Board of Directors

NFA's Board of Directors is its principal governing and policy development body. The Board consists of both Member Directors and Public Directors. NFA's Board is structured to ensure representation of each membership category. Member Directors are selected by the Members they represent through an election process.

See Article VII: Board of Directors for more information regarding the Board's composition and election process. The Board meets quarterly in February, May, August and November.

BOARD UPDATE VIDEOS

Following each Board meeting, NFA distributes a Board Update video, highlighting regulatory updates and other notable information.


Chair

Maureen C. Downs*
Phillip Capital, Inc.
Chicago, Ill.

Vice-Chair

Don Thompson*
JPMorgan Chase & Co.
New York, N.Y.

Futures Commission Merchants

Maria Chiodi
Managing Director and Counsel
Credit Suisse Securities (USA) LLC
New York, N.Y.
(term ending February 2021)

Gerald F. Corcoran
Chief Executive Officer
R.J. O’Brien & Associates LLC
Chicago, Ill.
(term ending February 2022)

Maureen C. Downs*
Phillip Capital, Inc.
Chicago, Ill. (term ending February 2022)

Thomas R. Kadlec*
President
ADM Investor Services, Inc.
Chicago, Ill.
(term ending February 2021)

Mariam Rafi  
Managing Director, Americas Head of OTC Clearing and FX Prime Brokerage
Citigroup Global Markets, Inc.
New York, N.Y.
(term ending February 2022)

Swap Dealers and Major Swap Participants

Seth P. Bender 
Senior Vice President and Associate General Counsel
HSBC Bank PLC
New York, N.Y.
(term ending February 2021)

Hector E. Fernandez
President
Cargill Risk Management
Hopkins, Minn.
(term ending February 2022)

William F. McCoy*
Managing Director
Morgan Stanley
New York, N.Y.
(term ending February 2022)

Charlotte B. McLaughlin
President and Chief Executive Officer
PNC Capital Markets LLC
Pittsburgh, Pa.
(term ending February 2021)

Don Thompson*
JPMorgan Chase & Co.
New York, N.Y.
(term ending February 2022)

Commodity Pool Operators and Commodity Trading Advisors

Douglas L. Bry*
President
Augur Trading Company
Morrison, Col.
(term ending February 2022)

Ernest L. Jaffarian*
CEO/CIO
Efficient Capital Management LLC
Warrenville, Ill.
(term ending February 2021)

Martin Lueck
Research Director
Aspect Capital Limited
London, U.K.
(term ending February 2021)

Nicola Watson
Managing Director, Head of Strategy and Corporate Development
Winton
London, U.K.
(term ending February 2022)

Introducing Brokers

Michael T. Burke*
Chief Executive Officer
HighGround Trading LLC
Chicago, Ill.
(term ending February 2021)

Scott W. Stewart 
Chief Executive Officer
Stewart-Peterson Group, Inc. 
West Bend, Wis.
(term ending February 2022)

Contract Markets

Mark G. Bagan
President and Chief Executive Officer
Minneapolis Grain Exchange
Minneapolis, Minn.

David S. Goone*
Chief Strategy Officer
Intercontinental Exchange, Inc.
Chicago, Ill.

John F. Sandner*
Special Policy Advisor, Retired Chairman of the Board
CME Group, Inc.
Chicago, Ill.

Public Representatives

Ronald H. Filler*
Professor of Law, Emeritus
New York Law School
Naples, Fla.
(term ending February 2022)

Arthur W. Hahn 
Former Partner
Katten Muchin Rosenman LLP
Chicago, Ill.
(term ending February 2022)

Douglas E. Harris*
Managing Director
Promontory Financial Group LLC
New York, N.Y.
(term ending February 2021)

The Honorable Jim Marshall
Former U.S. Congressman, House Agriculture and Financial Services Committees
Washington, D.C.
(term ending February 2022)

Mary M. McDonnell
Founder and Chief Executive Officer
McDonnell & Associates
Chicago, Ill.
(term ending February 2022)

Michael H. Moskow*
Vice Chair and Distinguished Fellow
The Chicago Council on Global Affairs
Chicago, Ill.
(term ending February 2022)

Charles P. Nastro
New York, N.Y.
(term ending February 2021)

Ronald S. Oppenheimer*
Houston, Texas
(term ending February 2021)

Todd E. Petzel*
Chief Investment Officer
Offit Capital Advisors LLC
New York, N.Y.
(term ending February 2021)

Michael R. Schaefer
New York, N.Y.
(term ending February 2021)

Permanent Special Advisor to the Executive Committee and Board of Directors

Leo Melamed
Chairman Emeritus
CME Group, Inc.
Chairman & CEO
Melamed & Associates
Chicago, Ill.

*Executive Committee Member