About the Contributors
Partner, Gartland and Mellina Group, Regulatory & Compliance Practice
20 years of financial services experience in management consulting, corporate strategy, equity trading, regulatory compliance, risk management and control, cost take outs, acquisition due diligence, business process re‐engineering, program and project management and enterprise data management.
Prior to Gartland and Mellina, Eric spent eight years as an internal consultant for BYN Mellon, Bear Stearns Asset Management and Morgan Stanley driving strategic efforts which were intended to grow revenues, increase efficiencies and reduce costs. Prior to Morgan Stanley, Eric spent three years at KPMG Consulting focused on advisory and implementation services for front and back office projects. Prior to KPMG, Eric worked for three years as an equity trader and advisor to the specialists and market makers on the Pacific Stock Exchange floors. Eric began his career at Donaldson, Lufkin and Jenrette in their retail brokerage division.
Eric is a graduate of Muhlenberg College with a B.A. in Political Science. He has previously held the Series 7, 63 & 55 licenses and is a member of the Association for Strategic Planning (ASP), Association of Internal Management Consultants (AIMC), Financial Services Business Transformation Roundtable (FSBT) and The Data Management Association of NY (DAMA‐NY). Eric is a frequent speaker at Capital Markets conferences and Dodd Frank/Regulatory impact forums.
Managing Director, BNY Mellon
Jeffrey Bockian is managing director of BNY Mellon Corporate Treasury's Funding and Short‐Term Investments Group. As part of his responsibilities, he oversees liquidity and collateral management activities, including trading of repurchase agreements. From 2012 to 2016, Bockian was global head of Securities Finance Portfolio Management at BNY Mellon. Prior to that, he was executive vice president and head of Finance Trading in the Capital Markets Division of Countrywide Financial Corporation, which he joined in 1998. Before joining Countrywide, Bockian was a vice president in the fixed‐income division at Morgan Stanley, New York, where he traded mortgage‐backed securities options and derivatives and other OTC and listed rates products. For the three years prior to joining the Trading Department, Bockian managed the Mortgage‐Backed Securities, Commodities, and Futures Operations Departments. He is a graduate of New York University.
Senior Managing Director, Cantor Fitzgerald
Reginald M. Browne is a senior managing director overseeing the exchange‐traded funds business at Cantor Fitzgerald, which facilitates about one trillion dollars in trades annually. Mr. Browne has been featured in major business publications and regularly speaks at industry conferences. He is widely known as “The Godfather of ETFs” because of his influence helping bring to market nearly 25 percent of the ETFs listed in the United States. Mr. Browne has more than three decades of Wall Street experience. Prior to joining Cantor Fitzgerald, Mr. Browne was managing director, co‐global head of the ETF group at Knight Capital Group and a senior vice president and co‐head of the ETF group at Newedge USA, a division of Société Générale and Crédit Agricole CIB. He also worked at Susquehanna International and O'Connor and Associates. Mr. Browne earned his bachelor's in business administration from La Salle University, where he currently serves as a trustee. In January 2015, Mr. Browne was appointed to the Equity Market Structure Advisory Committee.
Managing Director and Senior Portfolio Manager, BNY Mellon
Patrick Byrne is a managing director and senior portfolio manager in the BNY Mellon Investment Portfolio Management Group. Prior to his current role Mr. Byrne was the Head of Institutional Fixed‐Income Asset Management and a chief investment officer (CIO) at BNY Asset Management. Mr. Byrne set strategy and oversaw all fixed‐income products. He was a member of the BNY Asset Management's Investment Policy Committee as well as the Fixed‐Income Strategy Committee. He began his career at Salomon Brothers working on the mortgage‐backed securities trading desk. Mr. Byrne also held mortgage trading positions at Chase Securities and Mabon Securities. He graduated with a BS in finance/economics from Fordham University, and obtained an MBA from the University of Notre Dame.
President and Founder, Robust Advisors, Inc.
