Chief Regulatory Affairs Officer, JPMorgan Chase
Sandie O'Connor is at the forefront of high-level policy discussions currently shaping the banking industry.
O'Connor, JPMorgan Chase's chief regulatory affairs officer, chairs a committee convened by the Federal Reserve last year to look at possible replacements for the widely used London interbank offered rate and other benchmarks. Libor has been tainted by allegations that banks manipulated the rate to their benefit. Additionally, there has been a decline in Libor-based transactions.
Because of this, the Alternative Reference Rates Committee has been examining ways to replace Libor that will meet new standards and be based on more transactions. So far the committee has published interim conclusions that recommend two potential replacements — one unsecured rate (the overnight bank funding rate) and one secured rate (an overnight Treasury general collateral repo rate). That report was the culmination of 18 months of work.
O'Connor is frequently asked to be a speaker at industry events because of her expertise in capital markets, risk management and regulatory policy. She is known for her ability to take complex regulations and explain simply how they will affect customers and the marketplace. "We're still in this wave of unprecedented regulatory change, and there are many new rules being written and rewritten, many of which are conflicting, some of which are driving risk aversion rather than risk mitigation," O'Connor said.
"The one change that I think would provide the greatest relief right now related to regulation is coherence: looking at how all the rules interact and their cumulative impact," she added. "We should be willing to make adjustments as necessary, and focus on supporting the fundamental banking needs of individuals, small businesses, corporations and governments."
