Michael C. Dawley is managing director and co-head of futures and derivatives clearing services at Goldman Sachs. He is also the chairman of the board of FIA Global . Dawley joined the board of trustees Institute for Financial Markets (IFM), a nonprofit educational foundation, in 2009.
He is a member of the CME Clearing House Risk Committee, the CFTC Global Markets Advisory Committee . He is a member of the Chicago Mercantile Exchange and the Chicago Board of Trade, now a merged corporation, CME Group and is vice chairman of the board of the National Futures Association.
Dawley is a trustee for The Clearing Corporation Charitable Foundation. He also served on the advisory board of Kent State University's Masters of Financial Engineering Program.
In January of 2009, Dawley, along with Richard Berliand of JP Morgan, were named as interim co-chairmen of the FIA heading into the March 2009 FIA Boca Raton International Conference. He was elected chairman of the FIA on March 11, 2009 at the FIA's annual meeting at the FIA conference. Dawley had previously served as FIA chairman.
John Lothian News Special Report: Residual Interest, February 2013
A rule proposed by the Commodity Futures Trading Commission (CFTC) designed to strengthen safeguards for customer deposits at futures commission merchants (FCMs) is threatening to overhaul the futures brokerage system.
The proposed “residual interest” provision introduced last fall, and discussed in a CFTC roundtable on February 5, would require substantial increases in margin buffers by FCMs.
The meeting led by Robert Wasserman, chief counsel of the CFTC’s Division of Clearing and Risk, included panelists Mike Dawley of Goldman Sachs and FIA chairman and Kim Taylor, CME Clearing president who argued that the increased margin requirements under the proposal are substantial. Dawley said the rule, if passed in its current form, would be “one of the most monumental events” in his 30 years in the industry.
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