Speakers

Jon Cherry

Global Head of Options, Northern Trust Capital Markets

Jon Cherry is Global Head of Options at Northern Trust Capital Markets and is responsible for sales, business development, trading, and oversight of Northern Trust’s Options business.

The Options business is an Institutional Brokerage service which sits under Northern Trust Capital Markets. Jon and his core team are based in Chicago and are leading providers of trading and services to institutional clients, which include public funds, foundations and endowments, hedge funds and investment managers and family offices.

An industry veteran, Jon brings over 20 years' experience in the options market managing extremely large and complex client relationships.

Jon joined Northern Trust in November, 2015. Prior to joining Northern Trust, Jon ran his own trading group in Chicago, developing option strategies and trading for banks, hedge funds, and asset managers.

Siobhan Cleary

Head of Research and Public Policy, The World Federation of Exchanges Limited

Siobhan joined the World Federation of Exchanges as Head of Research and Public Policy in November 2015. In this role she coordinates the work of The WFE membership in areas of sustainability, emerging markets and SMEs and also drives research in these areas.


Prior to this, Siobhan was Director of Strategy and Public Policy at the Johannesburg Stock Exchange where she was responsible for the development of corporate and business strategy and engaged with national and international regulators on issues of financial policy.


Siobhan has an LLB and an MBA from the University of Cape Town and an MA in International Relations and Economics from the Johns Hopkins University School of Advanced International Studies. She is also a Yale World Fellow of 2011.

Jenny Cosco

Co-Head, Government Affairs Asia Pacific, Goldman Sachs

Jenny is Co-Head of the Office of Government Affairs for Asia Pacific, overseeing the firm’s regional public policy agenda, managing the firm’s interactions with governments in Asia Pacific and serving as a resource for information and analysis on policy issues of interest to the firm and its clients. She is a member of the Clearing House Risk Committee, China Leadership Group and Sovereign Risk Council.

Previously, Jenny served as chief of staff to the chairman and chief executive officer of Asia Pacific Ex-Japan from 2017 to 2018, in addition to her current role. Before that, she worked in the Office of Government Affairs for EMEA for 10 years, where she led the firm's advocacy efforts on many of its key policy and regulatory priorities in the region.

Jenny joined Goldman Sachs as an analyst in the Operations Division in 2003 and was named managing director in 2017. Jenny serves on the Asia Advisory Board of the Futures Industry Association and cochairs the Asia Public Policy Committee, which is jointly coordinated by the Asia Securities Industry & Financial Markets Association and the International Swaps and Derivatives Association.

Jenny earned a BA in Government and French from Georgetown University in 2003.

Sean Downey

Executive Director, Global Clearing & Risk Policy, CME Group

Sean Downey serves as Executive Director, Global Clearing and Risk Policy of CME Group. He leads the team responsible for CME Clearing’s clearing and risk management policy. Mr. Downey previously served as senior director & associate general counsel and executive director & associate general counsel in CME Group’s Legal Department supporting CME Clearing. During his tenure, he has played a key role in the company’s globalization efforts and development of CME Clearing’s risk management policy and regulatory response initiatives.

Prior to joining CME Group in 2011, Mr. Downey gained 10+ years of experience in the financial services industry via various positions at Charles Schwab & Co, Mesirow Financial, Dubai Mercantile Exchange and in private legal practice.

Mr. Downey holds a bachelor’s degree from DePauw University, a Juris Doctor degree from Indiana University and completed classes towards an MBA degree at the University of Chicago.

Dr. Pinar Emirdag

Senior Vice President, Head of Digital Product Development and Innovation, State Street

Pinar Emirdag joined State Street in January 2017. Pinar leads the  digital product development and innovation team with the objective of enabling the next financial services generation by developing new  products and services. Pinar has worked on a number of industry changing  initiatives; building new marketplaces and capital markets offerings throughout her career at the London Stock Exchange, ICAP, Liquidnet, Citigroup, and Lava Trading - a successful financial technology firm which was acquired by Citigroup.

In recent years, Pinar has worked on emerging business models and technologies, such as peer to peer financial services. She has also  worked on entrepreneurial initiatives as an executive, founder, advisor and board member. These include Clearmatics, R3, Hyperledger, Quantave, UK Digital Currency Association, Complymatic, Mathmoneyfx (now Symbiont) and Senahill Partners.

Pinar holds doctorate and master’s degrees in physics and a master’s degree in electrical engineering from Brown University. Pinar’s research field was development of new numerical techniques in theoretical particle physics. She continues to be involved in academic collaborations and regularly presents on regulation, technologies and market structures at events and conferences.

