Oversight Committee
The Oversight Committee is an independent body that exercises an unbiased oversight of all aspects related to the provision of Euribor®.
The Oversight Committee consists of at least ten members: one Chair, independent experts with recognised standing and experience in financial markets, and experienced market practitioners directly involved in market operations or bearing direct responsibility within their company or organisation for these activities.
All members are appointed on a personal basis. They are independent and not subject to instructions from the company or organisation to which they belong.
Click here to read the Terms of Reference of the Oversight Committee.
Click here to read The Minutes of the Oversight Committee meetings.
MICHAEL SCHNEIDER, Banking expert and independent consultant for Treasury topics, formerly Senior Vice President and Deputy Head of Treasury, DZ BANK AG
Non-Panel Bank Member - 1st mandate as Oversight Committee Member
Michael Schneider was responsible for the operational liquidity management of DZ BANK AG for more than 20 years as head of department. As the central institution of the cooperative financial group, DZ BANK AG is one of Europe's major affiliated banks. Within the scope of these functions, Michael has supported and helped to develop the EURIBOR benchmark process on a sustained basis.
Michael has been involved in the development of the European money market since the mid-1990s and has actively participated in many European working groups. These included the ECB Money Market Contact Group, working groups of the International Money Market Associations, the STEP Market Committee, as well as regular money market meetings with the Deutsche Bundesbank and the working group on the Risk-Free Euro Rates Initiative established in 2018. Michael is an honorary member of the AEFMA Germany e.V. Association.
Michael is a trained bond and money market trader and holds a degree in banking and took up his position as Senior Vice President and Deputy Head of Treasury in 2002 after working at DG BANK London as Head of Treasury. Since the end of 2022, Michael has taken on duties as a Treasury Consultant.
LUIGI ANTONIO CEFIS, Senior Director and Head of Corporate and Investment Banking (CIB) Capital Markets, Intesa Sanpaolo
Member directly or indirectly affiliated with Panel Banks - 1st mandate as Oversight Committee Member
Luigi A. Cefis is Senior Director and Head of Corporate and Investment Banking (CIB) Capital Markets in IMI CIB Risk Management Department at Intesa Sanpaolo in Milan.
He performs some Institutional Activities and supervises both the Financial Engineering & Pricing Controls, and the CIB Risk Controls.
The performed Institutional Activities refer to the maintenance of the relationship with the international scientific community, to the participation in international and Italian Working Groups (ECB and ESMA WG on EUR RFRs, ISDA and ICMA WGs, LCH and EurexClearing WGs, Fondo Interbancario Tutela Depositi, AssiomForex, etc.), and to periodic reporting and meetings with Supervisors (ECB – Banca d’Italia Joint Supervisory Team, Banca d’Italia, Consob, FED, etc.).
The supervised functions involve assessments on Pricing Models and Methodologies – including the Financial Benchmark Methodologies, Valuation Risk, and Product Innovation; Independent Verification of Fair Values (IPV); computation of Fair Value (xVAs), and of Prudent Additional Valuation Adjustments (AVAs) for Financial Instruments; developments of Pricing Models in the Market and Counterparty Risk Management Systems.
The supervised CIB Risk Controls refer to the oversight of the Counterparty Risk Framework, of monitoring activities on counterparty exposures and credit lines (with structured reporting for Committees, Institutional Tables and Supervisors for both substitution and settlement risks, and with respect to ESG factors) and of Market Risk 2nd level Controls on trading desks.
Luigi A. Cefis received the Master of Science in Statistics and in Financial Mathematics from the University of Chicago (fellowship from Banca d’Italia for the a. y. ‘98/’99) after having completed – with honors – the Degree in Social and Economical Disciplines from Università Luigi Bocconi in Milan.
ZINIA CHATZIMPEI, Banking Expert on Money Markets & Liquidity Management
Non-Panel Bank Member - 2nd mandate as Oversight Committee Member
Zinia Chatzimpei is an independent expert on Money Markets and Liquidity Management, with close to 27 years of experience working in bank treasury functions. She joined National Bank of Greece in in 1991 in Treasury Sales for Institutional Investors. Since then she has worked as a Dealer on both the Swap and Money Market Desks, then as Assistant Treasurer, and finally as Head of Money Market and Group Liquidity between 2016 and 2018.
Zinia has also been a member on a number of industry working groups, including in the Working Group on Euro Risk-Free Rates, the ACI Head of Money Market and Liquidity Working Group, the ACI Regulatory Working Group, the ACI Board of Directors of Greek Forex, the Working Group on the STEP+ project, and the Task Force on the EONIA Swap Index, the latter two being EMMI led working groups.
JOSÉ CARLOS CUEVAS, Partner, EY
Non-Panel Bank Member – 2nd mandate as Oversight Committee Member
Corporate Executive with 25 years deep background in the roles and duties of Restructuring, Finance (Treasury, Taxes, Accounting, Controlling, Corporate Finance, Project Export Finance, Insurances, Hedging, Procurement, ...), HR and IT at different large multinational Corporations (GE, ALSTOM, PSA Peugeot Citroën, Duro Felguera, ...), now serving at EY Transaction Services, Restructuring practice.
