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COVID-19's Impact on Systemically Important Financial Market Utilities and Global Financial Markets

Please join us for a discussion about how companies and organizations have responded to the COVID-19 pandemic and how they are preparing to face the risk of a prolonged global crisis.

Financial Market Utilities “FMUs” have played a critical role in the financial sector for decades and their importance has only increased since the financial crisis of 2008-2010. The Covid-19 pandemic, which took the world’s medical, government and financial sectors by surprise, has reinforced the invaluable role of FMUs to support financial stability and simultaneously tested their operational resilience.

As this worldwide crisis has not yet run its course, the ultimate toll (both in terms of human cost and economic damage) remains uncertain. However, should the dramatic declines in employment and economic growth continue for a prolonged time period, this may lead to extreme market volatility, liquidity strains and significant credit losses for the banking sector. 

A panel of experts from Financial Market Utilities and the financial industry will share their unique views with respect to how their organizations have responded to the Covid-19 pandemic and what their firms are doing to prepare for a prolonged and sustained crisis. 

Opening Remarks

H.S. Bob Kostakopoulos, Deputy Academic Director and Lecturer, ERM Program


Michael Leibrock, Lecturer; Managing Director, Head of Counterparty Credit Risk and Systemic Risk, DTCC


John Fennell, Chief Risk Officer, Options Clearing Corp. 

Sharon Haas, Global Head of Resiliency Strategy, Regulatory & Governance, BNY Mellon

David LaFalce, Managing Director, Head of Business Continuity Mgt, DTCC

Rajalakshmi Ramanath, Executive Director, JP Morgan Chase 


For questions, please contact Jay Hirsch, jh3975 [[at]] columbia [[dot]] edu.

For additional information about program offerings at Columbia University’s School of Professional Studies, please contact an Admissions Counselor at 212-854-9666 or inquire [[at]] sps [[dot]] columbia [[dot]] edu.