For more than 30 years, Patrick Parkinson has been at the center of shaping derivatives policy. He held a distinguished 31-year career with the Federal Reserve Board, serving as a key architect of derivatives policy. He served as the Director of the Division of Banking Supervision and Regulation and as a member of the Basel Committee on Banking Supervision. During the first half of 2009, he was an adviser to Treasury Secretary Timothy Geithner and played a leading role in the development of the Obama administration’s proposals for reforming financial institutions and markets, including a comprehensive regulatory framework for the OTC derivatives markets, which was ultimately enacted under the Dodd-Frank Act.
Earlier in his career, he focused on policy issues relating to the regulation of financial markets and the design and operation of securities settlement systems. From 1993 to 2009, he was the Principal Staff Adviser to Federal Reserve Chairmen Alan Greenspan and Ben Bernanke on issues considered by the President’s Working Group on Financial Markets. Internationally, from 1999 to 2004 he was co-chair of the CPSS-IOSCO Task Force on Securities Settlements, which drafted the first international standards for securities settlement systems and central counter parties for securities and derivatives markets. He is currently Managing Director at Promontory Financial Group, a leading strategy, risk management and regulatory compliance consulting firm focusing primarily on the financial services industry.