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Panelists for Fixed Income Markets Roundtable, April 16, 2013John H. BonowChief Executive Officer, John H. Bonow, a 22-year veteran of PFM, has served as its Chief Executive Officer since 2012. In this capacity, he sets the firm's strategic direction as well as being responsible for the overall daily management of the firm. He also chairs the PFM Management Committee, the primary policy-making body in the firm, and serves on the PFM Group's Board of Directors. After joining PFM in 1991 as a financial analyst, Mr. Bonow was promoted through all professional levels of the firm before being named a partner in 2001. He spent his first eleven years with PFM expanding the firm's west coast Financial Advisory practice in the San Francisco office. In 2002, he opened PFM's Seattle office to better serve clients in the Pacific Northwest, and grew that practice to one of PFM's most profitable geographic presences. Mr. Bonow has advised clients on more than $20 billion of financings using a wide array of financing mechanisms. While active in the financial advisory sector, his clients included: cities, counties, health care and higher education institutions and related financing agencies, water utilities and water districts, public power utilities, airports, flood control districts, and special tax/assessment districts. Mr. Bonow and his colleagues have worked to assist clients in numerous key areas, including funding plan development, credit analysis, capital planning, rate setting, debt transaction management, and asset/liability analysis. Mr. Bonow has a Bachelor of Arts degree in Economics from Yale University. He resides in Philadelphia with his wife and children. The PFM Group of companies are national leaders in providing independent financial advice as well as investment advisory, management and consulting services to local, state, and regional government and non-profit clients. The independent financial advisory firm within the PFM Group is Public Financial Management, Inc. PFM has been ranked by Thomson Reuters as the nation’s number one financial advisor for the past 15 years, during which time it has advised on a total of more than $542.2 billion in over 10,000 separate transactions. In 2012 alone, PFM advised on more than 902 debt transactions with a par amount of more than $56.9 billion – both figures exceed the transaction volume of all other firms, including investment banks, in the public finance industry. Larry BowdenExecutive Vice President & Director of Fixed Income Sales & Trading - Little Rock Office Mr. Bowden is an Executive Vice President and the Director of Fixed Income Sales and Trading. He has been with Stephens Inc., a privately held, full-service investment banking firm for 33 years. Larry has served the firm as an institutional fixed income salesperson, the manager of fixed income trading and, as Senior Vice President and Managing Director of Professional Strategies within the Private Client Group. He is the past Chairman of the Bond Dealers of America, the only DC based trade association representing securities dealers and banks focused on the U.S. fixed income markets, and currently serves on the executive committee of the BDA. Ric EdelmanChairman & Chief Executive Officer Ric Edelman is Chairman and CEO of Edelman Financial Services. His firm has $9 billion in assets under management, serving nearly 19,0001 individuals and families, with 32 offices coast-to-coast. Ric is an Investment Advisor Representative who offers advisory services through EFS and a registered Principal of (and offers securities through) Sanders Morris Harris Inc., an affiliated broker/dealer, member FINRA/SIPC. 1As of December 31, 2012 Steven C. GenykManaging Director, Head of Fixed Income Capital Markets Steve Genyk joined Janney in March 2008 and is responsible for leading the strategic direction, business development and financing activities of Janney’s Fixed Income Capital Markets Division. Fixed Income Capital Markets is comprised of Institutional Municipal Sales, Trading and Underwriting, Taxable Institutional Sales and Trading, Retail Municipal and Taxable Trading, Public Finance, and Fixed Income Research and Strategy. Mr. Genyk serves on the Management Committee of the firm. Mr. Genyk began his career as a banker in corporate finance and later transitioned to public finance. Mr. Genyk has had a variety of managerial positions in fixed income and also in the public sector. Mr. Genyk’s public finance experience includes financings for governments, utilities, health systems/hospitals, senior living providers, colleges and