The Markets & Exchanges Division is responsible for the supervision of Exchanges and Clearing Houses, market infrastructure providers, market conduct and surveillance of the UK markets.

Gay had previously been employed by Bankers Trust Company since 1984, located both in London and New York in Risk Management Services where she had been a Senior Managing Director. Since 1994 she had served as Chairman of the International Swaps and Derivatives Association (ISDA). She had co-chaired the Principles & Practices Committee sponsored by the New York Federal Reserve Bank and participated in the European Commissions Committee on the Impact of the Introduction of the Euro on Capital markets and also participated on the Bank of England´s Derivatives Joint Standing Committee. She currently sits on the Financial Markets Law Committee.

Gay was educated at Bucknell University in Lewisburg, Pennsylvania where she gained a BA in Economics. She is a member of the Board of Directors of the Bucknell Alumni Association and also serves as Governor to the Benjamin Franklin House in London.

See also: 02:15 pm 'Listing of hedge/alternative funds - what are the issues!'