Daniel I. Castro, Jr. is the founder of Robust Advisors, Inc., an independent consulting company focusing on structured finance markets. Robust Advisors provides due diligence, valuation, expert witness, litigation support, and general consulting services to banks, broker‐dealers, hedge funds, insurance companies, issuers, originators, and trustees. Mr. Castro has been involved in the fixed‐income and structured finance markets for over 30 years. Mr. Castro has been on both the sell‐side and buy‐side of the market, and has a thorough understanding of both the big picture and the nuances. From 1991 to 2004, he ran Merrill Lynch's Structured Finance Research Group (1991–2004). He was the top‐ranked analyst for ABS strategy in the industry multiple times according to the Institutional Investor industry poll. Prior to founding Robust Advisors, Mr. Castro led structured finance teams at BTIG LLC, a FINRA registered broker‐dealer; GSC Group, an investment management firm that also served as a CDO fund manager; and Huxley Capital Management. He also served on the board of directors of the American Securitization Forum. Mr. Castro earned an MBA in finance from Washington University, preceded by a BA in government from the University of Notre Dame.
Former Managing Director Equity Capital Markets, BNY Mellon Capital Markets, LLC (Retired)
Daniel C. de Menocal, Jr., is a former managing director, who headed the equity capital markets business of BNY Mellon Capital Markets, LLC, a broker‐dealer subsidiary of The Bank of New York Mellon Corporation. His principal business included managing primary and secondary market equity offerings for public corporations. Beginning in 2005, he was instrumental in developing the market for at‐the‐market equity offerings for the electric utility and REIT industries. Mr. de Menocal has had over 40 years' experience in banking, fixed‐income sales, public finance, and investment banking. He began his career at Irving Trust Company in 1975.
Partner, Corporate and Institutional Banking, Finance & Risk, Oliver Wyman
Eric M. Czervionke is a Partner in Oliver Wyman's New York Office. As a member of the firm's Corporate and Institutional Banking and Finance & Risk practices, he advises global banks, broker‐dealers, custodians, and financial market infrastructure providers on strategy, mergers & acquisitions, product design, operations, regulatory change, and risk management.
Prior to joining Oliver Wyman, Eric held positions at the Bombay Stock Exchange, where he led the exchange's Corporate Strategy function and Information Products business, and at Merrill Lynch, where he was a member of the firm's Corporate Strategy and Business Development group. While at Merrill Lynch, Eric supported a number of strategic acquisitions, divestitures, and integrations, including the post‐merger integration efforts following Merrill Lynch's acquisition by Bank of America.
Eric holds a B.S.E. in Operations Research & Financial Engineering, magna cum laude, with certificates in Finance, Engineering Management Systems, and Applied Mathematics from Princeton University.
Managing Director and Head of Global Markets Strategy, BNY Mellon
Simon Derrick is a managing director of The Bank of New York Mellon and is head of the bank's Global Markets Strategy team. Mr. Derrick established the team 17 years ago and has been responsible for its development into one of the pre‐eminent voices in the FX markets. His views on “currency wars” and on developments within the Euro‐zone are frequently quoted in the financial media. Prior to heading up BNYM's currency strategy team, Simon ran The Bank of New York's European FX sales team for four years. Previously, he worked in sales and proprietary trading roles at Midland Bank (now part of HSBC), Banque Indosuez (now part of Crédit Agricole Corporate and Investment Bank), and Citibank. He is an honors graduate in geography from University College London.
Partner, Global Head of Corporate & Institutional Banking, and Global Head Wealth & Asset Management, Oliver Wyman
Christian A. Edelmann is a partner based in the London office and the head of Oliver Wyman's Corporate & Institutional Banking (CIB) and Wealth & Asset Management (WAM) practices. Prior to his current role, Mr. Edelmann was based out of Hong Kong, running Oliver Wyman's business in Asia‐Pacific. He has worked in depth with major financial institutions in North America, Europe, Asia, and the Middle East, covering a broad range of sell‐ and buy‐side institutions as well as market infrastructure players. Among other projects, he has advised a broad set of clients on strategy and business model optimization. Mr. Edelmann is the author of various recent Oliver Wyman landmark publications, including the 2015 and 2016 editions of the annual publication with Morgan Stanley on Wholesale Banking & Asset Management as well as a joint report with the Fung Global Institute on Asia Finance 2020. He regularly acts as a speaker at leading industry events and is a recurrent commentator on CNBC and Bloomberg TV. Mr. Edelmann holds a master's degree in law (summa cum laude) and a master's degree in business and economics (insigni cum laude) from the University of Basel in Switzerland. He has also earned the CFA (Chartered Financial Analyst) and the FRM (Financial Risk Manager) designations.