universities, independent schools cultural institutions and economic development agencies. He joined Janney after serving the Philadelphia Industrial Development Corporation (PIDC), the City of Philadelphia’s primary economic development agency, as Senior Vice President of the Financing Services Group. Prior to joining PIDC, Mr. Genyk was a Managing Director with Bear Stearns and prior to that spent over eight years with Legg Mason in a variety of capacities including co-head of Public Finance. Mr. Genyk is a graduate of Wesleyan University and holds a Masters in Government Administration from the Fels Institute of Government, University of Pennsylvania. He taught a graduate finance course at the University of Pennsylvania for eight years and is a Board Member of the Philadelphia Zoo. Recently, Mr. Genyk was appointed to the Board of Directors of the Bond Dealers of America. Michael A. Goldstein, Ph.D.Chair, Finance Department, Donald P. Babson Chair in Applied Investments and Professor of Finance Michael A. Goldstein is Chair of the Finance Department and a Professor of Finance at Babson College, where he holds the Donald P. Babson Chair in Applied Investments. He is also currently an Honorary Professor at The Queen’s University of Belfast (UK) and was a Visiting Professor at Trinity College (Ireland) in 2009. He has also taught at Boston College and at the University of Colorado at Boulder, where he received the Proctor & Gamble Teaching Excellence Award. Dr. Goldstein received a B.S., an M.B.A., an M.A., and a Ph.D. in Finance from the Wharton School at the University of Pennsylvania. Dr. Goldstein’s research specialty is examining the structure of equity and bond markets. He also does work in real estate, dividend policy, asset pricing, and privatization. He has presented his work at numerous conferences worldwide and has thrice won the “Best Paper in Market Microstructure” at major national conferences. His papers have been published in major finance academic journals, including The Journal of Finance, The Journal of Financial Economics, The Review of Financial Studies, The Journal of Financial and Quantitative Analysis, The Journal of Financial Markets, The Journal of Corporate Finance, The Financial Review, and Real Estate Economics. He is on the Board of Directors of the Eastern Finance Association. He is a guest editor for a Special Issue of The Financial Review on Computerized and High Frequency Trading, and is currently an Associate Editor for Financial Management and The Financial Review, and is on the editorial board of The International Review of Applied Financial Issues and Economics. He is a Principal Investigator on a $400,000 National Science Foundation grant studying the arctic economy. Dr. Goldstein currently serves as Chair of the Financial Regulatory Authority (FINRA) Economic Advisory Committee. He previously served on the Nasdaq Economic Advisory Board from 2003 to 2005, and was elected Chair for 2005 From August 1997 to July 1998, Dr. Goldstein was the Visiting Economist at the New York Stock Exchange. He has also served as a member of US SEC roundtables on market structure (2010) and on decimalization (2000). Prior to that, he advised the Deputy Prime Minister of Poland on Poland’s privatization program. He also worked as an Investment Banker with Merrill Lynch Capital Markets in their Financial Institutions and Japan Banking groups. He also served in an advisory role to the senior leadership of a Fortune 100 company, and has advised or served on the boards of a variety of small start-ups. He also consults to a variety of large financial services and trading firms, and has been interviewed extensively by national and international television, radio, and print media. Joseph A. Hemphill IIIPresident & Chief Executive Officer Education St. Joseph’s University Philadelphia PA Bachelors in Science 1993 Employment A Webster Dougherty & Co. June 1993- August 1993 Regional Brokers Inc. 1993-present, President/CEO 2008-present Professional Organization SIFMA Chair of Municipal Brokers Broker Committee 2011-present Member Municipal Division Executive Steering Committee 2012-2014 Lynette KellyExecutive Director Lynnette Kelly is Executive Director of the Municipal Securities Rulemaking Board (MSRB). Ms. Kelly leads the day-to-day management of the MSRB, a self-regulatory organization whose mission is to protect investors, state and local governments, entities whose credit stands behind municipal securities and public pension plans by promoting a fair and efficient municipal market. The MSRB fulfills its mission by regulating securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB