JFMI 3 2 Authors

The Journal of Financial Market Infrastructures

Volume 3, Issue 2


Richard Heckinger

Richard Heckinger is Vice President and Senior Policy Advisor, Financial Markets Group, in the Economic Research Department of the Federal Reserve Bank of Chicago. He started his career in securities and derivatives markets in 1973 at the Chicago Board Options Exchange. Prior to joining the Federal Reserve in 2007, Heckinger was head of the U.S. office of Deutsche Böerse and Eurex, the largest European derivatives exchange. His extensive international financial markets experience includes having served as Chief Operating Officer of the Stock Exchange of Hong Kong, and subsequently as Chief Executive of the Hong Kong Securities Clearing Corporation. In addition, he has held various executive positions at the Montreal Exchange, the Chicago Mercantile Exchange and State Street Corp in Boston. Heckinger has served on many industry groups including ISSA, SWIFT, Federal Reserve Bank of New York Payments Risk Working Group and Global Association of Risk Professionals. Heckinger received a B.A. in Mathematics from Illinois State University and an M.Phil. in Economics from The London School of Economics and Political Science at the University of London.





Bruce J. Summers

Bruce J. Summers was a career official with the Federal Reserve System until his retirement in 2007. He served as a Reserve Bank economist, banking supervisor, and chief financial officer, then most recently as director of the national organization responsible for the Fed's IT architecture and technology operations. He was also national product manager for Fedwire and ACH, and deputy director at the Board of Governors for payment system policy and oversight of the banking services and IT activities of the twelve Federal Reserve Banks. Mr. Summers has contributed to the international initiatives of central banks through the Bank for International Settlements, and to the work of the International Monetary Fund and The World Bank. His publications on banking and payment systems include, most recently, Payment Systems: Design, Governance and Oversight, published in 2012. He now consults on money, banking, and payments, and teaches Money and Banking.




Kirstin Wells

Kirstin Wells is a Vice President and Risk Officer at the Federal Reserve Bank of Chicago. Prior to this role, Kirstin was a business economist in the Bank's financial markets group, where her work focused on policy issues related to risk management in derivatives clearing and settlement and innovations in general purpose payment systems. Prior to joining the Federal Reserve Bank of Chicago, Kirstin was a Vice President for Payment System Strategy at Wachovia Corporation, and a Senior Policy Analyst in the payment risk area at the Board of Governors of the Federal Reserve System. In 2009, Kirstin earned a doctorate in public policy from the University of North Carolina Charlotte. Her dissertation research examined the impact of socioeconomic factors and government form on the distribution of urban services.




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