Oversight Committee
The Oversight Committee is an independent body that exercises an unbiased oversight of all aspects related to the provision of EFTERM®.
The Oversight Committee consists of at least three 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.
A representative of the Calculation Agent is appointed as an observer.
Click here to read the Terms of Reference of the Oversight Committee.
ALBERTO COVIN, Head of Short-Term Funding, UNICREDIT
1st mandate as Oversight Committee Member
Alberto Covin started his career in Cariverona in 1989, where he worked both in branches and in the headquarters; in the Finance department he worked as a bond trader and portfolio manager for the proprietary account. Alberto moved to Milano in 1999 to be a derivatives structurer for UBM and, after a short experience in private banking, joined UniCredit Treasury to head the Short Term Funding and Interest Rate Management team.
In 2010 Alberto started working on benchmarks, and he also joined the ACI Money Market and Liquidity Working Group. He has been part of various international working groups and task forces, among which the euro RFR Working Group. Alberto leads now the Financial Market Infrastructures Team in UniCredit Group Finance. He holds a Statistics, Economics and Finance degree, obtained at Università di Padova.
TOMASZ MIRONCZUK, CEO of Instytut Rynku Finansowego, Poland
1st mandate as Oversight Committee Member
Tomasz Mironczuk is CEO at Instytut Rynku Finansowego (IRF). Since November 2020 IRF is interest rate benchmark administrator. IRF is the administrator of WKF - the first interest rate benchmark in Poland compliant with BMR. WKF is term rate benchmark based on retail market transactions.
2014 -2021 he was Senior Expert at the Gdansk Institute for Market Economy (IBnGR) focused on research in the financial benchmark sector.
Also as a former market participant he has a long career in a wide range of Polish banks and valuable experience in the money markets. From 2012 to 2014 he was President of the Management Board, CEO at the Bank Polskiej Spoldzielczosci.
Previously, until 2011 he was President of the Management Board, CEO at BGK the Polish public bank. Debt capital markets, liquidity risk management and interest rate risk management, operational framework/infrastructure for bank treasury operations, mid- and back office operations, interest rate indices are amongst his key professional fields of interest. In addition, since 2012 he initiated and has been running the SMRP system (Money Market Monitoring System) which is a statistical reporting format similar to the ECB’s Money Markets Statistical Reporting (MMSR).
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.
PATRICK SIMEON, Head of Money Market, AMUNDI
1st mandate as Oversight Committee Member
Patrick Siméon joined Amundi in 2001 as a money market portfolio manager. In 2003, he became deputy head of money market, then head of money market management in 2006.
Patrick has over ten years of experience in cash and forex trading for Institutions such as Credit National, Natexis Banques Populaires and Caixa Geral de Depositos where he began his career in 1989.
Today, Patrick leads a team of 4 investment professionals, who manage money market funds and dedicated mandates in EURO and USD.
Patrick Siméon graduated from ISC, a French Business School with a major in finance.