promotes disclosure and market transparency through its Electronic Municipal Market Access (EMMA®) website, provides market leadership and education and conducts extensive outreach. The MSRB also serves as an objective and expert resource, and as a repository of municipal market information. Ms. Kelly joined the MSRB in 2007 and oversaw the expansion of the MSRB as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank Act charged the MSRB with protecting municipal entities and obligated persons, in addition to investors, and gave the MSRB rulemaking authority over municipal advisors, in addition to municipal securities dealers. Ms. Kelly also led the launch of the EMMA website in 2008 and has continued to champion its expansion to increase transparency in the municipal market. In 2012, Ms. Kelly received the Municipal Forum of New York’s Public Service Award for her leadership in the municipal market. Prior to joining the MSRB, Ms. Kelly was a managing director and associate general counsel at the Securities Industry and Financial Markets Association (SIFMA), where she helped SIFMA (formerly The Bond Market Association) develop and implement legal, regulatory and best market practices in the fixed income markets, with a focus on municipal finance. From 1990 to 1993, Ms. Kelly served as general counsel for the Municipal Assistance Corporation for the City of New York, and has worked at several law firms in New York City in all areas of municipal finance. Ms. Kelly graduated from the University of Nebraska and Tulane University School of Law. She has completed the Securities Industry Institute at University of Pennsylvania Wharton School and has taken several executive education courses at the Harvard Business School. Richard G. KetchumChairman & Chief Executive Officer Richard Ketchum is Chairman and CEO of FINRA. Prior to becoming CEO of FINRA, Mr. Ketchum was CEO of NYSE Regulation from March 2006 to March 2009. He served as the first chief regulatory officer of the New York Stock Exchange, a position he began in March 2004. From June 2003 to March 2004, Mr. Ketchum was General Counsel of the Corporate and Investment Bank of Citigroup Inc., and a member of the unit's planning group, Business Practices Committee and Risk Management Committee. Previously, he spent 12 years at NASD and The Nasdaq Stock Market, Inc., where he served as president of both organizations. Prior to working at NASD and NASDAQ, Mr. Ketchum was at the Securities and Exchange Commission (SEC) for 14 years, with eight of those years as director of the division of Market Regulation. In October 2010, Mr. Ketchum was appointed by President Obama to serve on the President's Advisory Council on Financial Capability—a group established to promote and enhance financial literacy and capability among Americans. He also serves on the Joint Advisory Committee on Emerging Regulatory Issues, a committee created by the SEC and CFTC to review emerging regulatory issues, starting with the market events coming out of the May 2010 so-called "flash-crash." Mr. Ketchum serves on the Board of Directors of Appleseed, a non-profit network of 16 public interest justice centers in the United States and Mexico dedicated to advancing the rule of law, promoting effective government and creating opportunities for individuals' economic advancement. Mr. Ketchum earned his J.D. from the New York University School of Law in 1975 and his B.A. from Tufts University in 1972. He is a member of the bar in both New York and the District of Columbia. Jason LehmanFounder & co-Chief Executive Officer Jason Lehman is the founder and co-CEO of Headlands Technologies, a global quantitative trading company headquartered in San Francisco and Chicago. He is based in the San Francisco area. Prior to founding Headlands, Mr. Lehman, age 38, worked in various roles for Citadel Investment Group in Chicago. Most recently, Mr. Lehman started and ran the global options market making business for Citadel, growing this operation to be one of the largest market makers in the world. Before starting that business, he was involved in several fixed income businesses, where he developed an interest in the municipal bond markets. Mr. Lehman served on the Board of Directors of the International Securities Exchange (ISE) from 2004-2008, serving as a member of the ISE’s executive committee from 2007-2008. Mr. Lehman graduated from the Wharton School of The University of Pennsylvania in 1996 with a B.S. in Economics. He has been an investor in municipal bonds for over a decade. Nancy Mueller Handal, CFAManaging Director Nancy Mueller Handal is a Managing Director