During the last years, José Carlos has been implementing new organizations, managing multicultural teams based in many countries, obtaining the best of each one, optimising workflows and consolidating an efficient network.
José Carlos is Vice President at the Spanish Finance Association (ASSET), and Member of the Board at the European Finance Association (EACT) & the International one (IGTA), sharing good practices and defending corporates’ view with regulators either in Spain or Brussels. He joined the EMMI Steering Committee in December 2018.
MANUELA GERANIO, Associate Professor of Finance, Bergamo University and Bocconi University
Non-Panel Bank Member - 1st mandate as Oversight Committee Member
Manuela Geranio has over twenty years of academic experience in Finance. She is currently Associate Professor in the department of Management at the University of Bergamo, where she directs the Master of Science in Management, Innovation and Finance. She also holds a position as Adjunct Professor in the department of Finance at Bocconi University in Milan.
Her teaching activities span several undergraduate and graduate level courses, including financial instruments and intermediaries, international financial markets, asset management. Recent research activity focuses on the evolution of market infrastructures and corporate finance topics. Manuela presented her research in international conferences, published one monography and more than 15 contributions in refereed financial journals.
Since 2018 Manuela is member of the Group of Economic Advisers (GEA) at ESMA, contributing to research and regulatory policy development for financial stability. Previously she has collaborated on initiatives by Borsa Italiana and Consob to develop the Italian financial market.
Manuela holds a PhD in Business Administration from Bocconi University, where she also graduated in Business Administration, and a Master in International Management from CEMS.
ANNA KOZHEVNIKOVA, Head of Master Data Management & Investments Assets Data, Generali Investments Holding S.p.A.
Non-Panel Bank Member - 1st mandate as Oversight Committee Member
Anna Kozhevnikova has more than 15 years of experience in insurance and asset management industry. She is currently the Head of Master Data Management & Investments Assets Data in Generali Investment Holding S.p.A. based in Milan, coordinating data management and pricing activities for financial instruments owned by group companies, managing investments assets data and related reporting services.
Prior to her current position, Anna worked in various roles including the Head of GCIO Office and the Head of Group ALM&SAA for CEE, EA, Portfolio construction and Risk assessment, being responsible for implementation of the group asset liability model and strategic asset allocation framework in some group countries and for the development of the center of competence for Investment risk management with the GCIO area.
She was a part of the EUR RFR Working Group in which between 2019 and 2020 had a role of a co-chair of Subgroup on cash and derivatives products. Before joining Generali in 2014, Anna worked in E&Y Italia in the European Actuarial Services team, focusing in particular on the Solvency II framework.
Anna is graduated in Economic Cybernetics, has a Master in Insurance & Risk management and is a member of the Chartered Alternative Investment Analyst Association.
THIERRY MILLION, Head of Fixed Income for Institutionals and Money Market clients, Allianz Global Investors
Non-Panel Bank Member – 2nd mandate as Oversight Committee Member
Thierry has more than 25 years of experience in bond management. He has been Head in Bond Management for 15 years with Allianz Global Investors.
Prior to that, he was Head of Economic Research and Quantitative Research at Allianz Global Investors for two years, Head of Balanced Portfolios for Institutional and Corporate Clients, and Quantitative and Economic Research at AGF AM for three years, and beforehand Head of Product Management for one year. Thierry was previously Head of Bond Management at Dresdner RCM Gestion for seven years and bond manager at Dexia (ex Banque Vernes) for five years. He began his career as a broker and cash manager at Dynabourse.
Thierry graduated from Polytechnic Research Institute of Mulhouse and owns a post graduate degree in finance from ISG and SFAF.
JOHN O’FARRELL, Head of Treasury, TD Global Finance
Non-Panel Bank Member - 1st mandate as Oversight Committee Member
John is a senior banking professional with extensive experience in financial services gained in Global Banking Groups. He started his career with Bank of America, before moving to Scotiabank and then on to UniCredit where he spent over 20 years as Head of Treasury in their Irish bank, building up considerable expertise in money market, repo, FX, bond and derivative products and other Treasury related matters. He joined TD Global Finance (part of the large Canadian TD Bank Group), in April 2022, as their Head of Treasury where he continues his career in Treasury.
John has had the privilege of serving two terms as President of ACI Ireland - The Financial Markets Association and represented Ireland at the ACI World Congresses in Montreal and Vienna. He was also a member of the Working Group on Euro Risk-Free Rates and is always keen to support initiatives that benefit all market participants. He holds a Bachelor of Business Studies degree from the University of Limerick, and a Diploma in Finance Law from the Law Society of Ireland.
JEAN-CHRISTOPHE REOCREUX, Head of ALM Treasury, BNP Paribas Commercial & Personal Banking in the Eurozone
Member directly or indirectly affiliated with Panel Banks - 1st mandate as Oversight Committee Member
Jean-Christophe has been working within BNP Paribas since he graduated in 2000. He joined BNP Paribas ALM Treasury activity as a trader early 2006 following a few years within General Inspection.
