As a veteran of the US Securities and Exchange Commission (SEC), Paul Maco has had a unique role in helping to shape debt markets.
When he started out in the New York SEC office as an enforcement lawyer in the late 1970s, debt instruments such as bonds went largely ignored in favour of the more popular equities markets. However, when US interest rates started pushing 20 per cent, markets began to create short-term lines of credit to create more flexibility in the capital markets.
“This was the very beginning at looking at the combination of different types of financial instruments in order to address a real market volatility,” Mr Maco said. “There was this transformation, really, in the modern financial markets, but there wasn’t a lot of focus being paid to it at the SEC.”
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