in the Investments Department at MetLife. As the Global Head of Structured Finance, Nancy is responsible for a $70 billion portfolio of ABS, CMBS, RMBS and Residential Mortgage Loans. Ms. Handal oversees of a team of Structured Finance professionals, responsible for credit and convexity analysis, trading, risk management, strategy and surveillance. Additionally, Ms. Handal initiated and manages a $6B high yield RMBS Opportunity fund. Prior to leading the Structured Finance group, Ms. Handal was the head of the RMBS group. She has held various roles within Structured Finance including trading and analyzing Agency and Non Agency CMOs and Pass Throughs and analyzing and monitoring domestic and international ABS. Ms. Handal earned her bachelor’s degree in Economics and Philosophy from The University of Michigan and her master’s degree in business administration, with concentrations in Finance and Accounting, from The University of Rochester’s Simon School of Business. She is a Chartered Financial Analyst and a member of the NYSSA. Marshall NicholsonManaging Director As head of Knight BondPoint, a division of Knight Capital Group, Marshall directs the business development and is responsible for driving strategic direction of the Knight BondPoint, a business providing fixed income technology and execution services to the financial services community in the U.S. and Europe. Marshall has over 14 years of management and sales experience, selling technology and solutions into the financial services community, in the U.S. and Europe. Prior to joining via Knight’s acquisition of ValuBond, Marshall held various sales and business development positions at Thomson Financial Services and Scudder-Kemper Investments. Marshall holds a BA from the University of North Carolina at Chapel Hill and MBA from the Terry College of Business at the University of Georgia. In 2008, Marshall was named by Institutional Investor News as one of 20 Rising Stars in Fixed Income. In addition, he was recently published in “The Handbook of Fixed Income Securities”, Eighth Edition authored by Frank J. Fabozzi and published by Yale University Press. Professional qualifications include: Series 7, 63, 53, 24 Craig A. NobleManaging Director of Retail Fixed Income, Craig Noble was named Managing Director and Head of the Fixed Income Group for Wachovia Securities now Wells Fargo Advisors in 1999. In this capacity he is responsible for all taxable, tax-exempt trading and Capital Market Services. He serves on the firm’s New Deal and New Product Review committees. Prior to this, he was an Executive Vice President and Co-Director of the Municipal Securities Group of the Tax-Exempt Fixed Income Sales and Trading department at EVEREN. Preceding his time with EVEREN, Craig was with Lehman Brothers, from 1991 to 1993, where he was First Vice President and Manager of the retail sales liaisons of the western region. During his 11-year career at Shearson Lehman Hutton, he served as manager of several of the firm's municipal bond and trading liaison desks. Craig began his career in the securities brokerage industry in 1981 as an investment broker for E.F. Hutton. In addition to the aforementioned, Craig is currently on the board of directors the MSRB and on the FINRA’s Fixed Income Committee. Craig was the past Chairman of the Securities Industry and Financial Markets Association’s Regional Advisory Committee and was on their Municipal Executive Committee. Craig was also the Vice Chairman of the board of the Bond Dealers of America. He is series 7, 9/10, 24, 53, 99 and 63 registered. Paige W. PiercePresident & Chief Executive Officer Paige W. Pierce brings over 28 years of senior level investment industry experience with small firms and major corporate entities in the North American capital markets to RW Smith. She is an experienced, innovative and visionary hands-on strategic planner. Paige has extensive trading and sales, compliance, operational, business and product development, as well as strategic partner development experience in both the broker-dealer and dealer bank spaces. In her current position she oversees the growth and strategy of the firm, works closely with industry regulatory agencies, and continues to focus on ensuring small firms and their customers have access to market pricing and information, extended distribution network opportunities and the wholesale market. Paige was recently elected by a wide margin to represent the Small Firm sector of the investment industry, over 4000 firms, on the Financial Industry Regulatory Authority’s National Adjudicatory Council, which is the appellate court for regulatory actions