John Fennell

Executive Vice President & Chief Risk Officer, The Options Clearing Corporation (OCC)

John Fennell is Executive Vice President and Chief Risk Officer of The Options Clearing Corporation (OCC). OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets.

In this role, Mr. Fennell is responsible for implementing OCC's Risk  Management Strategy. He also oversees OCC's Model Validation and Enterprise Risk Management departments, along with Security Services, Business Continuity and Disaster Recovery, and Vendor Risk Management areas.

Since joining OCC in 1993, the vast majority of Mr. Fennell's career has been spent in the firm's Risk Management Department, where most recently he served as Executive Vice President, Financial Risk  Management and was responsible for Financial Risk Management, which  included market, credit and liquidity risk, default management, customer margin methodologies and model development. Prior to that, Mr. Fennell served as Senior Vice President, Risk Management & Treasury  Operations, overseeing Financial Risk Management and custodial  operations related to all margin and clearing fund securities deposits with OCC. Mr. Fennell currently serves on the Executive Committee of  CCP12, as an Affiliate Member with IOSCO and is active on the SIFMA  Credit and Margin Committee as well as other industry margin and risk  management committees.

Mr. Fennell graduated with an M.B.A. in Finance from DePaul University and a B.S. from Northern Illinois University. Mr. Fennell completed the Certified Regulatory and Compliance Professional program at the FINRA Institute at the Wharton School of the University of Pennsylvania.

Sandy Frucher

Vice Chairman, Nasdaq

Meyer "Sandy" Frucher is Vice Chairman of Nasdaq. In this role, Mr. Frucher is responsible for developing global exchange relationships and serves as an advisor to the Nasdaq senior management team. He joined the exchange after Nasdaq acquired The Philadelphia Stock Exchange in 2008, where he was Chairman and CEO since June,1998.

Mr. Frucher also has a distinguished career in city, state, and federal government, including serving as the chief labor negotiator for New York State, CEO of Battery Park City Authority, and CEO of the School Construction Authority.

Mr. Frucher is the founding chairman and trustee emeritus of the Massachusetts Museum of Contemporary Art. He also sits on the Boards of the Saratoga Performing Arts Center, the Options Clearing Corporation, the World Federation of Exchanges and Sirius Group.

Eva Hüpkes

Adviser on Regulatory Policy and Cooperation, Financial Stability Board (FSB)

Eva Hüpkes is Adviser on Regulatory Policy and Cooperation at the Financial Stability Board (FSB), a position she assumed shortly after the FSB’s creation in 2009. Prior to that she served as Head of Policy and  Regulation at the Swiss Financial Market Supervisory Authority FINMA and  FINMA’s predecessor organization, the Swiss Federal Banking Commission (SFBC), which she joined in 1999. Previously she worked at the International Monetary Fund in Washington D.C. 

She has played a pivotal role in promoting effective resolution of  financial institutions as Co-Chair of the Basel Committee Working Group  on Cross-Border Bank Resolution, as Secretary to the FSB’s groups  working on resolution and as a member of the Advisory Panel of the  International Association of Deposit Insurers. As a senior member of the  Secretariat she contributed substantially to the formulation of the  FSB’s overall strategy and policies to address threats to stability  posed by systemically important financial institutions, including the  development and implementation of the global standard on resolution  (“Key Attributes of Effective Resolution Regimes”). 

Eva Hüpkes is a Doctor of Law and a member of the New York Bar. She studied at the Graduate Institute of International Studies and the University of Geneva, the University of Berne in Switzerland, at Georgetown University in Washington DC and at the University of Passau in Germany. She is a Member of the Committee on International Monetary Law of the International Law Association and a Lecturer in international financial regulation at the University of Zurich.

Arjun Jayaram

CEO and Founder, Baton Systems

Arjun Jayaram is the CEO and Founder of Baton Systems (formerly Ubixi), bringing 22 years of experience as a technology executive at top-tier companies. Arjun was Co-founder and Chief Technology Officer of Compass Labs, a social-media advertising company, which he later sold to Yahoo. Most recently, he managed anti-spam at Twitter prior to the company’s IPO, and was Vice President of Technology at Dwolla, a consumer and retail-focused payments solution, during which time he was a member of the Fed Secure Payments task force. 

Prior to these positions, Arjun served as Vice President of Engineering at Become.com, an Internet search and comparison shopping service, and held software engineering and management positions at enterprise software companies such as Sybase, Peoplesoft and BEA Systems. 

Arjun received his MBA from California State University and his BTech from Calicut University.

Vikram Limaye

Managing Director and Chief Executive Officer, National Stock Exchange of India Limited (NSE)

Vikram Limaye is the Managing Director and CEO of the National Stock Exchange of India Limited (NSE), which is the world’s second largest exchange in cash market trades and one of the top three exchanges in index and stock derivatives volumes.

