Matt Zietsman

StoneX Group Inc is NASDAQ listed multi-national financial services organization with 4,000+ employees & 2022 Revenues in excess of $65bn (surpassing Goldman Sachs and Morgan Stanley for the 1st time), making it the fifth largest financial services firm by revenue in the US according to Forbes

The “StoneX Global Payments” Business Division is one of the leading fund transfer providers globally, providing competitive pricing and secure, guaranteed delivery in over 140 currencies to more than 180 countries, with a long-standing and resilient network of over 350 correspondent banks enabling price transparency, with a strong focus on exotic local currencies in emerging markets.

Reporting into the CFO, Matt is responsible for overseeing the wholesale treasury division, including the Global Payments Business and is responsible for a) managing all client and firm cash & non-cash collateral, b) capital & liquidity management, c) treasury investment of approximately $5bn AUM, d) funding, e) treasury risk management, and f) the integration of new business lines (Organic and M&A) into the group treasury function

Matts' primary achievements during his time at StoneX Group include:

• Active Management of the Treasury Investment Portfolio (5bn AUM) for StoneX International
• Overseeing Financial Resource Management, Capital Allocation & Optimization, Funding (Secured & Unsecured) and aligning funding arrangements with business line requirements, e.g
• Established the Treasury investment function & Treasury markets desk including developing the firm's 1st Treasury Investment Policy & Plan; The Treasury Risk Management Framework, Policy, Controls & Limits along with redeveloping the new Liquidity Management Policy & Stress Testing Scenarios for internal and regulatory reporting and the Collateral Management & Optimization Policy
• Increased total available cash liquidity to StoneX Financial Ltd Treasury by $200mio-$500mio through Financial Resource Optimization, Liquidity & Collateral Optimization and adjustments to the Treasury Funding Plan
• Increased StoneX Financial Ltd Treasury Investment Income by 50bps - 300bps through implementing an actively managed treasury investment & balance sheet optimization approach
• Increased the size of existing Revolving Credit Facilities (RCFs), facilitating new RCF agreements and reduced funding costs through improving the terms and size of Asset Financing arrangements and existing Credit Facilities
• M&A activity: Successfully integrated 3 new businesses acquired by the StoneX Group through M&A into the groups wholesale treasury function along with 2 new organic business lines
• Treasury ALM, Liquidity Management & Liquidity Forecasting, including:
• Member of the Liquidity Risk Committee & ALCO
• Liquidity Forecasting (tactical & strategic) & Reporting
• Structuring & optimizing the StoneX liquidity portfolio / liquid financial resources covering major and minor currencies (Intra-day & Multiday) across Global Payments, Custody, Prime Brokerage, Clearing & Execution business lines
• Liquidity Stress Testing & Reverse Stress Testing (Liquidity Risk, Market Risk, Market Liquidity, Operational Risk & Credit Risk)
• Leading and overseeing daily Treasury Cash Management & Operational Activities across business divisions
• Overseeing the FX & Interest Rate Risk Management Strategy & Execution
• Management of Inter-Company funding & liquidity flows on a daily basis, Member of the CASS - Client Money Committee
• Material contribution to the new FCA ICARA process
• Internal & External stakeholder management
• External: Regulators, Banking Partners, Custodians, Trading & Investment Counterparts, CCPs, Vendors, Auditors & Consultants
• Internal: Board, ExCo, Risk Committee, CEO, CFO, COO, various Business Heads, Portfolio Managers & Trading Desks, Risk, Operations Technology leads, Program Managers and Legal & Compliance.

Evalueserve (EVS) is a Swiss Headquartered, top consulting firm with 5,000 highly skilled consultants primarily from McKinsey & Company, Oliver Wyman, Bain & Company, and the Big 4 Consulting Firms

As the Director of Risk and the Global Head of Model Risk, Matt reported into the CRO and the Firms' Executive Committee

He was responsible for leading engagements globally covering Treasury, Liquidity Risk, Investment Risk, Market Risk (FX, Rates, Commodities, Fixed Income), Model Risk, Counterparty Credit Risk, Risk Governance and Developing and/or Validating various Financial Models

Projects included:

• Treasury improvement and transformation project for a Global Financial Services Firm, to improve Treasury P&L and Hedging, develop and implement a Financial Resource Management & Optimisation strategy & methodologies to increase available liquidity & more effective capital allocation, and finally to provide Treasury with a firm wide view of availble liquid financial resources (cash & non-cash), the eligibility of financial resources for liquidity purposes and the timings & availability of financial resources though liquidity forecasting, ALM, etc.

• Leading a global team of in the review, redesign and implementation of the Risk Governance Framework, Risk Policies and a number Liquidity Risk, Market Risk, Hedging & Stress Testing Methodologies/ Models for an UK Financial Services Firm as part of an FCA risk remediation program.