After having led Global Markets and CIB Corporate ALM teams in head office, Jean-Christophe led ALM Treasury for BNP Paribas in Switzerland from 2013 to 2018, where he actively participated in the Swiss National Bank WorkGroup on Bor Reform.
In 2018, he was appointed BNP Paribas ALM Treasury COO and has since been the bank's senior management delegated sponsor on Money Market Reference Rates Reform program.
Since March 2023, Jean-Christophe is heading ALM Treasury for BNP Paribas Commercial & Personal Banking in the Eurozone.
JEAN-LOUIS SCHIRMANN - CEO of The European Money Markets Institute
Non-voting member of the Oversight Committee
After graduating in Business Administration and Risk Management and a post-degree in Actuarial Sciences, Jean-Louis Schirmann started his career as a Fixed Income Trader at Crédit Industriel d’Alsace et de Lorraine before becoming the Deputy Head of the Money Market Desk in the Frankfurt Branch of Caisse des Dépôts et Consignations.
He joined the European Central Bank (ECB) in 1998 in the Front Office Division. He successively worked in the Market Operations Analysis Division and the Financial Stability Division. He then took the head of the Front Office Division and, subsequently, served as the Head of the Money Market and Liquidity Division. As part of his responsibilities, he contributed to the design and implementation of standard and non-standard monetary policy implementation measures and defined the Division’s strategy and objectives. He also participated in the preliminary design of the ECB overnight interest rate benchmark and the setup of the Euro Risk-Free Rates Working Group. During the 20 years he worked for the ECB, he was a member of various Committees or Eurosystem Working Groups. Among others, he chaired the Eurosystem Liquidity Management Network, was an alternate member in the ECB Crisis Management Team, a member of the ECB Money Market Contact Group and the ECB alternate member in the STEP Market Committee.
Jean-Louis Schirmann joined The European Money Markets Institute in March 2018. In his role of Chief Executive Officer, he overhauled the internal organisation of the staff and steered the successful reform of Eonia and Euribor’s respective methodologies and governance frameworks until authorisation under the EU Benchmark Regulation. Besides the implementation of the Institute’s objectives and strategy, the executive management of the activities and staff, and his role of Spokesperson with the media, Mr. Schirmann also plays an important part in the life of the Institute’s governing bodies: he is a non-voting member of the Oversight Committees for Euribor® and Efterm®, the Chair of the STEP Market Committee and he participates actively in the meetings of the Conflict of Interest Oversight Committee and Audit and Risk Committee. Finally, he represents The European Money Markets Institute as a member of the Euro Risk-Free Rates Working Group, as well as in all meetings with the regulators and market or industry experts.
MAX VERHEIJEN, Director Financial Markets, Cardano Risk Management
Non-Panel Bank Member - 2nd mandate as Oversight Committee Member
Max Verheijen has held several positions at successful risk management company Cardano, most recently as Director advising clients and institutions on the implementation of risk management solutions. From 2010 to 2020 as Managing Director and member of the management team, Max was responsible for managing and coaching of staff, introduction of new products and implementation of new rules and regulations. He has proven leadership, with thorough knowledge of risk management, financial markets and instruments, regulations (Basel III, EMIR, MIFID, CRD), treasury, finance, hedging market- and counterparty risk, and scenario analysis.
Max started his career at ING Bank as a trainee in 1994 and moved up to Cash Manager and eventually to Vice President at the Interest Rate Derivatives Department. In 2000 he moved to IMC Financial Products as a Senior buy-side trader, and then finally to Cardano in the role of Head of Trading as part of a merger between Cardano Risk Management and IMC Financial Products.
Max has a M.Sc. in Economics from Tilburg University, and he has also completed a postgraduate program on Treasury Management and Corporate Finance.
LUC VLAMINCK, Group Treasurer, Rémy Cointreau
Non-Panel Bank Member - 2nd mandate as Oversight Committee Member
With more than 30 years’ experience in Treasury, Luc Vlaminck is still active in many aspects of the treasury function and much more.
He joined the Rémy Cointreau Group (Wines & Spirits Premium brands) in March 2007 and in March 2008 he was appointed Group Treasurer. Based in Brussels. He is the Managing Director of the Financière Rémy Cointreau SA/NV and is in charge of managing the Group’s financial risks, funding programs, payment factory, rating agencies relationship and coordinating the Group credit management. On top of his Treasurer’s role, Luc will take over the Group Public Affairs & Regulatory supervision as from September 1st, 2021.
Before joining Rémy Cointreau, he started his career at S.W.I.F.T. where he became Assistant Treasurer. He was latterly appointed European Treasurer at UCB (pharmaceutical/chemical group) and then served as Senior Director Treasury Europe for the Ingram Micro Coordination Centre (IT distribution).
Luc is also lecturer at ICHEC - Brussels Management School in Master 1 - International Finance and ESSCA Angers Business School – International Treasury Management.
He was an active member of the Payment Harmonization Commission of the EACT (European Association of Corporate Treasurers) and of the SEPA End-Users consultation group at ECB (European Central Bank).
During 21 years, Luc acted as ATEB Board member (Belgian Association of Corporate Treasurers) and since 2013 is a Board member of Goods to Give (G2G), a not for profit organization.