UH Global Energy Management Institute
Eighth Annual Energy Trading Conference
"The Impact of Dodd-Frank on Energy Trading"
March 23, 2012
8 a.m. - 2 p.m.
Presented by UH Global Energy Management Institute
3 Hours CPE Credit
3 Hours CLE Credit
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Scott O’Malia was confirmed by the U.S. Senate on October 8, 2009, as Commissioner of the Commodity Futures Trading Commission, and was sworn in on October 16, 2009. He is currently serving a five-year term that expires in April 2015.Born in South Bend Indiana and raised in Williamston, Michigan, Commissioner O’Malia learned about commodity prices firsthand growing up on a small family farm. As a Commissioner of the Commodity Futures Trading Commission (CFTC), he brings both his agricultural background and experience in energy markets, where he has focused his professional career. Before starting his term at the CFTC, Commissioner O’Malia served as the Staff Director to the U.S. Senate Appropriations Subcommittee on Energy and Water Development, where he focused on expanding U.S. investment in clean-energy technologies, specifically promoting low-cost financing and technical innovation in the domestic energy sector. From 2003 to 2004, Commissioner O’Malia served on the U.S. Senate Energy and National Resources Committee under Chairman Pete Domenici (R-N.M.), as Senior Policy Advisor on oil, coal and gas issues. From 1992 to 2001, he served as Senior Legislative Assistant to U.S. Sen. Mitch McConnell (R.-Ky.), now the Senate Minority Leader. During his career, O’Malia also founded the Washington office of Mirant Corp., where he worked on rules and standards for corporate risk management and energy trading among wholesale power producers. In his time at the CFTC Commissioner O’Malia has advanced the use of technology to more effectively meet the agency’s oversight responsibilities and is seeking the reestablishment of the long dormant CFTC Technology Advisory Committee (C-TAC). As Chairman of the newly reinstated Committee, Commissioner O’Malia intends to harness the expertise of the C-TAC membership to establish technological ‘best practices’ for oversight and surveillance considering such issues as algorithmic and high frequency trading, data collection standards, and technological surveillance and compliance. Commissioner O’Malia earned his Bachelor’s Degree from the University of Michigan.
Chief Executive Officer, CME Group
Craig S. Donohue has served as Chief Executive Officer of CME Group and its predecessor company, CME Holdings Inc. since January 1, 2004.
As Chief Executive Officer of CME Group, Donohue oversees the world’s leading and most diverse derivatives marketplace. In 2011, CME Group handled 3.4 billion futures and options contracts worth more than $1 quadrillion in notional value.
Through its CME Globex electronic trading platform and physical trading floor facilities in Chicago and New York, CME Group operates 24 hours a day, seven days a week, in more than 85 countries around the world.
During his tenure as Chief Executive Officer, Donohue led the completion of more than $20 billion in mergers and acquisitions, including CME’s historic acquisitions of the Chicago Board of Trade (CBOT) in 2007 and the New York Mercantile Exchange (NYMEX) in 2008. He also led the company’s strategic investment in BM&FBOVESPA, the largest exchange company in Latin America.
Donohue also was instrumental in designing and achieving CME’s demutualization in November 2000 and its initial public offering in December 2002 which made CME the first publicly traded financial exchange in the United States.
Donohue has played a vital role in setting the organization’s vision and developing growth strategies to expand CME Group’s core business and new growth opportunities in over-the-counter and emerging markets. Under his leadership, CME Group has expanded and acquired benchmark trading products in all major asset classes while increasing electronic trading activity from 15 percent of total average daily volume in 2000 to more than 80 percent today.
Donohue was CME’s lead negotiator for product and technology alliances with the world’s leading exchanges and financial organizations, including Standard & Poor’s Corporation, Dow Jones, The Nasdaq Stock Market, Inc., NYSE Euronext and Singapore Derivatives Exchange Ltd.
During his 20 year tenure at CME, Donohue held a broad range of positions with progressively increasing responsibilities in Legal Affairs, Market Regulation, Strategic Planning and Business Development, including General Counsel and Chief Administrative Officer.
Donohue serves on CME Group’s Board of Directors, as well as the boards of BM&FBOVESPA and the World Federation of Exchanges (the trade association of 53 publicly regulated stock, futures and options exchanges around the world).
