Dennis M. Kelleher is the President and Chief Executive Officer at Better Markets, Inc.
After more than three decades of experience in the public, private, political, charitable and non-profit sectors, Mr. Kelleher started Better Markets on October 1, 2010.
Mr. Kelleher has held several senior staff positions in the United States Senate, most recently as the Chief Counsel and Senior Leadership Advisor to the Chairman of the Senate Democratic Policy Committee. Previously, he was a Deputy Staff Director and General Counsel to a Senate Committee as well as a Legislative Director for a senior member of the Senate.
Mr. Kelleher was a litigation partner with the international law firm of Skadden, Arps, Slate, Meagher & Flom, where he had a U.S. and European practice specializing in securities and financial markets as well as corporate conduct/misconduct.
These activities followed four years of active duty enlisted service in the Air Force as a crash/rescue firefighter/medic, which preceded his graduation, with honors, from Brandeis University and Harvard Law School.
Michael W. Masters is the Founder and Chairman of the Board at Better Markets, Inc., a Washington, D.C.-based nonprofit, nonpartisan organization dedicated to policy and financial reform in the public interest.
Mr. Masters’ growing concern for the far-reaching harmful effects of unregulated derivatives markets inspired him to establish Better Markets in 2010 to promote transparency, accountability and oversight in the domestic and global capital and commodity markets. With deep expertise in U.S. policymaking, legislative processes, economic research and analysis and financial management, Better Markets board members and staff consult and advise regulators in the U.S., the U.K. and Asia on financial reform issues.
As a highly regarded expert on commodities and financial regulation, Mr. Masters has testified before many congressional committees and government agencies, addressed consumer, corporate, investor and academic groups, and appeared in media outlets around the world. Mr. Masters is the founder and managing member of Atlanta-based investment firm Masters Capital Management.
Robert W. Jenkins, FSIP
Robert Jenkins is a nonresident London-based Senior Fellow at Better Markets, Inc.
He is a former banker, fund manager and regulator. He is currently a teacher, board director and public policy advocate. Mr. Jenkins was a senior executive at CitiGroup where he ran the bank’s trading and sales activities in Dubai, Bahrain, Switzerland and Japan. He followed these 16 years on the “sell side” with a further 18 years on the “buy side.” He headed the asset management activities of Credit Suisse in Japan and served as CEO and then Chair of F&C Asset Management. Prior to his appointment at the Bank of England, he was CEO and Partner of Combinatorics Capital, a NY-based hedge fund.
Mr. Jenkins Chaired the Investment Management Association of the UK, the trade body for the investment industry. He co-Chaired the Chancellor’s task force on the “Future of the UK investment Industry” and served on the UK’s Takeover Panel. From 2011to 2013, he served as a founding member of the Bank of England’s Financial Policy Committee. He is currently Adjunct Professor of Finance at London Business School, Senior Advisor to CVC Capital Partners, a Governor of the CFA Institute, and a non-executive Director of the Aberdeen All Asia Investment Trust. He attended university in the US, France and Italy.
Stephen W. Hall
Stephen W. Hall is the Securities Specialist at Better Markets, Inc.
He has extensive experience in securities and commodities regulation in the federal government, private practice, and the nonprofit sector.
In 2010, Mr. Hall served as Senior Counsel to the Committee on Financial Services of the U.S. House of Representatives, where he helped draft the securities and derivatives regulations in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
From 2001 through 2009, Mr. Hall was counsel to the North American Securities Administrators Association, Inc. (NASAA), the association of state securities regulators. He supported all aspects of NASAA’s mission, including regulatory analysis, appellate advocacy and enforcement. His work included more than 15 amicus briefs addressing a wide range of investor protection issues arising under state and federal securities laws, including four briefs filed with the U.S. Supreme Court.
Prior to joining NASAA, Mr. Hall worked in private practice, handling civil litigation in the areas of real estate, banking and insurance. He also represented local banks in documenting and closing commercial real estate loans. He began his legal career at the Commodity Futures Trading Commission (CFTC), where he became Senior Trial Attorney and Associate Director of Enforcement.
