Effect of March 2020 on Fixed-Income Markets and Open-End Funds: Holistic Review and Policy Implications

Libby Cantrill

Libby Cantrill is a managing director and the head of public policy for PIMCO. In her role, she helps to coordinate the firm’s response to public policy issues and analyzes policy and political risk for the firm’s Investment Committee. She is also a member of the firm’s Americas Portfolio Committee and is a founding member of PIMCO Parents and PIMCO Women. Before joining PIMCO in 2007, she served as a legislative aide in the House of Representatives and also worked in the investment banking division at Morgan Stanley. Cantrill has 16 years of investment experience; she holds an MBA from Harvard Business School and received her undergraduate degree in economics from Brown University. Cantrill is a CFA charterholder and a regular contributor to Bloomberg and CNBC. She is also a member of the Council on Foreign Relations.

Jennifer S. Choi

Jennifer S. Choi is chief counsel of ICI Global and is responsible for leading the Institute’s global policy work on cross-border legal and regulatory matters affecting ICI and its members. Choi has held various international roles within ICI, including associate general counsel for global capital markets policy and associate counsel for international policy. In addition to her role at ICI, she serves as an adjunct professor of law at American University’s Washington College of Law, teaching regulation of mutual funds and investment advisers. Earlier in her career, Choi worked in an international policy role at the Investment Adviser Association. From 1995 to 1999, she held various positions at the US Securities and Exchange Commission, including assistant director in the Division of Investment Management and special counsel in the Division of Market Regulation (now the Division of Trading and Markets). At the SEC, she also received the Martha Platt Award for dedication, excellence, and integrity. Choi graduated from the Wharton School of the University of Pennsylvania with a BS in economics, cum laude, and from the National Law Center at George Washington University, with highest honors.

Jay Clayton

Jay Clayton, who recently served as the chairman of the US Securities and Exchange Commission (SEC), is a senior policy adviser at Sullivan & Cromwell, advising on governance, markets, and regulatory matters. He also is the nonexecutive chair and lead independent director of Apollo Global Management and an adjunct professor at the University of Pennsylvania.

As chairman of the SEC from May 2017 to December 2020, Clayton focused on modernizing the regulation and oversight of the equity and fixed-income markets, concentrating on the interests of long-term investors. Under his leadership, the SEC addressed various market developments and emerging risks, including the digitization of assets, the COVID-19 economic shock, the Brexit and LIBOR transitions, and cybersecurity. Clayton was an active member of the Financial Stability Board, the International Organization of Securities Commissions, the Financial Stability Oversight Council, and the President’s Working Group on financial markets.

Before Clayton’s time at the SEC, he was a member of Sullivan & Cromwell’s management committee, co–managing partner of its general practice group, and co-head of its cybersecurity group. He was a lead lawyer in an array of complex M&A and capital markets transactions, as well as regulatory and governance matters, in the financial, telecom, energy, transportation, and e-commerce sectors.

Heidi W. Hardin

Heidi W. Hardin is an executive vice president and general counsel at MFS Investment Management® (MFS®). She leads the legal, compliance, and enterprise risk management departments and is a member of the firm’s Management Committee.

Hardin joined MFS in 2017 from Harris Associates, where she had been the general counsel since 2015. She spent the prior 16 years at Janus Capital Group Inc., holding multiple senior legal roles, most recently as a senior vice president and general counsel of Janus Capital Management LLC, the firm’s asset management division, where she had oversight of all legal and regulatory matters.

Earlier in her career she was a vice president, senior legal counsel, and chief compliance officer for Liberty Funds Group and a litigation associate at Beeler Schad & Diamond P.C. She began her career in the financial services industry in 1993.

Hardin earned a BA from DePauw University and a JD from Chicago Kent College of Law. She is a member of the board of directors of ICI Mutual Insurance Company, the Advisory Board of Posse Foundation in Boston, and the Diversity Project CEO Advisory Council. She holds Series 7, 24, and 63 licenses from the Financial Industry Regulatory Authority (FINRA).

Tilak Lal

Tilak Lal is the head of Franklin’s risk management group—global macro, solutions, alternatives, and ETF strategies. Lal joined Franklin in 2012 as part of the acquisition of K2 Advisors. He had joined K2 in 2009, where he served as its head of risk management. In his current role, he also serves as the chairman of Franklin’s Investment Liquidity Committee (ILC), is a member of the Complex Securities Review Committee (CSRC), and a member of the Counterparty Credit Committee (CCC).

Lal began his career as a flight controls engineer at the Boeing Aircraft Company. In 1997, he joined PricewaterhouseCoopers in New York as a senior consultant focusing on the Reuters Risk Management system. He later joined Reuters and served as the product support and client services manager. He joined Askari Risk Management Systems (a State Street business unit) in New York in 2000 as the head of client services. He was appointed global head of financial engineering in 2002. In 2006, Lal joined Pequot Capital, a multi-strategy hedge fund, as a senior risk analyst. He became Pequot’s chief risk officer in 2008.

