Few retailers in the world have as big and complex of a supply chain as Walmart. But the interaction between suppliers and retailers has evolved in recent years. Former Walmart president and CEO Mike Duke was on hand at CME Group’s 8th annual Global Financial Leadership Conference to discuss how the retail giant’s relationship with suppliers has evolved.

Duke was interviewed by Daniel Glickman, vice president of the Aspen Institute and former US secretary of agriculture, who pointed out just how crucial Walmart has become for many companies in its supply chain.

“I’ve talked to some of your suppliers and some of them will quietly say they sometimes worry more about what Walmart says than what the US government says because they said you have more impact on their lives in some cases than some regulatory edict coming out of Washington,” Glickman told Duke.

Duke responded that the old days of simply placing demands on suppliers is over. (read more…)

Commodity Futures Trading Commission Chairman Timothy Massad believes central clearing has been “transformative” for derivatives markets and will continue to play a role in the development of sound markets.

Amid much discussion about the technical issues associated with regulatory reform, Massad reminded the audience at CME Group’s 8th Annual Global Financial Leadership Conference that it is important to not lose sight of overarching priorities. In his speech, Massad detailed the three elements that he deems critical to a healthy and sound central clearing landscape:

  1. Daily Risk Management: “We must remember that clearinghouse resiliency is primarily about daily risk management. … The daily margining practices, the stress and back testing, the oversight and ongoing risk surveillance are critically important. … No recovery plan — and no set of rules that kick in when there is a problem – can take the place of these everyday activities.”
  2. Continuity of function in the event of a default: “Our contingency planning must account for different scenarios.
  3. (read more…)


This post is sponsored by SunGard

Chris Corrao is product manager for SunGard’s capital markets business and a recognized expert in delivering and designing innovative advisor and investor solutions. His strengths include delivering content-rich, best-in-class user experiences. Here, Mr. Corrao talks about millennials as a driver for business transformation in wealth management.

Question: How are some of the key trends, such as the demographic shift and regulatory reform, leading to a new industry paradigm?

 Chris Corrao: I’m a Gen X-er who grew up using rotary phones, and if someone didn’t answer, then you would have to be patient and try again later. But the millennial generation is different. They require instantaneous access to information via their smartphones and communication via social networks. To reach members of this generation, you really have to be cognizant of what they need. Automation is an absolute must; mobility is a must; anytime, anywhere availability and access to information and tools are musts; and let’s not forget social media. (read more…)

Terry Duffy is the Executive Chairman and President of CME Group, which is hosting its annual Global Financial Leadership Conference next week in Naples, Fla. Mr. Duffy chatted with SmartBrief and shared more background on the GFLC.

The Global Financial Leadership Conference is now in its 8th year … How has the event evolved?

The GFLC has evolved into one of the foremost events for leaders in our industry. This annual, two-day conference brings together some of the greatest minds in global economics and politics to discuss significant issues impacting our world. Over the years, we’ve featured former U.S. presidents, foreign heads of state, global business luminaries, and much, much more.

Virtually every speaker at GFLC comes from a field dealing with increased volatility. From geopolitics and financial markets to natural resources and media disruption, what are some of the keys to effectively handling volatility?

Volatility is a component of every market and has been since they were invented. (read more…)

Veterans Day marks a time of year when businesses across America like to highlight the initiatives they undertake to promote the hiring of military veterans. Many of these initiatives tout quantitative goals for how many veterans have been or will be hired. However, there are some individuals on Wall Street who are trying to shift that thinking and convince firms that simply hiring veterans is not enough. One of those individuals is Chris Perkins.

“Veterans need careers, not just jobs,” explains Perkins.

Perkins, who is the Managing Director and Global Head of OTC Clearing at Citi, knows what he is talking about because he has walked the walk. After serving 9 years in the U.S. Marine Corps and attaining the rank of Captain, Perkins transitioned to Wall Street in 2006. Ever since, Perkins has used lessons learned from his own transition to help the industry do a better job of helping veterans. (read more…)