Mr. Hall is a graduate of the University of Michigan and received his law degree from Georgetown University.
Irina Leonova is the Banking Specialist at Better Markets, Inc.
Prior to joining Better Markets, Ms. Leonova was a member of the Secretariat at the Financial Stability Board (FSB), based in Basel, Switzerland. At the FSB, she specialized in regulatory and financial policy design and implementation relating to, among other areas, financial data infrastructures including financial benchmarks (interest rate and FX), financial and commodity derivatives markets and the provision of long-term investment finance.
Prior to assuming her position with the FSB in January 2012, Ms. Leonova held a number of positions in the U.S. federal government, including at the U.S. Department of Treasury, Office of Financial Research; U.S. Commodity Futures Trading Commission; and, the U.S. Department of Commerce, Bureau of Economic Analysis.
Among recent policy initiatives that she worked on are the FSB report on Reforming Major Interest Rate Benchmarks and the FSB consultative paper on Foreign Exchange Benchmarks. Ms. Leonova has also worked on a wide variety of financial data projects including: OTC derivatives data aggregation and reporting requirements; a study on the feasibility of mandating algorithmic descriptions for derivatives; CFTC swap data recordkeeping and reporting requirements; as well as the FSB global legal entity identifier for financial markets initiative among others.
Her recent publications include a chapter in the Handbook of Financial Data and Risk Information, Cambridge University Press and articles in the Banque de France, Financial Stability Review and Risk magazine on data quality and information to support effective financial stability policies.
Ms. Leonova holds an MBA in finance from American University, MS in economics from Florida State University, degree in international economics from Far Eastern National University, as well as BS from University of Maryland.
Caitlin Kline is the Derivatives Consultant at Better Markets, Inc.
Before joining Better Markets, Ms. Kline worked for Credit Suisse where she spent five years as a flow and structured credit derivatives trader in the Emerging Markets Group. Prior to her work on the trading desk, Ms. Kline was an analyst with Credit Suisse's Fixed Income Index and Analytics group. Since leaving Credit Suisse in 2011, she dedicated her time to financial regulatory reform, providing advisory services and expert guidance to Congressional Committees on issues of derivatives regulation and market practice, and drafting numerous comment letters in response to proposed rulemakings by the Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), and banking regulators.
Notably, Ms. Kline acted as a leading voice in advocacy for a strong Volcker Rule, her work on which was featured in Frontline’s award-winning documentary on the global financial crisis (“Money, Power and Wall Street”), among other places.
Todd Phillips is the Attorney at Better Markets, Inc.
Prior to joining Better Markets, Mr. Phillips worked at the Office of Financial Research within the Department of Treasury, where he served as the Program Assistant. During his time there, Mr. Phillips provided legal research for the Chief of Counsel on issues regarding the implementation of the Global Legal Entity Identifier system as well as other legal research.
In the past two years, Mr. Philips also served as an intern at the Office of the General Counsel within the Antitrust Division at Department of Justice, in addition to the Office of Senator Carl Levin and the Senate Permanent Subcommittee on Investigations. His tasks ranged from conducting research and writing memos on certain issues to assisting in witness interviews and expert briefings.
Mr. Phillips is a graduate of Arizona State University, Barrett Honors College and received his law degree from the University of Michigan Law School.
Kimberly Thomas is the Office Manager at Better Markets, Inc.
Ms. Thomas has more than 15 years of experience in the executive level administrative field.
Before joining Better Markets, Ms. Thomas worked at the National Quality Forum, where she served at the Executive Assistant to the Vice President of Performance Measures. While there, Ms. Thomas collaborated in writing an article for a peer review publication and performed literature reviews of clinical and social research publications.
She also served as the Office Manager of a consulting firm in Greenbelt, MD. In this role, Ms. Thomas oversaw daily operations of the office, supervised staff and trained office personnel.