Lal has a BS in mechanical engineering from Rutgers University, an MS in electrical engineering from Georgia Institute of Technology, and an MBA in finance from Columbia Business School. Lal is vice chair of the Rutgers University Board of Trustees and chairs the investment committee for the university’s endowment. He serves on the Industry Advisory board of Rutgers University School of Engineering and the Board of Advisors for the University of Connecticut’s graduate program in risk management. Lal holds Chartered Financial Analyst (CFA) and a Financial Risk Manager (FRM) designations.

Andreas Lehnert

Andreas Lehnert is the director of the Division of Financial Stability at the Federal Reserve Board in Washington, DC. Lehnert joined the Fed after earning his PhD in economics from the University of Chicago. He started in the household finance research group, where he worked on a variety of topics in consumer and mortgage credit. During the 2007–2009 financial crisis, he contributed to several projects, including various mortgage modification initiatives, TARP, the 2009 bank stress tests, and the TALF. In November 2010, he moved to the Fed’s newly created financial stability group and in December 2016, he was appointed director. The division oversees the Fed’s periodic assessment of financial stability, including publishing the Financial Stability Report twice per year; supports policymaking to enhance financial stability, including the countercyclical capital buffer and the scenarios used in the Fed’s periodic stress tests; and manages the staff response to stress events, including the set of 13(3) facilities deployed during the 2020–2021 pandemic. The division also supports the Federal Reserve’s role on the Financial Stability Oversight Council and the Financial Stability Board. Lehnert’s research focuses on financial stability, macroprudential policy, banking, and finance.

Arthur Leiz

Arthur Leiz is the chief risk officer for asset management public markets. He is also responsible for all financing needs and business-related terms in trading agreements across GSAM and for numerous regulatory initiatives. Leiz serves on the Best Execution Committee, Index Committee, GSAM International Risk Committee, and Risk Working Group for GSAM, the Valuation and New Activity Committees for Asset Management, and the Firmwide Volcker Oversight Committee. He joined Goldman Sachs in 2007 and was named managing director in 2012.

Before joining the firm, Leiz worked at JP Morgan and ABN AMRO as a credit default swap market maker. He was involved in the creation of the CDX family of credit default swap indexes and previously served as a board member and Operating Committee member of Index Co, the previous owner of the CDX Indices.

Leiz serves as an ambassador for the Ironman Foundation, a nonprofit that provides charitable support and service project opportunities in local communities hosting Ironman races.

Leiz earned a BS in applied economics and business management from Cornell University.

Greg Medcraft

Greg Medcraft was appointed director of the OECD’s Directorate for Financial and Enterprise Affairs in November 2017, where he leads the OECD’s standard setting and policy work on corporate governance, anticorruption, responsible business conduct, competition, financial education and consumer protection, capital and financial markets, investment, pensions, insurance, public debt management, and blockchain.

Medcraft has extensive financial markets experience in both the private and public sectors. He began his career with accounting firm KPMG before moving to Société Générale, where he served in Australia, Asia, Europe, and the Americas working on corporate finance, then capital markets, structured finance, project finance, and funds management. Medcraft became Société Générale’s deputy global head of financial engineering, and finished his career there as managing director and global head of securitisation.

During his time in the financial sector, Medcraft was also CEO of the Australian Securitisation Forum, and cofounded the American Securitization Forum, where he was chairman for a number of years.

From 2009 to 2017, Medcraft served first as commissioner and then as chairman of the Australian Securities and Investments Commission (ASIC), Australia’s corporate, markets, financial services, and credit regulator. Medcraft was also chair of the International Organization of Securities Commissions (IOSCO) Board and a member of the Financial Stability Board from 2013 to 2016. IOSCO is the leading international policy forum and global standard setter for securities regulation.

Medcraft also serves as a director of the Washington-based think tank Salzburg Global Seminar, a member of the IMF High-Level Advisory Group of the Interdepartmental Working Group on Finance and Technology, a global steward of the World Economic Forum’s initiative on long-term investing infrastructure, and was a member of the Board of Directors of the United States Studies Centre at the University of Sydney. Medcraft has also held elected public office, including as mayor of cities in Melbourne and Sydney. Medcraft, an Australian national, holds a bachelor of commerce from the University of Melbourne and is a qualified Chartered Accountant.

Robert Ophèle

Robert Ophèle joined the Banque de France in 1981, where he spent the largest part of his professional career in banking supervision, in developing and implementing monetary policy, and in financial management of the bank.

