ZeroBeta Spotlight: Episode 1 The SEC Clearing Mandate: Goals, Scope, and Next Steps

Overview:

In our opening session of ZeroBeta Spotlight, we go in-depth into the SEC's mandate for the central clearing of U.S. Treasury cash and repo trades. Focusing on understanding the mandate itself, the session will address key policy goals, changes we can expect, and the scope of affected participants. Attendees will also gain insights into the operational and technological transformation required for adapting to the new regulations, covering both buy-side and sell-side perspectives

Panelists:

Varuna Wijesundera - CEO & Co-Founder of ZeroBeta

Varuna is a seasoned professional with over fifteen years of experience in capital markets technology encompassing both traditional and decentralized finance (TradFi and DeFi). As the CEO of ZeroBeta, a company he co-founded to deliver robust enterprise technology products for managing risks, collateral and market data.

Prior to starting ZeroBeta, he held senior roles in technology transformation, where he developed real-time, multi-asset systems spanning the entire capital markets lifecycle, including trading, clearing, and risk management. His work focused on adapting technology to meet evolving regulatory requirements, ensuring systems were compliant, resilient, and responsive to market changes. A key highlight of his career includes leading a multi-million pound risk technology transformation at the London Clearing House and collaborating with leading financial institutions across global financial centres.

Jeff Gearhart - Managing Director at Oyster Consulting

Jeff has over 35 years of experience in banking and capital markets. Prior to joining Oyster, he held senior leadership roles with The Bank of New York Mellon, including business line COO, CFO, business development and relationship management. Jeff specializes in strategic and financial management, trading platform infrastructure, and process re-engineering. He holds an MBA from Duquesne University, a BS from the Pennsylvania State University, and FINRA Series 7, 24, 27, & 63 licenses

Stephen Mellert - Managing Director at Matrix Applications

Mr. Mellert oversees business development and acts as client advocate for Matrix Applications, promoting the firm’s fixed income collateral management and margining platforms along with the company’s Managed Services for the back office.

In 1999, Stephen Mellert co-founded Capital Markets Engineering & Trading LLC. And in 2000, he and the team launched Matrix Applications, a technology service bureau whose clients span from small broker / dealers to asset managers to global banks. He was responsible for the formation and infrastructure development of South Street Securities (SSS), which launched in 2004.

Ketan B. Patel - Head of Financial Markets Risk Analysis at the Federal Reserve Bank of Chicago

Ketan B. Patel is a policy advisor and head of financial markets risk analysis in the Financial Markets Group at the Federal Reserve Bank of Chicago. He is responsible for analyzing the public policy and financial stability implications of risks in financial markets and financial market infrastructures.

Before joining the Chicago Fed, he was chief risk officer of OTC Clearing and deputy group risk officer of Hong Kong Exchanges and Clearing Limited (HKEX). He led a division of more than 50 risk-management professionals across China, Hong Kong, Singapore, and the UK. Prior to HKEX, Patel worked at CME Group. Additionally, he served as vice chair of CCP12 and co-chair of the CCP12 Risk Working Group.

During his career, he has managed risk through several stressed market events, including the Covid-19 pandemic, the 2015 Chinese stock market collapse, the Lehman Brothers bankruptcy, the global financial crisis of 2008–09, the Refco bankruptcy, and the Sentinel Investments collapse. He has also led several post-trade initiatives (such as HKEX’s Next Gen Risk Models of VaR and Stress Testing, Stock Connect, and Bond Connect), established new central counterparties of OTC Clear HK Ltd and LME Clear, and developed the quantitative modeling and risk policy teams in the Risk Research Department at CME.