• Development of an Risk, Liquidity & Collateral Optimisation Methodology & strategy for a large US Financial Services Firm.

• Co-leading the development & launch of new suite of products focussed on automating Model Validation for Financial Services Firms. In addition to co-leading the actual project, Matt was responsible for all initial product research, negotiating the initial agreements with partner banks and managing interaction between Partner banks, Product managers, Sales, IT and Regulators to ensure that the end product was in compliance with US, EU and UK model risk regulatory requirements.

• Advisory services to various Financial Services Firms globally on establishing best-in-class Treasury & Risk functions, models/methodologies and processes.

• Matt was invited by the Global Head of Artificial Intelligence at the World Economic Forum & member of the executive committee, to join an initiative to develop of the world's 1st ethical Artificial Intelligence accreditation program across industries covering all elements of the model life cycle along with the related governance frameworks & processes
• Matt's area of focus was on Treasury, Risk, Liquidity, Credit Risk, Investment Advisory, Trading and Marketing Models/Solutions.

Global Head of Model Risk within the Barclays Internal Audit (BIA) function, a member of the BIA Risk Leadership team and the key risk owner of all models globally (circa 1,500) across Barclays Bank and the $30bn Barclays Pension Fund.

Matt was recruited by the Barclays Chief Internal Auditor following an engagement through PwC to lead a highly quantitative team of 12-15 based in London & New York, where he was responsible for overseeing a 2-year model risk remediation process globally and providing model risk assurance to the Board Risk Committee, Board Audit Committee and Regulators.

Reporting into the Chief Internal Auditor and member of the Barclays Exco, Matt’s responsibilities included:

• Developing the BIA strategy and plan for providing model risk assessments for all business areas and models globally and overseeing its execution.
• Building and maintaining effective strategic relationships with key senior stakeholders globally including the Group & Legal Entity CRO’s, Group & Legal Entity Treasurers, Business Heads, Desk Heads, Chief Investment Officer, Global Head of Model Risk & Governance, Head of Quant Analytics, Head of Model Validation and Technology Heads.
• Managing all Regulatory relationships globally (PRA, FRB, MAS, ECB, CBI and FCA)related to model risk on behalf of BIA, including leading all model risk submissions, regulatory exams and standard / ad-hoc meetings to ensure constructive 2-way dialogue.
• Presentation to board risk committee and board audit committee reporting. Attendance of key business and model risk management forums, committees and programs across Barclays.
• Maintaining an understanding of legal and regulatory requirements, along with ensuring on-going knowledge of key industry and business developments, risks and best practices impacting Barclays model risk.
• Barclays Model Risk representative on various model risk trade bodies and industry working groups.

Senior member of the Treasury & ALM team within the wider Risk Modelling Services division. Matt served as the PwC UK Liquidity Risk Management Proposition leader and the UK representative on both the Global PwC Artificial Intelligence Steering Committee.

Successfully led teams ranging from 3-20 in global engagements for Regulated Investment Firms, Banks, Financial Market Infrastructures, Pension Funds, and Regulators covering:

• Development of a Financial Resource Optimization Strategy for a Global Investment Bank. The engagement covered a detailed review of the different business divisions & treasury on optimising the allocation of capital, liquidity and managing the liquidity profile.
• Development of a Treasury Risk, Liquidity & Funding Optimization Methodologies & Strategies for a Leading European Energy Exchange/CCP
• Development of an Intraday Liquidity Optimization Methodology for a leading US Investment Firm to minimize regulatory liquidity buffer for a global investment firm and managing the liquidity portfolio.
• Development and implementation of a Financial Resource Optimisation Model and Methodology for a leading Regulated Financial Services Firm: The Methodology and processes covered a) Margin Optimisation, b) Liquidity Optimisation, c) Cost of Funds, d) Capital Optimisation, e) Collateral Optimisation across eligible and available collateral assets.
• Leading a team of 10 FX consultants across the UK, US and Asia to independently validate of all models for the CLS Group (Global Payments & Settlement Financial Market Infrastructure). The scope of the engagement covered conceptual soundness, full implementation testing along with an assessment of model risk governance, controls, processes, and procedures.
• Developed a margin/collateral optimization algorithm for a leading Buy-Side firm subject to UMR.

All profit targets were met during his time at PwC.