Prior to joining NSE, Mr Limaye was the Managing Director & CEO of IDFC, a diversified financial services conglomerate.

Mr Limaye started his professional career with Arthur Andersen in Mumbai in 1987, while pursuing his Chartered Accountancy and worked in the audit and business advisory services groups of Arthur Andersen, Ernst & Young and the consumer banking group of Citibank, before going to the US in 1994 to pursue an MBA. After completing his MBA, he worked on Wall Street in the USA for 8 years with Credit Suisse First Boston in a variety of roles in investment banking, capital markets, structured finance and credit portfolio management, before returning to Mumbai, India in 2004.

He has contributed to various committees of government and industry associations, on a range of topics such as infrastructure, economic policy, markets, trade, minority affairs etc. He has been a speaker at various domestic and international conferences and has been part of international government delegations for infrastructure and foreign direct investments into India. He has also been on the boards of various corporates, educational institutions and not for profit organisations.

Vikram Limaye completed his Bachelors in Commerce from HR College of Commerce & Economics, Chartered Accountancy and a MBA in Finance and Multinational Management from the Wharton School of the University of Pennsylvania, USA.

Sergei Mayorov

Director, Group Strategy, Moscow Exchange (MOEX)

Currently, Sergei is engaged in market structure analysis. In his previous positions (then – with the Micex) he was in charge of  government securities market and derivatives market, of development of  new products and market technologies.

Michael McClain

Managing Director & General Manager, Equity Clearing Services, The Depository Trust & Clearing Corporation (DTCC)

Michael McClain is Managing Director and General Manager of Equity Clearing Services at the Depository Trust & Clearing Corporation (DTCC). In this capacity, Mike has direct  responsibility for the day-to-day management of equity clearing activities for trades executed on the major U.S. exchanges and other equity trading venues. He is also responsible for several DTCC core products and services, including Continuous Net Settlement (CNS), Automated Customer Account Transfer Service (ACATS), Cost Basis Reporting Service (CBRS), and Exchange Traded Funds (ETFs). 

Before joining DTCC in 2017, Mike served for nearly 16 years at The Options Clearing Corporation, most recently as Chief Operating Officer. In this capacity, Mr. McClain oversaw OCC's Technology and Operations. Prior to that, Michael held senior roles in Business Development, New Products and Strategy and was responsible for the build-out of OCC’s  business continuity site in Texas. Earlier in his career, he held  positions at Accenture and IBM, specializing in large-scale initiatives for the financial industry.    

Mike represents DTCC on the World Federation of Exchange’s (WFE)  Working Committee. Previously, he served as a member of the Advisory  Board of Directors for the International Options Market Association (IOMA) and also held positions on the Securities Industry Financial Markets Association (SIFMA) Operations and Technology Steering Committee and the Futures Industry Association.

Mike received his B.A. degree from Lewis University and an MBA from the Kellogg School of Management, Northwestern University.

Richard Metcalfe

Head of Regulatory Affairs, The World Federation of Exchanges Limited

Richard Metcalfe is Head of Regulatory Affairs at the World Federation of Exchanges (WFE). Before taking up his WFE post in March 2018, he worked on MiFID implementation at the Markets Division of BNY Mellon in London. He also has extensive experience in wholesale financial services and policy issues, with particular emphasis on derivatives and central clearing; and on asset management. In addition to working at ISDA and the IA, he has worked for SWIFT. 

Earlier in his career, he wrote for and edited various financial publications. He lives in London and studied languages at university.

Mrugank Paranjape

Managing Director and Chief Executive Officer, Multi Commodity Exchange of India (MCX)

Mrugank Paranjape is the Managing Director and Chief Executive Officer (MD & CEO) of Multi Commodity Exchange of India (MCX). MCX is India’s leading Commodity Futures Exchange and the first listed bourse in the country today with products that are internationally acclaimed and well recognized across bullion, base metals, energy and agricultural commodities.

Prior to joining MCX, he was the India Head of DB Centre—the front office offshoring centre of Deutsche Bank across all business functions. During the last decade he has held several leadership positions and assignments with Deutsche Bank in India and abroad in the Global Transaction Banking division. In 2012, he was awarded the “Custodian Banker of the Year” by Asian Investor Magazine.

He has worked with ICICI Prudential AMC, India Infoline, W I Carr, ING Barings & Citibank in various positions across business, technology & operations functions.

Mr. Paranjape is an alumnus of IIT Mumbai (Electrical Engineering), and holds a PGDM (Specialization in Information Systems) from IIM Ahmedabad.

