Cliffe is a Managing Director in the OTC Derivatives Department at National Futures Association (NFA) since March 2014. He currently oversees NFA's swap dealer (SD) examinations to determine SDs' compliance with CFTC regulations and NFA rules. Cliffe was instrumental in developing and implementing NFA's Ongoing Monitoring Program for SDs which enables NFA to keep abreast of changes, areas of concern, and other significant developments taking place at NFA's member swap dealer firms.
Prior to joining NFA, Cliffe spent 16 years at a Morgan Stanley where he held different roles across multiple divisions. Cliffe has experience in Wealth Management Operations where he managed teams responsible for processing Futures, Listed Options, Foreign Exchange, and Precious Metals. He also has experience in Institutional Securities Listed Derivatives Operations where he managed teams responsible for the full lifecycle processing of futures and options, as well as customer asset protection and risk management. Additionally, Cliffe worked in the Internal Audit Department where he covered the firm’s Finance, Operations and Compliance functions as well as a wide range of product areas including OTC derivatives.
Cliffe received a Bachelor's degree in Accounting from Bernard M Baruch College of the City University of New York.