Established the Treasury division for the LMEs new clearinghouse (LMEClear) that launched in 2014

Post the launch of LMEClear, oversaw all daily activities related to Investment Management & Portfolio Construction, Market Risk Management, Collateral Management & Portfolio Risk Optimization, Risk Modelling, Liquidity Management, Funding, Hedging, Stress Testing & Default Management activities related to the LME's margin & capital portfolios (representing $15bn AUM)

Responsibilities & achievements:

• Developing the Treasury Risk Framework, Policies & Methodologies and managing the process of obtaining regulatory approval
• Overseeing the Treasury Management System vendor selection process, along with drafting business requirements and overseeing the implementation and testing of the new treasury system.
• Setting in place Risk Management, Governance & Monitoring processes related to Investment Management, Market Risk Management, Liquidity Management, Market-Liquidity & Volatility & Collateral Management
• Setting up the banking and custodian accounts along with the treasury investment agreements such as ISDAs, CSAs, Investment Broker Agreements and GMRAs
• Responsible for managing the treasury portfolio management processes related to the LME's capital & margin portfolios ($12bn AUM)
• Structuring of treasury investment trades in line with the Treasury Investment Plan, Liquidity Policy & Risk Limits
• Execution of treasury investment trades covering Fixed Income (US Treasuries, EU Govies, UK Gilts, JGBs, Supra's & Agencies along with Linkers); Repos & Reverse Repos, FX Swaps
• Managening all Funding (secured & unsecured) & Hedging activities
• Treasury Portfolio Optimization activities to achieve benchmark returns whilst minimizing Liquidity Risk, Market Liquidity Risk, Credit Risk and Market Risk
• Relationship management with investment agents, trading counterparts, brokers, issuers & custodians
• Liquidity Management, Funding & Liquidity Risk Management
• Developing the firms' overall liquidity & cashflow funding plan (CFP) and liquidity optimization strategies
• Overseeing all aspects of daily & intraday cash & liquidity management, CFP, liquidity forecasting & gap analysis, stress testing & alignment with investment, funding & collateral requirements across all currencies globally
• Monitoring & management the firms of liquid asset buffer & capital reserves
• Designed & managed the Treasury ALM methodology
• Ongoing liquidity risk, funding and stress testing model / methodology / scenario reviews, development and parameter calibration
• Overseeing the daily FX, Interest Rate, Commodity risk management and reporting for all financial assets
• Development and ownership of all FX, interest rate & volatility stress testing scenarios (historical and hypothetical)
• Development of default management & hedging strategies (incl delta risk, basis risk & market liquidity risk)
• Owner of Liquidity Risk working groups with clients and market participants in developing business models for new products
• Developing new Treasury products available to clients (expansion into LBMA Gold, CNH Cash and LME Warrants as margin collateral) and improving existing LME Treasury offering to clients.

Reporting into the Investment Banking Treasurer, Matt served as the Head of ALM Modelling, the Chairman of the Asset & Liability Management Committee and leading the strategic direction of treasury liquidity risk, interest rate risk, funding & hedging

During his time as the Treasury Asset & Liability Modelling, Matt was successfully responsible for the following:

• Developing the ALM Model for Investment & Corporate Bank
• Behavioral life analysis (modeling of existing and potential future scenarios)
• Pricing beta analysis (scenario modeling by product type, segment and geography)
• Pre-Payment behavior analysis under current and expected future market conditions
• Price elasticity analysis (optimal pricing & risk/return strategies)
• Development and management of Liquidity GAP Analysis
• Development of new Funds Transfer Pricing (FTP) model
• Development of Risk Metrics (Duration/PV01, EaR, VaR, EVE and Stress Scenario Analysis)
• Development of Profitability Metrics that drive product pricing decisions

Note that Matt joined Barclays as an external consultant within the Barclays Treasury & FX trading division, where he was responsible for

• Leading the design & implementation of the risk management framework for cleared Non-Deliverable FX Forwards related to Emerging Market currencies
• Acting as the Barclays representative on the FX NDF risk working groups of various Exchanges/CCPs including LSEG/LCH, CME, ICE and SGX advising on margin, pricing, liquidity & stress testing models and strategies

Matt was recruited by the Investment Banking Treasurer after 9 months as the Head of Asset & Liability Modelling for both the Investment & Corporate Bank where he oversaw a team of 8 direct reports and 4 indirect reports.

• Matt was a key member of the Rates team responsible for managing the default of Lehman Brothers, which included the Hedging and Liquidating of the bank's $9 trillion USD, EUR, GBP and JPY Interest Rate Swap books in the days following the Lehman default and managing the Repo and Bond portfolios to maturity

• He spent the initial 2 years within the Rates Risk department, which include advising Treasurer & Dealers on investment risk management, portfolio risk management, portfolio construction & hedging of the firms $50bn AUM.
• Matt was subsequently promoted to the Deputy Head of Commodities Risk Management where he was responsible for the development & implementation of commodity risk management models (VaR, liquidity, market liquidity & stress testing), strategies & processes for new products/markets (OTC & ETD).

Matt began his professional career within the Barclays Group Treasury function as an FX & Interest Rate Hedging Manager

Responsibilities & achievements:

• Hedging of New Capital Issuance & Foreign Investments (including M&A activity)
• Net Asset Value Hedging of foreign investments (FX & Cross Currency Swap Hedging)
• Structural Hedging.