Speaker Bios

Dan Aronoff, Research Scientist, MIT Media Lab, Digital Currency Initiative, Massachusetts Institute of Technology

Daniel Aronoff is an MIT Research Scientist working at the MIT Media Lab Digital Currency Initiative and the Laboratory for Economic Analysis and Design at MIT. He has published two peer reviewed books on the economic foundations of the 2008 global financial crisis. His research on digital currencies is focused in two areas. One area is game theoretic analysis of the consensus protocols that underlie cryptocurrencies and the design of new protocols to improve security. The other area is the design of smart contracts and privacy and auditing protocols to improve the performance of financial markets in environments where money and securities are appended to programmable electronic ledgers. Daniel received his BSc in Philosophy and Economics with first class honors from the London School of Economics and his PhD in Economics from MIT.

Brad Bailey, Senior Consultant, Finadium

Brad J. Bailey is an expert in cross-asset electronic trading and is a recognized thought leader in emerging technology, data analytics, research, and strategic insight. He is a senior consultant at Finadium, a capital markets consultancy. Brad’s strategy and technology consulting work centers on capital markets transformation, data, and fintech business models for clients from the buy and sell side, market infrastructure, and technology vendors. He also advises and performs due diligence for venture, strategic, and private equity investors. Brad has 20+ years in the capital markets in trading, technology systems, product, strategy, market structure, and institutional sales.

Dennis Cahill, Director, North America Head of Government Agency Trading and Cash Collateral Investment, BNY Mellon

Dennis is Director and North American Head of Agency Cash Collateral Investment and Government Trading within BNY Mellon’s Securities Finance program. He holds overall responsibility for the lending of US and Canadian Government securities on behalf of our security lending clients, along with their USD and CAD cash collateral investments. He is responsible for managing the day-to-day trading activities out of our New York, Pittsburgh, and Toronto offices. Dennis is an active participant at various oversight committees at BNY Mellon, including the Counterparty Credit Risk Research Committee, Asset/Liability Strategy, and Governance meetings. Prior to joining BNY Mellon in 2016, Dennis worked at Morgan Stanley for 19 years selling short term credit, repo and security lending products. Dennis holds a Bachelor of Arts in Economics from Fairfield University.

Joanne Crisafi, Managing Director, Repo & Money Markets, Tradeweb

Joanne Crisafi is a Managing Director at Tradeweb, overseeing all Institutional Money Market and Repo products. She manages key relationships with major buy and sell-side market participants and was an integral part of the Tradeweb team that helped develop and launch the firm’s bilateral repo platform in the U.S. in 2017. Prior to joining Tradeweb in 2011, Joanne spent more than 15 years at Citigroup. She was Managing Director on the Finance Desk assuming responsibility for Structured Finance and MBS products at the firm. Joanne holds FINRA Series 3, 7, and 63 licenses.

Josh Galper, Managing Principal, Finadium

Josh Galper is the lead for Finadium’s research and consulting practice with an expertise in institutional investments, treasury and financing. Josh has conducted numerous consulting assignments for banks, asset holders, CCPs and technology companies, and is the author of over 60 industry reports as part of the Finadium research subscription. He also writes for Finadium’s online and hard copy magazine, Securities Finance Monitor. Josh has been quoted in most industry publications covering hedge funds, securities finance, collateral management and financial markets. He holds an MBA in Financial Engineering from the MIT Sloan School of Management.

Sal Giglio, COO & Chief Markets Officer, GLMX

Sal has extensive experience trading interest-rate instruments and possesses comprehensive knowledge of all aspects of the secured funding business. As a Managing Director, his responsibilities included managing a team of traders, implementing liquidity discipline, and navigating interest rate and credit risks. He has worked at several major Wall Street sell-side firms including JP Morgan, Bank of America Merrill Lynch and most recently, BNP Paribas. Sal holds an AB/Economics from Columbia University.

Glenn Havlicek, CEO & Co-Founder, GLMX

Glenn is a 22-year veteran of JP Morgan Chase where he served as Managing Director responsible for Global Liquidity Management and as Chair of the Liquidity Risk Committee. His responsibilities within the Global Treasury Division included oversight of all debt issuance for JP Morgan Chase and its subsidiaries; development and implementation of the Bank’s asset and liability management process; and establishment of the Bank’s liquidity risk policies. Glenn holds an AB/Economics from Dartmouth College.

Susan Hill, Head of Government Liquidity Group, Senior Portfolio Manager, Senior Vice President, Federated Hermes

Sue Hill is head of the Government Liquidity Group and is responsible for portfolio management and research of government liquidity portfolios. She has more than 30 years of investment experience. Before joining Federated Hermes’ investment research department in 1990, Sue worked as a research assistant at the U.S. Treasury Department. Sue earned her bachelor’s degree from University of Virginia and master’s degree from Carnegie Mellon University. She is a CFA® charterholder and a current member and former president of the CFA® Society of Pittsburgh.

