WASHINGTON -- A group of finance industry officials has announced the members of a steering committee and working panel that are being set up to examine the risks associated with derivative products and to possibly develop a guide for managing those risks.
The names were released late Friday by the Group of Thirty, which includes securities officials, bankers, and financial leaders from around the world. The group, which said last August that it would begin the derivatives study, plans to complete it by next summer.
Dennis Weatherstone, chairman of J.P. Morgan & Co. and a founding member of the Group of Thirty, was tapped to chair the steering committee. The committee will set the parameters for the study, according to Charles Taylor, executive director of the Group of Thirty.
David Brunner, a director at Paribas Capital Markets based in London, and Patrick de Saint-Aignan, a managing director of Morgan Stanley & Co. in New York, were named to chair the working group. The group will carry out the study. Taylor said.
The other steering committee members named were Peter Cooke, a partner at Price Waterhouse in London; Jessica Einhorn, treasurer of the World Bank in Washington; Rainer Gut, chairman of Credit Suisse in Zurich; John Heimann, chairman of Global Financial Institutions at Merrill Lynch & Co. in New York; Thomas Johnson, a member of the Group of Thirty in New York; Yoh Kurosawa, president of the Industrial Bank of Japan in Tokyo; Sir Peter Middleton, deputy chairman of Barclays Bank in London; Merton Miller, a professor at the University of Chicago; Robert Rubin, co-chairman of Goldman Sachs & Co. in New York; Eugene Shanks, president of Bankers Trust Co. in New York; Marc Vienot, chairman of Societe Generale in Paris; and Edward Wauters, chairman of Kredietbank NV in Brussels.
Robert Mackay, a professor at Virginia Polytechnic Institute and State University in Falls Church, Va., was named project adviser, and Taylor was designated project administrator.