All Press Releases for November 03, 2023

Garrett R. Glass Recognized by Marquis Who's Who

Garrett R. Glass serves as an expert in risk management and banking

Since his retirement from banking, he has found much success in consulting, and since 2021, in serving as the court-appointed Administrator for the estate of a telecommunications company.

    MORRIS, IL, November 03, 2023 /24-7PressRelease/ -- Garrett R. Glass has been included in Marquis Who's Who. As in all Marquis Who's Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.

Drawing on over five decades of expertise, Mr. Glass specializes in risk management and banking. Since his retirement from banking, he has found much success in consulting, and since 2021, in serving as the court-appointed Administrator for the estate of a telecommunications company. In his prior career as a banker, he was active as a senior risk officer at First Chicago Bank, and its successor organization, Bank One. His banking career focused largely on international banking, and the foreign exchange markets in particular. In this capacity, Mr. Glass developed a national reputation as an expert in foreign exchange risk reduction through the process of settlement netting.

Mr. Glass devised a solution to the problem of FX settlement by creating a two-part risk management model which replied on a global clearing house that would apply multilateral netting to participants' foreign exchange contracts, and then delivery-versus-payment procedures for all clearing house settlements. This process reduced the risk of settlement loss by over 90%, and ensured the durability of the clearing house in times of crisis. This model was first put into place in the 1990's with the creation of Multinet International Bank in New York, of which Mr. Glass was Chairman of the Board of Directors. The successor to Multinet, CLS Services in London, currently uses these basic principles to reduce the risk in trillions of dollars of daily FX settlements. There have been no significant losses in foreign exchange settlements since these risk management procedures were adopted.

Mr. Glass was also involved in the 1980's and 1990's in the development of the over-the-counter derivatives market in swaps and options. He founded the derivatives committee of the Robert Morris Association, now named the Risk Management Association. He was asked to provide training for numerous regulatory agencies, including the FBI fraud division, and he was invited as an expert witness to testify before the U.S. House of Representatives in 1999 in its consideration of far-reaching legislation to overhaul the derivatives industry.

Prior to embarking on his professional journey, Mr. Glass pursued an education at Northwestern University under an Evans Scholarship. He obtained a bachelor's degree in 1972 and earned a Master of Business Administration degree at Northwestern in 1974.

Since 2004, Mr. Glass has volunteered his services as a consultant and educator for the Financial Services Volunteer Corps in New York. This organization assists central bankers and commercial bankers around the world wishing to integrate their economies into the global markets. As an FSVC volunteer, Mr. Glass has served in Albania, Indonesia, Poland, Lebanon, Jordan, Egypt, Tunisia, Morocco, Libya, and Iraq.

Outside of his main vocational path, Mr. Glass has written several works of historical fiction novels, depicting early Christianity and its interplay with the Roman Empire. The third novel in the series, Jehoshua: Blood Relatives, is due for release in early 2024. At the request of his readers, Mr. Glass set out his own religious beliefs in Who Cut God's Hair, which won the Bronze Medal award from the Independent Book Publishers Association in 2018, in the Religion and History category.

Reflecting on a long career, Mr. Glass attributes much of his success to a curiosity about many different topics; a love of reading, writing and public speaking; and the patient support of his wife. Looking toward the future, Mr. Glass aspires to continue writing novels in the Jehoshua series, thereby providing a unique perspective on the growth of Christianity.

About Marquis Who's Who®:
Since 1899, when A. N. Marquis printed the First Edition of Who's Who in America®, Marquis Who's Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field of endeavor, including politics, business, medicine, law, education, art, religion and entertainment. Marquis celebrates its 125th anniversary in 2023, and Who's Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms around the world. Marquis® publications may be visited at the official Marquis Who's Who® website at

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