Oversight Committee

Oversight Committee

The Oversight Committee is an independent body that exercises an unbiased oversight of all aspects related to the provision of the benchmarks of The European Money Markets Institute.

Eonia® and Euribor® Oversight Committees share the same membership.

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.

ALBERTO COVIN, Head of Short-Term Funding, UNICREDIT

Member directly or indirectly affiliated with Panel Banks - 3rd 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.

Declaration of Conflicts of Interest

MARVIN BRIZEE, Senior Vice President - Head of Group Treasury, Aegon

Non-Panel Bank Member - 1st mandate as Oversight Committee Member

Marvin Brizee started his career in 1995 at the European Options Exchange, currently Euronext Amsterdam, within Compliance & Risk Management. Since 1997, he has been in various financial positions within Aegon’s Group Treasury including Foreign Exchange, Money Markets, Capital Markets and Corporate Finance. From 2011 until June 2020 Marvin was responsible for Treasury Trading & Services overseeing liquidity, cash, foreign exchange and collateral management as well as the governance and legal infrastructure of Aegon Derivatives and other financial related topics.

Marvin is currently Senior Vice President – Head of Group Treasury overseeing all treasury activities.
Marvin holds a degree in Business Economics and is a Chartered Financial Analyst, Chartered Treasurer and Member of the Dutch Association of Corporate Treasurers.

Declaration of Conflicts of Interest

ZINIA CHATZIMPEI, Banking Expert on Money Markets & Liquidity Management

Non-Panel Bank Member - 1st 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.

Declaration of Conflicts of Interest

JOSÉ CARLOS CUEVAS, Partner, EY

Non-Panel Bank Member – 1stmandate 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.

Declaration of Conflicts of Interest

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.

Declaration of Conflicts of Interest

DOMINIQUE LE MASSON, Senior Coordinator for European Market Infrastructures, BNP Paribas Group

Member directly or indirectly affiliated with Panel Banks – 2nd mandate as Oversight Committee Member

Dominique Le Masson is currently the Senior Coordinator for European Market Infrastructures at BNP Paribas Group based in Paris.

Dominique is a member of a major infrastructure advisory group at National Central Bank and European Central Bank level, in addition to major CCPs, where she represents the BNP Paribas Group as a whole. She is also strongly involved in clearing evolution, especially for fixed income, repurchase agreements, over-the-counter FX and swaps in Europe, and also in Asia Pacific and the US.

Before assuming the Senior Coordinator role in March 2017, Ms. Le Masson held several other roles including Head of Central Treasury at ALM Treasury. She was a member of the Comex of BNP Paribas Group ALMT. She has spent most of her career with the Bank, since 1983, in various roles related to financial markets, including as FX Swap Trader, before joining the ALM Treasury as a USD treasurer and then becoming Deputy Head of Central Treasury.

Ms. Le Masson graduated in 1981 from Ecole Supérieure de Commerce de Paris (ESCP).

Declaration of Conflicts of Interest

THIERRY MILLION, Head of Fixed Income for Institutionals and Money Market clients, Allianz Global Investors

Non-Panel Bank Member – 1stmandate 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.

Declaration of Conflicts of Interest

TOMASZ MIRONCZUK, Senior Expert at the Gdansk Institute for Market Economics, Poland

Non-Panel Bank Member - 2nd Oversight Committee mandate

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.

From 2014 to 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).

Declaration of Conflicts of Interest

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.

Declaration of Conflicts of Interest

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 Eonia® and Euribor®, 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.

Declaration of Conflicts of Interest

MICHAEL SCHNEIDER, Senior Vice President and Deputy Head of Treasury, DZ BANK

Member directly or indirectly affiliated with Panel Banks - 1st mandate as Oversight Committee Member

Michael Schneider has been responsible for operational liquidity management at DZ BANK AG for 20 years as head of department. As the central institution for the cooperative financial group, DZ BANK AG is one of the major European banks in the network. Within the scope of these functions, Michael has sustainably supported and helped to develop the EURIBOR benchmark process.

Michael has been involved in the development of the European money market since the mid-90s and has actively participated in many European working groups. These include ECB Money Market Contact Group, Working Groups of the international money market associations, STEP Market Committee as well as regular money market meetings with the Deutsche Bundesbank in addition to the working group on euro risk-free rates initiative founded in 2018.

An important objective was always to create homogeneous European markets, which meant a uniform infrastructure in the secured and unsecured money markets.

Michael is a qualified bond and money market trader and took up his current position as a Senior Vice President and Deputy Head of Treasury in 2002 after working at DG BANK London.

Declaration of Conflicts of Interest

MAX VERHEIJEN, Director Financial Markets, Cardano Risk Management

Non-Panel Bank Member - 1st 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.

Declaration of Conflicts of Interest

LUC VLAMINCK, Group Treasurer, Rémy Cointreau

Non-Panel Bank Member - 1st 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.

Declaration of Conflicts of Interest