William C. Thum is a Principal of The Vanguard Group in Valley Forge, PA, where he is the senior derivatives transactional and regulatory specialist in the Legal Department. Mr. Thum is a frequent speaker at ISDA, SIFMA and various other conferences on derivatives related matters, has written numerous articles on derivatives issues and has participated in several joint CFTC / SEC public roundtables on Dodd-Frank Act-related rulemaking. Prior to joining Vanguard in 2010, Mr. Thum was a partner with Fried, Frank, Harris, Shriver & Jacobson LLP where he concentrated on derivatives regulatory issues and tailoring agreements across fixed income and equity products including prime brokerage for banks, broker dealers and asset managers. From 1998 to 2007, Mr. Thum was executive director and head of institutional securities documentation - Americas at Morgan Stanley. From 1996 to 1998 Mr. Thum was vice president and head of derivatives ocumentation - Americas at UBS. He also worked at BNP Paribas as legal counsel and at Dresdner Kleinwort in London as assistant director, legal counsel. Mr. Thum received his JD from The American University, Washington College of Law and his BA from Bucknell University. He is admitted to the bar in New York and Pennsylvania.