brought by FINRA against members and member firms within the investment industry, as well as membership application reviews. Her three-year term commenced in January 2013. In 2008, Paige was elected to serve a three-year term on the Financial Industry Regulatory Authority District 3 Committee (Chair 2010-2011) and currently serves on the Financial Industry Regulatory Authority Fixed Income Committee. She actively serves as a member of the Securities Industry and Financial Markets Association Small Firms Advisory Committee, Municipal Executive Committee, Municipal Broker’s Broker Committee (Chair 2008-2011), and the Emergency Markets & Calendar Committee. Paige serves as hearing panelist for cases brought by or through FINRA, one of the investment industry’s chief regulators, and is a frequent speaker at industry events. Paige co-founded the Women in the Investment Industry PSA group, is a member and Network Officer of the Utah Chapter of the Young Presidents’ Organization, and previously held the position of Chair of the YPO Pacific Region Women’s International Network (2007-2009). She is currently on the YPO Advisory Board with Stanford University and has previously represented the Small Firm sector of the municipal bond market in Municipal and Credit Markets meetings with the Federal Reserve Chairman. In 2008, Paige was appointed by the United States Air Force 388th Fighter Wing as Honorary Commander at Hill Air Force Base in Utah and serves to this day with pride. She is also currently on the Board of Directors for RW Smith, CHOICE Humanitarian, the National Association of Independent Broker Dealers (NAIBD) and Judge Memorial Catholic High School in Salt Lake City, Utah. Eric J. PittManaging Director Eric Pitt is Head of High Grade Credit Trading for JP Morgan's North American Credit Trading businesses. The High Grade desk is responsible for trading and making markets for clients in investment grade corporate bonds and credit derivatives. Eric has been with JPMorgan since 2004 and has traded the full spectrum of corporate credit products including IG, HY and Distressed. Prior to that, Eric Pitt has worked in the software business for nine years in Boston, California and New York. Eric Pitt has an MBA from Columbia Business School and BA in Physics from Harvard University. Neil M. SchlossTreasurer and Vice President Neil M. Schloss is Vice President — Treasurer for Ford Motor Company, a position to which he was elected on March 29, 2007. Mr. Schloss joined Ford Motor Company in 1982 as a financial analyst in the Controller's Office at Ford Aerospace. From there, he progressed through a series of finance positions at Aerospace before transferring to Ford in 1990. In 1991, he joined the Treasurer's Office at Ford Credit and held positions in both Risk Management and International Financing. In 1995, he returned to Ford Motor as Manager, Domestic Financing, followed by the position of Manager, International Financing. In 1997, he returned to Ford Credit's Treasurer's Office as Manager, North American and European Financing. In 1998, he was named Assistant Treasurer, Ford Credit, responsible for Debt Issuance, Capital Planning, and Affiliate Financing. He maintained that position until December 1999. In January 2000, he was named Director, Financial Strategy, Treasurer's Office, Ford Motor Company. In December 2002, he assumed the role of Director, Global Risk Management, Treasurer's Office, Ford Motor Company. On April 1, 2003, Neil was promoted to Assistant Treasurer, Ford Motor Company. Prior to joining Ford, Mr. Schloss earned an undergraduate degree in Finance from San Diego State University and a Masters of Business Administration from the University of Santa Clara. Mr. Schloss also serves on the Board of the non-profit organization Kid’s Kicking Cancer. Dexter SenftManaging Director Dexter Senft is a Managing Director at Morgan Stanley where he is the global head of Fixed Income E-Commerce. In this role, Mr. Senft oversees electronic market making, electronic distribution and strategic investments. In addition, he serves on Morgan Stanley’s Financial Reform Senior Strategy Group and is responsible for strategic planning on Swap Execution Facilities. He joined Morgan Stanley in 2010 from Barclays Capital. Previously, Mr. Senft was a Managing Director at Lehman Brothers, where he managed their Quantitative Research, Fixed Income Research, Global Economics and Ecommerce areas. Mr. Senft began his career at CS First Boston, where he managed Fixed Income Research and Product Development. His own research focused on quantitative techniques for the construction and analysis of mortgage