Dr. Daniela Peterhoff

Partner, Global Head of Market Infrastructure, Oliver Wyman

Dr. Daniela Peterhoff is a Partner in Oliver Wyman’s Stockholm Office. Daniela leads our global market infrastructure practice and joined the firm following her employment with Eurex (Deutsche Börse  Group).  

Daniela specialises in strategy and transformational projects for exchanges, clearinghouses as well as (I)CSDs, data & analytics  providers, Fintechs, regulators and custodians.Her recent work spans operations & technology enhancements, risk management, regulatory  & stakeholder management, new business initiatives & strategy as well as investments and M&A/partnerships. 

Daniela co-led the development and publication of the WFE/Oliver Wyman report related to liquidity in emerging markets, as well as  several reports around capital markets outlook, SME finance, CCP regulation and new technologies. 

Daniela is a frequent speaker at industry conference on market infrastructure topics.

Liuyi Pi

Deputy Director General of Department of Market Supervision, China Securities Regulatory Commission (CSRC)

Dr. Urs Rüegsegger

Chairman, SIX Swiss Exchange, Chairman of The World Federation of Exchanges

Urs Rüegsegger served as the Group Chief Executive Officer of SIX  Group AG from 2008 to December 2017. Prior to this he held the position  of Head of the Executive Committee of St. Galler Kantonalbank. He joined  the bank in 1993 as Head of Controlling, Accounting and Risk Management and was appointed to the Executive Committee in 1997. In 2000 he took  charge of the IPO, which was successfully launched in 2001.

As Head of the Executive Committee he also held various positions with the Association of Swiss Cantonal Banks since 2001.

After completing a degree in business studies at the University of  St. Gallen, Urs Rüegsegger started his career at Swiss Re in the area of IT. He was deeply involved in the development of commercial  applications and the restructuring of Swiss Re's service branch. He transferred to St. Galler Kantonalbank in late 1993 after assuming financial responsibility for Audatex, an international subsidiary group of Swiss Re.

Takeshi Shirakami

Deputy Head of the Secretariat, Committee on Payments and Market Infrastructures

Takeshi has been Deputy Head of the Secretariat of the Committee on Payments and Market Infrastructures (CPMI) since June 2016. As Deputy Head, he supports CPMI parent committee meetings and represents the CPMI at international groups, including the FSB Resolution Steering Group.

Before joining the BIS, he served as chief representative in Frankfurt of the Bank of Japan (BOJ) from 2014 until 2016. He joined the BOJ in 1993. At the BOJ he spent many years in the policy-making for financial market infrastructures (FMIs) and oversight of domestic and international FMIs. He represented the BOJ at FMI-related international committees, working groups and cross-border oversight arrangements. He also led a bank supervisory team for Japanese major financial institutions. He represented the BOJ at supervisory colleges and crisis management groups as well as contributed to FSB working groups related to bank supervision and resolution.

Earlier in his career he was a junior representative at the BOJ Frankfurt office (2000-2003) as well as a member of the CPSS Secretariat at the BIS (2008-2010). He studied law at Kyoto University and economics at University of Göttingen.

Suzanne Sprague

Managing Director, Credit Risk, Banking & Solutions, CME Group

Suzanne Sprague serves as Managing Director, Credit Risk, Banking and Solutions of CME Group. She is a member of the team responsible for managing CME Clearing’s exposure to counterparty risk, risk management policy, collateral services, and financial operations.

Suzanne joined the company in 2002 and has held numerous roles and leadership positions in Financial Management and Risk Management since that time. During her tenure, she has played a key role in the company’s development of risk management policy, including credit risk, liquidity, collateral acceptance, and regulatory response.

She earned a bachelor’s degree with concentrations in finance and international business from Indiana University and a master’s degree in financial markets from the Illinois Institute of Technology.

Nandini Sukumar

Chief Executive Officer, The World Federation of Exchanges Limited

Nandini Sukumar is the Chief Executive Officer of the World  Federation of Exchanges, the global association for exchanges and CCPs.  The WFE represents more than 250 exchanges and clearing houses globally,  educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding  the consensus on issues among the global membership. WFE exchanges are  home to nearly 45,000 listed companies, the market capitalization of  these entities is over $82.5 trillion and around $81.8 trillion in trading annually passes through the infrastructures that the WFE members  safeguard. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members  Consultative Committee and Chair of the AMCC’s DLT Workstream.

Ms. Sukumar has been CEO of the WFE since March 2015. Prior to this,  she served as Acting Chief Executive Officer from November 2014, having  been recruited by the WFE Board as Chief Administrative Officer in May  2014 to run the Federation on a daily basis and work with its global  network of members as a proponent of the benefits of fair, orderly,  public markets. Ms. Sukumar came to the WFE after a 14-year career at  Bloomberg where she created, grew and ran their coverage of market  structure, exchanges and UK regulation.