The Issues Shaping Today’s Derivatives Markets

Senior leaders across the derivatives ecosystem gathered at the 2026 Asset Management Derivatives Forum to examine the market structure, regulatory, and technological forces reshaping today’s derivatives markets.

In this video series, industry experts share perspectives on policy priorities and operational challenges firms are navigating today.

Forum Perspectives

Digital Assets, AI, and the Evolution of Market Infrastructure

Chris Cafiero, Executive Director, Regulatory Affairs, Asset and Wealth Management, JPMorganChase

Cafiero discusses two forces shaping asset managers’ priorities this year: rapidly evolving technology and a shifting regulatory landscape.

He points to digital assets, tokenization, and blockchain as technologies opening new possibilities for investing and trading, while also raising practical questions around market infrastructure, extended trading hours, risk management, and investor protection. At the same time, artificial intelligence is transforming front- and back-office operations, prompting policy discussions around explainability, governance, and safeguards.

Cafiero also addresses the continued expansion of retail access to private markets and the ongoing engagement with regulators around valuation, liquidity, and transparency considerations.

Regulatory Drivers Behind Futures Market Growth

Lisa Cavallari, Senior Director, Derivatives Trading, Russell Investments

Cavallari outlines several regulatory drivers shaping derivatives markets, including the growing futurization of products that have traditionally traded bilaterally in OTC markets.

Economically similar exposures are increasingly being brought into exchange-traded markets. This shift can help market participants address the operational and capital burdens associated with uncleared margin rules, including both initial and variation margin requirements.

By moving exposures onto exchanges, firms can achieve greater regulatory capital efficiency while maintaining access to the risk profiles they require. Cavallari notes that these developments reflect how market structure continues to evolve in response to regulatory pressures.

Innovation at Scale: Serving Investors in Digital Markets

Katie Fallon, Executive Vice President & Head of Corporate Affairs, Fidelity Investments

Fallon reflects on the rapid pace of technological change across financial markets and the opportunities it creates to better serve investors.

She highlights discussions at the Forum focused on how innovation can reduce friction in investor experiences and help individuals make more informed financial decisions in pursuit of long-term goals. Fallon also emphasizes the value of industry dialogue at a moment when regulators are examining many of the same questions around innovation, market structure, and investor protection.

From Policy to Practice: Implementing Market Structure Change

Lindsey Keljo, Managing Director, Head of Asset Management Group & Associate General Counsel, SIFMA

Keljo highlights keynote remarks from SEC Commissioner Mark Uyeda, who discussed the SEC’s progress on implementing Treasury clearing and enabling tokenization in securities markets.

She notes that conversations at the Forum are increasingly focused not only on implementation but also on the future of market structure. Participants discussed developments including the expansion of private markets into retail and retirement channels, digital assets moving toward practical applications, and artificial intelligence becoming embedded across trading, risk, and operations.

The central challenge, she explains, is determining how these innovations can function effectively in real-world markets.

Treasury Clearing and the Impact on Money Market Funds

Predrag Rogic, Managing Legal Counsel and Vice President, T. Rowe Price

Rogic examines Treasury clearing through the lens of money market funds, arguing that their role and risk profile are often overlooked in the policy discussion.

While expanded clearing is intended to address systemic risks, he notes that money market funds did not contribute to those risks yet face significant implementation costs. These may include clearing fees, potential margin requirements, and legal and operational burdens.

Rogic also raises concerns that certain clearing structures could introduce new risks for funds. He emphasizes continued engagement with regulators to ensure reforms preserve the ability of money market funds to provide investors with a secure and efficient vehicle for managing cash.

Coordinating Market Structure Change Across the Ecosystem

Joseph L. Seidel, Chief Operating Officer, SIFMA

Seidel discusses several issues shaping conversations at this year’s Forum.

Firms are actively working through Treasury clearing implementation timelines, potential liquidity impacts, and the challenge of building scalable operating models. At the same time, discussions around tokenization continue to evolve, with an emphasis on ensuring tokenized products provide the same investor protections supported by sound market structure and regulatory clarity.

Seidel also highlights the growing role of artificial intelligence, the expansion of private markets, and the implications of extended trading hours — reflecting an industry focused on advancing innovation while strengthening market resilience and transparency.

Modernizing Regulation for Evolving Capital Markets

Ben Tecmire, Managing Director and Head of Regulatory Affairs, BlackRock

Tecmire discusses how policymakers — particularly at the Department of Labor and the SEC — are examining ways to modernize regulations to reflect evolving capital markets.

One area of focus is providing plan sponsors with greater clarity when allocating to private market investments, enabling them to act prudently on behalf of long-term savers.

Tecmire notes that thoughtful regulatory updates can support innovation and new product structures that responsibly expand access to private markets, strengthening diversification, long-term performance, and retirement security.

Learn More

Discussions at the Asset Management Derivatives Forum highlight a central theme: innovation and regulatory change are advancing simultaneously, requiring thoughtful implementation and continued collaboration across the derivatives ecosystem.

From Treasury clearing access models to AI governance and private market expansion, firms are navigating complex trade-offs that may shape liquidity, resiliency, and market efficiency for years to come.