securities and interest rate derivatives. He led the product development teams that created several financial innovations, including longdated corporate zeros, CMOs, asset-backed securities, OTC puts on U.S. Treasury securities, and bonds with equity warrants. In recognition of this body of work, Mr. Senft was inducted into the Fixed Income Analyst Society Hall of Fame in 2004. Mr. Senft serves or has served on numerous boards including Brokertec, Kx Systems, Markit Group, OTCDerivNet, Securities Hub and Tradeweb. He is on the board of the Orchestra of St. Luke’s, and chaired the Advisory Committee for the Center for Computational Finance and Economic Systems at Rice University. Mr. Senft is a graduate of Rice University with undergraduate degrees in Mathematics and Economics. He is a private pilot, crossword puzzle constructor and tournament bridge player. Robert G. Smith, III AIF® & CIMCPresident & Chief Investment Officer Bob Smith received his M.B.A. in Finance from New York University Stern School of Business, is an Accredited Investment Fiduciary (AIF) and Certified Investment Management Consultant (CIMC). He has over 35 years of domestic and international portfolio management and institutional research experience. Bob began his professional career at Moody’s Investors Service as a member of the Corporate Bond Rating Committee; he then went on to Loeb, Rhodes & Co. to cover the insurance industry in the Institutional Equity Research Department. After this assignment, he worked at Merrill Lynch & Co. as a Managing Director over 14 years in a variety of institutional research, trading and portfolio management roles in New York and London. During this period, he worked at the Saudi Arabian Monetary Agency as a Resident Financial Advisor in Riyadh responsible for managing the foreign reserves of the Central Bank. After his time at Merrill Lynch, Bob became Executive Vice President and a senior member of the Investment Committee at Smith Affiliated Capital in New York until 1996. In late 1996, Bob exercised his entrepreneurial spirit and founded Sage Advisory Services Ltd. Co., an independent registered investment advisory firm based in Austin, Texas. The firm currently manages over $11 billion of institutional assets, offers a variety of products or services and is the largest independent investment advisory firm in Austin as well as one of the largest in Texas. Bob is a member of the Fixed Income Analysts Society (FIASI), Investment Management Consultants Association (IMCA) and Center for Fiduciary Studies. He is a former Director of the Visiting Nurse Service of Suffolk County, N.Y. and served as a member of the Suffolk County Financial Control Board in 1993 and 1994. Bob’s investment research and market comments has been featured in a wide variety of media and publications including the Wall Street Journal, New York Times, Grant’s Market Observer and Bloomberg Business News Services. He is a past recipient of the Stephen L. Kessler Award from the Investment Management Consultants Association. He has made numerous presentations to institutional investors and consultants on asset/liability management strategies, performance benchmarking, asset allocation and portfolio management. Thomas S. Vales, CFAChief Executive Officer Thomas S. Vales, Chief Executive Officer for TMC Bonds (TMC), brings over 25 years of fixed income experience to the firm. In May of 2000, Mr. Vales started the company with backing from industry leaders including Citigroup, Merrill Lynch, Morgan Stanley, and Assured Guaranty. The company has grown to become a market leader for electronic bond trading with over 1000 firms participating on the live trading platform. TMC has evolved from its original municipal bond exchange into a robust marketplace for trading fixed income product. The firm currently offers Municipal, Corporate, MBS, and Agency bonds trading in addition to primary market Medium Term Notes and CD’s. TMC overlays its marketplace with software designed to assist both traders and brokers with the decision making process for buying and selling fixed income product. TMC also provides firms with a private label service enabling customization of broker desktops for advisor services. Prior to joining the firm, Mr. Vales spent ten years with Bankers Trust where he was a Managing Director of the Relative Value Arbitrage Group and Senior Manager of the Tax-Advantaged Arbitrage desk. From 1989 to 1996, he worked as a Vice President at BT Securities in municipal trading, sales, and derivatives. Mr. Vales graduated in 1986 from the University of Vermont with a Bachelor of Science degree in Business