In 2010, Donohue was selected as one of the 50 best-performing CEOs in the world by the Harvard Business Review. In 2009, Donohue was named to Institutional Investor’s Power 50 list of the World's Most Influential People in Finance. Also in 2009, Donohue was recognized as The International Executive of the Year by the Executives’ Club of Chicago and the Ernst & Young Entrepreneur of The Year® in the investment/financial services category for the Midwest region. He is a member of the Wall Street Journal’s CEO Council and serves on the steering committee for its Future of Finance Initiative. Donohue also serves on the Commodity Futures Trading Commission’s Global Markets Advisory Committee.
Donohue serves as a Board member of the Council for Economic Education, Executives’ Club of Chicago and the Chicago Council on Global Affairs, and chairs the President’s Advisory Council of Christ the King Jesuit College Preparatory High School. He also serves as Vice Chairman of the CME Group Foundation and President of the CME Group Community Foundation, whose missions are to enhance economic opportunity, health and education, especially for disadvantaged youth.
Donohue leads a global workforce of more than 2,500 professionals involved in financial technology development and operations, clearing and risk management services, research and product development, government, legal and regulatory affairs, sales and marketing, corporate finance and business development, and human resources.
CME Group maintains offices in Chicago, New York, London, Singapore, Calgary, Houston, São Paulo, Seoul, Tokyo and Washington, D.C.
In 2010, CME Group was named one of Chicago’s Top 100 Workplaces by the Chicago Tribune. Computerworld has named CME Group as one of the Best Places to Work in IT for the last seven years.
Before joining CME as an attorney in 1989, Donohue was associated with the Chicago law firm of McBride, Baker & Coles. He holds an M.B.A. degree from Northwestern University’s Kellogg Graduate School of Management, a J.D. degree from John Marshall Law School, an M.L. degree in Financial Services Regulation from IIT Chicago-Kent College of Law and a B.A. degree in political science and history from Drake University.
Managing Director, Global Head of Commodities Research and Strategy
Colin supervises commodities research at J.P. Morgan, where he also serves as the firm’s chief commodities strategist. He is the former managing partner of Curium Capital Advisors, LLC, a registered investment adviser providing boutique research and advisory services to hedge funds, endowments, and other institutional investors. For three years, he was the managing director responsible for commodities and cyclical industries at Duquesne Capital Management, LLC, the multibillion dollar global macro hedge fund founded and managed by Stanley Druckenmiller. Colin is also a former Chief Intelligence Officer of Ospraie Management, LLC, specialists in commodities.
From 1996 to 2003, Colin worked at Goldman, Sachs & Co., joining the Commodities Research Group as an original member of the team that developed that group’s flagship Commodity Watch research product, as well as various weekly and monthly research products in petroleum, natural gas, metals, and agriculture. He also worked extensively on Goldman’s groundbreaking research on commodities as a portfolio diversification tool. In February 2002, he was a lead author of the “Revenge of the Old Economy” report, one of the first to make the case for the structural underinvestment in commodity industries. In January 2001, he was the lead author of an analysis “A bull market missed” that was among the first studies to highlight China’s fast‐growing weight in commodity markets.
Before joining Goldman, Colin was the research assistant to Ambassador Chester A. Crocker, the former US assistant secretary of state for African Affairs. He holds an MSFS from Georgetown University’s Edmund A. Walsh School of Foreign Service. He is also a graduate of Princeton University,where he studied history.
George Baker joined Williams & Jensen in 1980. His legislative and administrative practice focuses on energy, environment, agriculture, and natural resource matters. In 1995, Mr. Baker was the Executive Director of Superfund Reform ‘95, the primary broad-based, national coalition working on behalf of fundamental reform of the Federal hazardous waste cleanup program known as Superfund.
In addition, Mr. Baker has developed very substantial expertise in the areas of Federal asset sales issues, cosmetics regulation, and commodity futures regulation related to the Commodity Futures Trading Commission (CFTC).
Professional background: Mr. Baker is recognized as an authority in Superfund and brownfield development. Prior to his work at Williams & Jensen, he served two and one-half years as an attorney with the Office of Hearings and Appeals of the U.S. Department of Energy.
