U.S. 市场与美国.S. 从事全球业务的公司, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, 衍生品市场, 以及中介机构. 成员包括金融市场基础设施, 市场参与者, end-users, 服务提供商, 和监管机构.
“I'm very honored to have a seat at the table to represent DTCC’s interests and those of our clients as these critical issues of global market structure are being discussed,克林佩尔说. 专员Caroline Pham说, 谁赞助GMAC, said our remit is to develop consensus solutions to the most significant current and emerging issues in global markets, 包括培育更安全、更高效的全球市场. 为了达到这个目的, international collaboration and coordination will be critical to promoting financial stability and access to markets.”
存管连接 caught up with Laura to learn more about FICC’s latest business initiatives and this new industry role.
DC: FICC业务最近发生了什么?
LK: DTCC的固定收益业务非常繁忙! We are focused on expanding FICC's clearance and settlement services to a broader array of 市场参与者 as well as enhancing FICC's existing service offerings to further reduce risk and provide optimal capital and operational efficiencies to member firms.
One of the biggest initiatives we have before us will be supporting the recent proposal from the SEC to increase cleared activity in U.S. Treasuries, to reinforce risk management and market stability through uniform risk management practices. Right now, 正如目前所写的那样, the SEC’s proposal would require a significantly larger portion of Treasury cash and repo activity to be submitted to a covered clearing agency. 我们一直在定期与监管机构接触, 贸易vnsr威尼斯城官网登入, 行业组织, and a wide array of 市场参与者 to raise awareness and education regarding how an expansion of the clearing of Treasury activity could impact firms, and how FICC’s open access approach to central clearing could facilitate a potential expansion.
DC: Tell us about the CFTC's Advisory Committees and GMAC’s role within financial services sector.
LK: The CFTC's Advisory Committees were created to provide input and make recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. 衍生品市场.
GMAC下设三个小组委员会: 全球市场结构小组委员会, 我坐的那个, which is a forum for global collaboration on key market issues, from improving efficiencies in post-trade processes to enhancing the consistency and accuracy of regulatory reporting; the 技术事宜小组委员会, 如何解决像管理极端波动这样的问题, 尽量减少对有序交易的干扰, and protecting market integrity; and the 数字资产市场小组委员会, which is exploring and delivering opportunities in the digital asset markets, with the goal of shaping a 21st century financial ecosystem.
I am going to be co-leading a workstream of the GMAC subcommittee that will be examining Treasury market reform’s impact on derivatives market, with particular focus on providing recommendations to enhance cross-margining across Treasury cash and Treasury derivatives products. This will be critical to improving the overall efficiency and resiliency of the Treasury market.
DC:你对这个角色有什么期待?
LK: 以我在DTCC的角色, I also oversee the development and implementation of the overall strategy and prioritization of SIFMU initiatives, working with cross-functional teams and industry partners to develop strategies for building new products and services that mitigate risk, 创造市场效率, 降低成本. There are far-reaching effects of the work DTCC does day-to-day, delivering on our important mission of protecting global financial markets, and there’s certainly alignment with the goals and objectives of the 全球市场结构小组委员会 as we assess the larger challenges of today’s interconnected markets.
DC: What are some of key issues you will be focusing on with the GMAC?
LK: 建筑的力量, resiliency, 效率面对快速的技术, macro-economic and regulatory change: these are some of DTCC’s major strategic themes, 并非巧合的是, they mirror some of the key issues that we will be focused on with the GMAC, 与小组委员会和各种工作流程合作.
随着我们行业的不断发展, DTCC is committed to playing a leadership role in shaping the future of market structure and protecting global financial markets.