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June 11, 2013

NFA's Board welcomes 4 swap participant members

Last August, the Board unanimously voted to ratify a proposal to amend NFA's Articles of Incorporation to increase the size and modify the structure of the Board to integrate swap dealer and major swap participant Members into NFA's governance structure. The amended Articles increase the Board's size by adding seven swap participants to the Board.

Because of NFA's expanding role in the oversight of over-the-counter (OTC) derivatives market, the Board is growing to give its newest membership categories a representative voice in the organization. It is anticipated that three additional swap participant representatives will be elected to the Board by the end of the year.

At its May 16 meeting, NFA's Board of Directors elected the following individuals to fill four seats in the Swap Participant category on the Board:

  • Robert Burke is managing director and head of Global OTC Clearing at Bank of America Merrill Lynch.
  • Charlotte McLaughlin is president and CEO of PNC Capital Markets LLC.
  • Philip Olesen is managing director and global head of credit trading at UBS Securities LLC.
  • Don Thompson is managing director and associate general counsel at JPMorgan Chase & Co.

"One of the necessary elements for effective self-regulatory success is active member involvement," says NFA President and CEO Dan Roth. "We look forward to the input provided by our four newest swap participant Board members."

See the previous newsletter article discussing the changes to NFA's Articles of Incorporation for more information. The CFTC has since approved the amendments in April.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.
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