This spring, the Ronald H. Filler Institute for Financial Services Law held a special program on financial services law in conjunction with Women in Derivatives (WIND), a nonprofit organization that aims to attract, retain, educate, and develop female leaders in the financial industry.
The event began with a panel discussion entitled “Navigating Bank Distress,” which gave an overview of the different legal frameworks that oversee financial institutions facing insolvency. Along with describing relevant legislation, like the Federal Deposit Insurance Act (FDIA) and the New York Banking Law, panelists reviewed key considerations for customers and counterparties. Panelists also discussed resolution strategies under the FDIA, like liquidation and the creation of a temporary bank bridge. Panelists included Deborah North of Cleary Gottlieb Steen & Hamilton, Angie Karna of Nomura Securities, Sachiyo Sakemi of BlackRock, and Brandon Hammer of Cleary Gottlieb Steen & Hamilton.
The event closed with an hour-long fireside chat with Rostin Behnam, Chairman of the Commodity Futures Trading Commission, who was interviewed by Professor of Law, Emeritus Ronald H. Filler. They explored a broad range of issues facing the CFTC and the derivatives market, including the shape of possible legislation to regulate crypto and digital assets and whether the CFTC protects market participants and disciplines parties through regulation by enforcement. The Chairman also spoke about efforts at the CFTC to recruit a more diverse staff and a younger generation of lawyers who want to learn about the derivatives market and become involved in public service.