Ms. Thomas graduated from the University of Maryland with a degree in Communications and a minor in Business Management.
Lisa Johnstone is the Executive Assistant to the President & CEO at Better Markets, Inc.
Ms. Johnstone has over 25 years of experience in business administration, marketing and hospitality industries in Washington, D.C.
Ms. Johnstone is a graduate of The State University Of New York/Fashion Institute of Technology, where she earned her degrees in Communications and Graphic Design.
Daniel Wynn is the Researcher at Better Markets, Inc.
Mr. Wynn graduated from the University of Delaware in 2013 with a degree in Political Science and a minor in History.
Alejandra Borda is the Receptionist/Staff Assistant at Better Markets, Inc.
Ms. Borda is a graduate of University of Virginia in 2013, where she earned her degree in Biology. During her time there, Ms. Borda volunteered at UVA Children’s Hospital. She was also a mentor to an at-risk middle school girl through UVA’s Young Women Leaders Program.
Jessica Ault was the Researcher of Better Markets, Inc. She is currently a graduate student at the University of Maryland at College Park where she studies Library Science.
Ms. Ault previously served in Senator Byron Dorgan’s office as a legislative correspondent covering banking and budget issues, among other areas. Prior to working in Senator Dorgan’s office, Ms. Ault attended the University of Jamestown in North Dakota, where she graduated with honors and majored in English, History-Political Science and Communications.
Katelynn Bradley was the Attorney at Better Markets, Inc. She currently works as Senior Counsel for the House Committee on Financial Services for Ranking Member Maxine Waters.
Before joining Better Markets, Ms. Bradley worked for a Washington, D.C. law firm where she supported a securities litigation practice. During law school, she completed a full-year externship at the Division of Trading and Markets of the SEC, assisting with the rulemaking process under Titles VII and VIII of the Dodd-Frank Act. She also served as an extern to the Office of the Attorney General for the State of North Carolina, representing state agencies such as the Commissioner of Banks.
Ms. Bradley graduated from the University of North Carolina and received her law degree from the University of North Carolina School of Law.
Marc Jarsulic was the Chief Economist at Better Markets, Inc. He is currently the Vice President for Economic Policy at Center for American Progress.
He has extensive experience in economic policy research and market regulation. From 2009 to 2011, Dr. Jarsulic was Chief Economist for the Democratic staff of the Senate Committee on Banking Housing and Urban Affairs. During that time, he played a key role in drafting the Dodd-Frank Wall Street Reform and Consumer Protection Act.
He also served as Deputy Staff Director and Chief Economist for the Democratic staff of the congressional Joint Economic Committee during 2007-2009, where he led a team that undertook one of the first studies of the subprime mortgage crisis prior to the 2008 financial crisis. Between 1998 and 2007, Dr. Jarsulic practiced law, serving as senior risk advisor in the Securities and Exchange Commission’s Office of Risk Assessment and practiced antitrust law at the Federal Trade Commission.
Until 1998, he was Professor of Economics at the University of Notre Dame. He has a Ph.D. in Economics (Pennsylvania) and a J.D. (Michigan). Dr. Jarsulic’s publications include Anatomy of a Financial Crisis: A Real Estate Bubble, Runaway Credit Markets, and Regulatory Failure (Palgrave Macmillan, 2010).
David Frenk was the Research Director at Better Markets, Inc. He now works as a Consultant.
Mr. Frenk has significant experience in financial markets, and has had extensive training in statistical analysis and other formal mathematical techniques.
Since 2009, Mr. Frenk has coordinated research into the study of how the commodity markets and capital markets function. He has met with representatives of the Commodities Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), the Federal Energy Regulatory Commission (FERC), and U.K. Financial Services Authority (FSA), as well as members of the United States Senate and the United States House of Representatives to discuss these topics.