Travis Keltner, Managing Director, Head of Secured Financing, State Street

Travis Keltner is the head of Secured Financing for State Street Global Market’s (SSGM) Funding and Collateral team.  This role includes product and trading oversight of all bank principal secured funding trading activities, with primary focus on the client activities related to sponsored member and peer-to-peer repo programs.  Travis also oversees proprietary funding, collateral optimization and analytics, as well as development and implementation of business strategies and trade structures. Travis previously played an integral management role as a member of State Street’s Treasury Liquidity Risk team, overseeing collateral management strategies and implementing liquidity requirements such as the Basel III Liquidity Coverage Ratio, parallel to driving the bank’s liquidity and funding and balance sheet strategy.  Prior to this, Travis worked in funding roles supporting Treasury’s function in Sydney, Australia, where he traded foreign exchange and managed the branch’s funding and liquidity position over three years. Travis started his career at State Street and has a Bachelor’s degree in Economics from Boston College.

Gary Klahr, Director, Strategic Initiatives, EquiLend

Gary Klahr is a Director with the Client Relationship Management team at EquiLend, primarily focused on client engagement on new solutions. He is responsible for the global industry coordination for EquiLend 1Source and is a frequent speaker and thought leader on digital transformation in the securities finance industry. Prior to EquiLend, Gary worked for nearly 20 years on the Goldman Sachs Securities Lending Desk in New York, where he was a member of the Supply and Pricing Teams, and previously managed the Securities Lending Product Development Team. Gary has also held various Treasury-related roles at both Tiger Management and Salomon Brothers.

Laura Klimpel, General Manager, Fixed Income Clearing Corporation and head of SIFMU Business Development, DTCC

Laura Klimpel serves General Manager of DTCC’s Fixed Income Clearing Corporation (FICC) and as Head of SIFMU Business Development at the firm. Within these roles, Laura focuses on expanding FICC’s clearance and settlement services to a broader array of market participants, as well as enhancing FICC’s existing service offerings to further reduce risk and provide optimal capital and operational efficiencies to member firms. Laura also supports the development and implementation of the overall strategy and prioritization of SIFMU initiatives, working with cross-functional teams and industry partners to develop strategies for building new products and services that mitigate risk, create market efficiencies and reduce costs. Prior to her current role, Laura was General Counsel and Chief Compliance Officer at New York Portfolio Clearing, LLC (NYPC) for four years. During this time, she led the effort to obtain registration as a derivative clearing organization (DCO) and approvals for the “one-pot” cross-margining of interest rate futures cleared by NYPC with fixed income cash instruments. She also drafted and reviewed rules, policies and procedures for compliance with various regulations. Before that, Laura spent three years at Cleary Gottlieb Steen & Hamilton LLP, focusing primarily on US commodities and derivatives regulation, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Laura received her B.A. degree, summa cum laude, from Truman State University in 1999 and her J.D. degree, cum laude, from Cornell University in 2007. She is a member of the New York Bar. Laura is also a member of the Treasury Market Practices Group (TPMG).

Brian Nolan, Co-founder and CEO, Finteum

Brian spent 8 years in bank liquidity management; 3 years in front office for Bank of Ireland 2008-11 managing the fixed income liquidity buffer and hedging the risks, then 5 years for UBS in Zurich and New York implementing effective liquidity governance solutions and supporting compliance with Basel III liquidity and other regulatory requirements. Brian co-founded Finteum in 2018, mainly focusing on client and partner engagement and as the subject matter expert for the solution. Brian holds an MBA from Cambridge University.

Frank Odendall, Head of Securities Financing Product & Business Development, Eurex

Frank heads the Fixed Income Funding and Financing (FIFF) Securities Financing Product & Business Development and as such is responsible for the development and distribution of CCP cleared repo solutions for sell- & buy-side entities. Frank had various roles within Eurex Exchange’s listed and OTC IRS derivatives product development in Singapore and London. Before joining Deutsche Börse Group, Frank worked in Derivatives Marketing & Structuring at JPMorgan Securities Ltd. in London.

Raj Paranandi, Chief Operating Officer, EMEA and APAC, MarketAxess

Raj Paranandi has been Chief Operating Officer, EMEA and APAC at MarketAxess since March 2021. He joined MarketAxess from UBS Investment Bank, where he was Global Co-Head of Digital Transformation for UBS Global Markets & Global Head of Change for UBS Investment Bank. Prior to this, he spent four years as Global Chief Operating Officer for FX, Rates and Credit at UBS Investment Bank, where he focused on developing a world-class fixed income business through technology re-engineering and business process simplification. Previous roles include technology and operational leadership roles at Barclays, Credit Suisse and Accenture. He has also served as a board member of the Global Financial Markets Association (GFMA). Mr. Paranandi received a BSc in Economics from The London School of Economics.