Following a secondment to the Federal Reserve Bank of New York, he took up the position of director of the Management Control and Budget Directorate, then was appointed deputy director general for economics and international relations, before being promoted to director general for operations. He held the position of second deputy governor of the Banque de France from January 2012 until July 2017; in this role he became a member of the Supervisory Board for the European Central Bank.

On 1 August 2017, he was appointed chairman of the Autorité des marchés financiers. Ophèle graduated from the ESSEC Business School.

Eric J. Pan

Eric J. Pan is the president and chief executive officer of the Investment Company Institute. He took office as the 10th chief executive in ICI’s history on November 9, 2020.

Pan was previously a managing director of Rock Creek Global Advisors LLC, an international economic policy advisory firm in Washington, DC, and a senior research fellow at the Center for Law and Economic Studies at Columbia Law School in New York.

Pan served as the director of the Office of International Affairs at the US Commodity Futures Trading Commission from 2015 to 2019 and head of international regulatory policy at the US Securities and Exchange Commission from 2011 to 2015. He represented both market regulators in international standard-setting bodies, including the International Organization of Securities Commissions and Financial Stability Board, and in regulatory dialogues with European and Asian counterparts.

Before entering government service, Pan was the director of the Heyman Center on Corporate Governance and a professor at the Benjamin N. Cardozo School of Law in New York, where he wrote extensively about financial regulation and corporate law. He also practiced corporate and international law with Covington & Burling in Washington, DC.

Pan is a graduate of Harvard College, the University of Edinburgh, and the Harvard Law School. He is a member of the American Law Institute and an adjunct professor at Columbia Law School.

Robert Patalano

As acting head of the OECD Financial Markets Division, Robert Patalano directs a team of economists and policy analysts that develop analytical reports and policy recommendations for the OECD’s Committee on Financial Markets, its Experts Group on Finance and Digitalisation, the Working Party on Public Debt Management, and the Task Force on Long-Term Investment. These bodies include delegates from central banks, finance ministries, market regulators, and public debt managers from OECD member countries. Through these bodies, Patalano oversees structural analyses and policy development with respect to global financial markets, sovereign debt markets, digital finance, infrastructure, and sustainable finance, including ESG and climate transitions. In this capacity, Patalano represents the OECD on the Financial Stability Board’s working groups on financial stability and fintech, the European Securities and Markets Authority’s Financial Innovations Consultative Working Group, the G20 Sustainable Finance Working Group, and the Network for the Greening of the Financial System, where he co-leads the markets transparency workstream.

Before joining the OECD, Patalano spent five years at the Financial Stability Board, where he led the assessment of global financial stability risks for the Standing Committee on Assessment of Vulnerabilities and chaired its analytical group on vulnerabilities. Also, he spent a decade at the Federal Reserve Bank of New York in managerial and analytical roles in the markets group, and served on the NY Fed’s commercial paper and AIG liquidity facilities during the global financial crisis. During the European financial crisis, he was a senior economist on the sovereign crisis management team at the European Central Bank, which managed surveillance and adjustment programs for Ireland and Italy. Before this, he was a sovereign and investor relations director in New York and several Asian capitals.

Patalano earned an MBA in finance and corporate strategy from the University of Michigan and an MA in international relations and economics from the Johns Hopkins School of Advanced International Studies. He is a CFA charterholder, and a fellow of the Salzburg Global Seminar.

Ray Uy

Ray Uy is global head of fixed-income and currency (FIC) trading at Invesco.

Uy has been in the industry since 1993. He has extensive portfolio management and trading experience across global fixed-income and currency markets as well as significant research experience in both fundamental and quantitative macroeconomic analysis. Uy worked at Hartford Investment Management (HIMCO) for eight years before joining Invesco in 2012. At HIMCO, he was a lead portfolio manager for non-US-dollar-based fixed-income portfolios and also served as head of fixed-income trading, where he managed a centralized platform of traders across multiple fixed-income sectors. Before joining HIMCO, Uy spent six years at Mackay Shields in New York and five years at Fiduciary Trust.

Uy earned a BBA in finance from Hofstra University in New York and a MS in applied economics from The Johns Hopkins University. He is also a CFA charterholder.

Anne Wrobel

Anne Wrobel manages the market analysis and risk team in the markets policy department at the FCA. The team has two distinct responsibilities: provision of sophisticated data analytics to support the department’s policy work and the credit policy team, which is responsible for shaping policy on all credit related markets. Before joining the team in 2016, Wrobel was a technical specialist in the post-trade policy team responsible for developing and implementing the G20 derivatives reform in the United Kingdom. Before joining the FCA in 2015, Wrobel worked as the COO of a derivatives trading platform for three years and as a managing director in securitization for a monoline insurer for 15 years.