Michael Dawley, co-head of Goldman Sachs futures and derivatives clearing services, has been elected chairman of the National Futures Association (NFA), the US self-regulatory body.
Dawley replaces Christopher Hehmeyer, CEO of Chicago-based proprietary trading firm HTF Capital Partners, who had served as chairman of the NFA since 2012. He will serve a one-year term as chairman before re-election.
The NFA board of directors also appointed Maureen Downs, president of futures clearing firm Rosenthal Collins Group, as vice-chairman of the association.
Dawley will lead the NFA as the association looks to improve the quality of swaps data reporting. Earlier this month, the US Commodity Futures Trading Commission (CFTC) granted access for the NFA to receive data from swap data repositories (SDR).
The Goldman Sachs MD previously served as chairman for the Futures Industry Association (FIA) between 2009 and 2014.