Sagar Patel, Executive Director, Head of Americas Tri-party Product, J.P. Morgan

Sagar Patel is Head of Americas Tri-party Product within the Securities Services business at J.P. Morgan.  Sagar’s expertise and current role focuses on managing agency financing and collateral products in the securities lending, repo and derivatives space.  Sagar has been at J.P. Morgan his entire professional career, starting in the markets business.  Sagar joined the Securities Services business in 2014 working in product management roles across clearing, tri-party and collateral management. Sagar holds a bachelors degree from Drexel University and a masters degree from Fordham University.

Andrea Pfenning, President and Chief Operation Officer, BNY Mellon Government Securities Services Corp.

Andrea Pfenning is President and Chief Operating Officer of BNY Mellon Government Securities Services Corp. (GSS Corp), a wholly owned subsidiary of BNY Mellon which provides US Government Securities and US Triparty settlement services. She also serves on the GSS Corp Board of Directors. Previously, Andrea was a client executive in Global Client Management’s Financial Institutions Group, responsible for some of the company’s largest broker-dealer relationships. Fluent in German, she gained international experience while based in the Frankfurt office, supporting financial organizations in Austria and Switzerland. Andrea is a board member of DTCC and The Mary Louis Academy, as well as a member of the Treasury Market Practices Group, the SIFMA Government Operations and Rates/Funding Committees and the Business Committee of the Metropolitan Museum of Art. Andrea has a Master of Business Administration in Finance from New York University and a Bachelor of Arts in Marketing from Baruch College.

Shiv Rao, Chairman, Sunthay

Mr. Rao has more than 20 years of experience in financial services. Shiv has more than 20 years of experience in financial services. He began his career in finance in 2001 at Lehman Brothers, where he initially structured asset-backed and mortgage-backed transactions, with a particular focus on innovative short-term funding structures. In 2008, Mr. Rao moved to a structuring role in Lehman’s Prime Services division, comprised of the prime brokerage and fixed income finance (repo) business. Mr. Rao joined Barclays when it acquired Lehman’s U.S. assets following the firm’s bankruptcy. At Barclays he continued to create innovative structures, including Agented Repo, a structure that allows banks to guarantee repo trades without acting as principals. Mr. Rao was most recently at Wells Fargo Securities.

Kirsten Rastrick, Global Head of Fixed Income Financing Sales, J.P. Morgan

Kirsten is a Managing Director and Global Head of Fixed Income Financing Sales at JP Morgan.  Her career at JPM has been spent within the global macro markets division. In her current role, Kirsten and her team are responsible for trading activity, client balance sheet optimization, maintaining capital efficiency & ensuring proper resource allocation to JPM clients.  Kirsten started her career at JP Morgan in 2000 and has had roles in both repo sales and trading.  She also worked as part of the NA Interest Rate Sales desk for four years where she provided fixed income sales coverage to macro hedge fund and asset manager clients. Kirsten graduated cum laude from Duke University in 2000 with a Bachelor of Arts in Economics and a minor in German.

Lou Rosato, Director, Investment Operations, BlackRock

Lou Rosato, Director, is a member of BlackRock’s Global Investment Operations Leadership. He oversees Industry Engagement and Strategy in partnership with Blackrock’s Counterparties, Custodians, Third-Party Providers, Industry Organizations, Utilities and Clients. Lou works to originate and advance BlackRock’s Global Investment Operations vision and strategy. He’s responsible for aligning external partners to advance change and drive industry leading innovation and best practice for the benefit of BlackRock’s Clients and Stakeholders. Before taking on his current role, Lou lead the Global Trade Operations Teams in the US and EMEA. In previous roles at BlackRock, he was regional Head of Fixed Income, Derivatives, FX, and Equity Trade Operations, as well Co-Head of the firms Retail Separately Managed Account Operation. Prior to joining BlackRock in 2004, Mr. Rosato worked at Jennison Associates, LLC where he was responsible for establishing and managing the firms Retail SMA Trading and Investment Operations Teams. He performed similar roles for 1838 Investment Advisors and Rittenhouse Financial Services. He began his career in 1987 as an Operations Analyst with the Federal Reserve Bank of Philadelphia and worked for Dean Witter as Equity Specialist Clerk and FX Floor Broker on the PHLX. Mr. Rosato is a member and sponsor of the Derivatives Market Institute for Standards. Previous Chairperson of the Investment Company Institute Securities Operations Advisory Committee. He is a Member of the SIFMA Operations and Technology and AMG Executive and Steering Committees. Lou is an active participant, Committee Member, and Co-Chair of several SIFMA AMG, ISITC, SWIFT, FIA, and FIX Trading Community working groups. He is a current Board Member of ISITC and FIX Protocol. Lou represents BlackRock on the Industry Steering Committee formed by DTCC, ICI, SIFMA and Industry Participants to analyze and plan for T1 Settlement in North America. He earned a BS degree in Business Administration from Widener University.

Guido Stroemer, CEO, HQLAᵡ

Guido Stroemer is a financial market veteran with over 30 years of professional work experience in a variety of trading, risk management and senior leadership positions. Prior to co-founding HQLAᵡ in 2017, Guido was global head of repo trading at UBS. He received an MBA in finance from NYU Stern School of Business and a BA in economics from Hamilton College.