Over the last thirty years, Mr. Baker’s broad experience has extended to issues encompassing natural gas deregulation, energy industry restructuring, Superfund, the Resource Conservation Recovery Act, the Clean Air Act, the Clean Water Act, electricity legislation, the Public Utility Regulatory Policies Act (PURPA), the Public Utility Holding Company Act (PUHCA), the Magnuson Fishery Conservation Act, wetlands, national wildlife refuge and park land acquisition, endangered species protection and related private property rights issues, and insurance issues arising from environmental liability and natural resources.
In addition to serving Williams & Jensen clients, Mr. Baker serves on the Executive Committee of the Hamilton College Alumni Council and is a founder and board member of Bethesda-Chevy Chase Baseball, Inc., a youth baseball league serving over 4,500 children in the Washington, D.C. suburbs.
President & CEO, IPR-GDF SUEZ Energy Marketing NA Inc.
Sam C. Henry is President & Chief Executive Officer of IPR-GDF Suez Energy Marketing NA Inc. His responsibilities include all commercial activities surrounding power generation plants and all hedging of commodity price risks for the GDF Suez Energy companies in North America. He also has management oversight of all Government and Regulatory Affairs activities for the IPR-GSNA companies in North America.
Most of Henry’s three decades in the energy industry have focused on asset and risk management. Prior to joining IPR-GDF Suez, Henry was vice president, risk management of Edison Mission Energy, a company with 25,000 MW of generation in the US, UK, and Australia. Prior to joining Edison Mission, Henry was vice president of trading and risk management at Conoco’s natural gas and gas liquids division as well as its affiliated power marketer, Dupont Power Marketing. Earlier in his career, Henry held various management positions at Chevron in crude oil, gas liquids, and natural gas marketing in Houston and New York.
Henry is a member of the Global Association of Risk Professionals. He has been a member of the New York Mercantile Exchange advisory committees on propane, natural gas and electricity trading.
Vice President of Regulatory Affairs, Shell Energy
Bob Reilley is the Vice President, Regulatory Affairs of Shell Energy North America. In this capacity, he is responsible for Shell Energy’s regulatory activities in both the United States and Canada.
Bob and his staff manage the Company’s involvement in state, provincial and federal regulatory proceedings, ISO/RTO matters and coordinate reporting to government agencies. Bob sits on the board of the Electric Power Supply Association and represents Shell Energy at other trade associations.
Bob is currently leading Shell Trading’s advocacy activities related to the Commodity Futures Trading Commission’s regulations that are implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Before joining Shell in July 1998, Mr. Reilley was employed by Enron Corp., where he managed that company’s advocacy efforts related to electric industry restructuring in several states, including Texas. Previously, he was a staff member of the Public Utility Commission of Texas.
Bob has BS, BBA and MBA degrees from the University of Texas at Austin.
Director, Enterprise Risk Service, Deloitte & Touche LLP
William Hederman is a director in Deloitte & Touche LLP’s Enterprise Risk Service practice focusing on energy regulatory compliance with more than 25 years of energy industry experience. Hederman served as the founding Director of the FERC’s Office of Market Oversight and Investigations, where he won the agency’s top award for helping address the crisis of confidence that affected energy markets.
Hederman has been a senior executive in industry and government. As a consultant, he has worked with senior executives at several top U.S. companies on regulatory policy and strategy and compliance matters. He is a global thought leader on innovation in energy policy and technology.
Hederman has been a guest speaker at the World Energy Congress and has addressed more than 100 conferences around the world. He has been quoted by The Wall Street Journal, The New York Times, U.S. News, Energy Risk Magazine, and National Public Radio, among others.
Hederman holds a Bachelor of Science degree from the University of Notre Dame, a Master of Science degree from Massachusetts Institute of Technology, and a Master of Public Policy from the University of California at Berkeley where he was a Regents Fellow. Hederman has also completed executive education programs in finance (M&A) and corporate leadership/change management at the University of Pennsylvania’s Wharton School of Business. Bill is a member of IEEE USA Energy Policy Committee and has been a speaker and participant at the Harvard Electricity Policy Group and MIT Center for Energy and Environmental Policy Research.
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