He has lectured in the United States and his native United Kingdom on market structure and function and on regulatory frameworks. Mr. Frenk has co-authored, with Michael W. Masters, two papers, Anthropic Finance: How Markets Function, and Balanced Markets: The Social Role of Markets. He wrote The Price of Speculation, an article that was featured in the June 2010 issue of Oil & Energy Magazine, and was the lead author of the widely cited Review of Irwin and Sanders OECD Reports 2010.
Prior to joining Better Markets, Mr. Frenk worked in both the private and public sectors on a range of business and policy issues. He was a consultant to the Rwandan government on economic strategy and policy. He also worked at OECD’s Center for Education Research and Innovation as a consultant on education policy across Europe. In addition, Mr. Frenk was a full-time researcher at Masters Capital Research, coordinating theoretical and empirical analyses of markets and trading strategies.
Mr. Frenk studied Philosophy, Politics and Economics (PPE) at Oxford University before completing his graduate studies in Philosophy at New York University. At both institutions, he was the recipient of numerous academic awards and scholarships.
Wallace C. Turbeville
Wallace C. Turbeville was the Derivatives Specialist at Better Markets, Inc., specializing in derivatives and market structures. He is now a Senior Fellow at Demos, a national non-partisan think tank.
He is a graduate of Vanderbilt University (B.A., 1974) and Vanderbilt Law School (J.D., 1977). Upon receiving his law degree, he practiced law in the finance field for seven years at Mudge, Rose, Guthrie, Alexander & Ferdon, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo and LeBoeuf, Lamb, Leiby & MacRae.
Mr. Turbeville joined Goldman, Sachs & Co. in 1985 as a Vice President in the Public Finance Department. In 1990, he became Co-Head of the European Structured Finance Group in London, focusing primarily on energy and transportation. He returned to New York in 1995 as a senior member of the Infrastructure Group, a joint venture between the Investment Banking and Fixed Income Divisions.
In 1997, Mr. Turbeville founded the Kensington Group as its Managing Partner. The firm focused on financial advisory services and private equity investment in domestic and international energy, environmental and telecommunications sectors. Mr. Turbeville became Chief Executive Officer of VMAC LLC in late 2002. He led the development of an innovative business model for the post-trade management of credit exposures in over-the-counter derivatives transactions, adapting many of the characteristics of traditional clearing for initial application in the OTC energy markets.
Mr. Turbeville left VMAC in late 2009 to devote his efforts to financial reform, energy and environmental policy issues. Prior to joining Better Markets in October 2010, he published nearly 30 articles concerning financial reform, energy, the environment and political opinion.
Richard Maurano was the External Affairs Specialist at Better Markets, Inc. He is now retired.
Mr. Maurano has 30 years of executive leadership experience as a senior level staff member for the U.S. House of Representatives’ Committee on Financial Services with an instrumental role in the development of housing and financial policy throughout this period.
From 2008 to 2010, he worked for the U.S. House of Representatives as the Director of Legislative Affairs, Committee on Financial Services. During this time, Congress enacted the Dodd-Frank Act.
From 1999 through 2007, Mr. Maurano worked for the Fannie Mae Corporation as a Director in the Government and Industry Relations department, where he was able to develop and nurture professional relationships with members of Congress and staff of relevant legislative committees.
From 1975 through 1989, Mr. Maurano served in various positions within the U.S. House of Representatives. In 1989, he became the Deputy Democratic Staff Director for the Committee on Banking and Financial Services for the U.S. House of Representatives.
Mr. Maurano is a graduate of Providence College and earned his Master’s degree from Rhode Island College.
Vanessa Vaquerano was the Staff Assistant at Better Markets, Inc. She currently works at a law firm as a Legal Administrative Assistant.
Before coming to Better Markets, Inc., Ms. Vaquerano was the Temporary Editor Assistant at the Pan American Health Organization. While there, her main tasks included the editing and formatting of documents for web publication and official use during meetings.
Ms. Vaquerano is a graduate of Virginia Commonwealth University. Ms. Vaquerano received her degree in Political Science, with a concentration in Public Policy and Administration.