Administration. He lives in Dobbs Ferry, New York with his wife and two children. Kumar VenkataramanChairman of the Finance Department & Fabacher Endowed Professor of Alternative Asset Management Kumar Venkataraman is the Chairman of the Finance Department and the Fabacher Endowed Professor of Alternative Asset Management at the Cox School of Business at Southern Methodist University. He has a Ph.D. in Finance from Arizona State University. Research: Venkataraman specializes in the area of market microstructure and writes about financial market design; evaluation of trading strategies; and functioning of equity, debt and commodity markets. He has presented his research at universities, Wall Street firms, academic conferences and regulatory bodies. His work has been published in major international financial and accounting journals including the Journal of Finance. His work has been featured in industry publications, such as The CFA Digest, text books, and business press, including Wall Street Journal, Barron’s, Financial Times, Economist and Bloomberg News. He is currently involved with consulting projects sponsored by Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC). Teaching: Dr. Venkataraman teaches courses in the area of investments. Awards & Honors: Venkataraman serves as Associate Editor of Journal of Financial and Quantitative Analysis and Journal of Financial Research and on the Board of Directors of the Texas Hedge Fund Association. He is recipient of the 2010 Boghetich Family Distinguished Teaching Award, the 2008 Gerald J. Ford Senior Research Fellowship and the 2004 Research Excellence Award for the Cox School. His research on institutional trading during the financial crisis won the NASDAQ best paper award in the field of market microstructure at the 2010 Financial Management Association conference. Notably, Kumar was named among “The Best 40 B-School Profs Under the Age of 40” in the 2011 Poets & Quants ranking of Business School professors. Chris VogelManaging Director, Global Head of Fixed Income and Currency Trading Chris Vogel, Managing Director, is the Global Head of Fixed Income and Currency Trading within BlackRock's Trading and Liquidity Strategies Group. Prior to joining BlackRock in 2011, Mr. Vogel was the head of Derivatives at Pierpont Securities LLC. Earlier, he worked at Bank of America Merrill Lynch where he held several leadership positions including global head of Currency Trading, head of Global Strategic Trading team focusing on Global Rates, and more recently serving as the global head of G-10 Foreign Exchange Trading. From 1990 to 2005, Mr. Vogel worked at JPMorganChase, holding multiple senior trading positions, primarily in USD High Grade Rates and Derivatives Trading. Prior to starting his career in finance, Mr. Vogel served in the U.S. Marine Corps. From 2008 to 2009, Mr. Vogel was a member of the Federal Reserve Bank of New York's 'Foreign Exchange Committee' (FXC) and is currently a 'Buy-Side' member of the FXC. He earned a BSBA degree, cum laude, in finance and criminal justice from Villanova University. J. Ben WatkinsDirector, Mr. Watkins was appointed by the Governor and confirmed by the Cabinet as Director of the Division of Bond Finance in July of 1995 and has served under four Governors. The Division of Bond Finance is responsible for issuing bonds for the State of Florida and advising on other debt management policies for the State. The Division administers bonding programs for the Departments of Education, Transportation, Environmental Protection, and Management Services as well as borrowings for the State University System, Florida Turnpike System, Florida Hurricane Catastrophe Fund and State Comptroller’s consolidated equipment financing program. The Division is also responsible for allocating the private activity bond volume cap, maintaining a local government reporting system for bond issues, calculating federal arbitrage rebate liabilities and developing a system to insure compliance with the SEC’s secondary market disclosure requirements. Prior to joining the Division, Mr. Watkins practiced law with Sutherland Asbill & Brennan in Atlanta, Georgia. His practice area was concentrated in public finance. EDUCATION B.S. Accounting, Auburn University, 1979; former CPA with Peat Marwick J.D., University of Florida’s College of Law, 1984; member State Bars of Florida and Georgia since 1987 PROFESSIONAL ACTIVITIES Former Board Member and Vice Chairman of the Municipal Securities Rulemaking Board
http://www.sec.gov/spotlight/fixed-income-markets/fixed-income-markets-panelist-bios.htm
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