Partner, Corporate & Institutional Banking, New York
Pete Clarke is a Partner in the Corporate & Institutional Banking practice in Oliver Wyman's New York office. Pete has over 10 years of experience in capital markets and consulting to leading financial institutions in the US and Europe, focusing on capital markets and investment banking. He has broad expertise in strategic reviews, responses to new regulation spanning risk capital, leverage, liquidity and funding, balance sheet efficiency and commercial due diligence for private equity and alternative investment firms, concentrating on capital markets and wholesale banking targets. Pete has also contributed to published articles and reports, co‐writing the annual joint Oliver Wyman‐Morgan Stanley outlook research report in 2012 and Financial Resource Management Point of View report in 2014. Pete holds a first class honours degree in Economics from the University of Warwick and a Licence in Economics (Erasmus Programme) from the Université Paris I Panthéon‐Sorbonne. Pete joined Oliver Wyman in 2010. He previously worked for Deutsche Bank in the Financial Institutions Group.
Senior Treasury Trader, BNY Mellon
Lee Griffin is a senior treasury trader at BNY Mellon Capital Markets LLC. Mr. Griffin has been Trading treasuries for five years. He was a senior rates trader for BNY Mellon Markets in Tokyo, and has previously traded USD denominated covered bonds and Supra Sovereign Agencies, as well investment grade corporates. Mr. Griffin currently focus on longer end of the rates curve. He provides market color, and analysis in addition to his role managing BNY Mellon Capital market's treasury market making strategy and rates hedging strategies. Mr Griffin attended New York University where he majored in Economics. He holds FINRA series 7 & 63 licenses.
Managing Director, BNY Mellon
Randy Harrison is managing director responsible for short‐term debt origination at BNY Mellon, where he started in November 2015. Before joining BNY Mellon, Mr. Harrison was a founding partner of Acacia Asset Management. From 2001 to 2014, Mr. Harrison was managing director, global head of Short‐Term Credit at Citigroup, where he led the U.S. commercial paper, euro commercial paper, and brokered CDs businesses for seven years. Prior to Citigroup, he was a vice president at Goldman Sachs in New York from 1987 until 2001, where initially, he was a financial institutions credit analyst in risk management and then lead asset backed commercial paper origination in the firm's fixed‐income division. He served as an executive‐in‐residence at the University of Richmond from 2014 to 2016. Mr. Harrison earned a BA in English Literature from the University of Virginia and an MBA from the University of Virginia's Darden School.
Partner, Oliver Wyman
Mike Hepinstall is a Partner in Oliver Wyman's Finance & Risk practice in New York. He works with leading US and global financial institutions to help them advance their risk analytics capabilities, and embed better risk information into decisions. His projects run from high‐level framework design or review/redesign, to sophisticated technical model development, including the management of large programs. He has led a variety of teams through the development of frameworks and models for credit, market and operational risk measurement, capital stress testing, balance sheet optimization for trading, marketing spend optimization for retail banking, and a variety of other applications. He earned dual bachelor's degrees from the University of Pennsylvania, where he studied International Studies and German Studies, and from the Wharton School, where he studied Finance and Public Policy.
David Isaac is the Head Government Agency Trader at BNY Mellon Capital Markets LLC. Mr. Isaac has been trading Government Agency and Supra Sovereign debt for 15 years. Prior to joining BNY Mellon, David worked at UBS Investment Bank and BNP Paribas. He received his BS in Business Administration from SUNY Maritime Colleges and his MBA from the École Nationale des Ponts et Chaussées in Paris, France. He holds FINRA series 7, 24 & 63 licenses.
Mr. Grohskopf has 25+ years of Financial Services experience in equity sales and trading and hedge fund management. Bob has held numerous senior executive positions, including Executive Member of the Global Equity Management Committee, Global Head of Cash Equities Trading and Sales Trading, and Hedge Fund Managing Member. He has a proven track record of managing complex and fragmented businesses in transition, recognizing operating inefficiencies, integrating acquired businesses, and developing and implementing strategies to maximize profitability. During his extensive front‐office career, Bob has developed in‐depth market function expertise. Bob holds a B.S. in Forest Management from Rutgers University and an M.B.A. from Virginia Tech. He previously held the Series 24, 7 and 63 licenses.
Principal, Corporate & Institutional Banking, Oliver Wyman
Shasheen Jayaweera is a principal in the financial services practice in Oliver Wyman's New York Office. Mr. Jayaweera has more than seven years of experience in consulting, primarily to leading financial institutions across the United States, Asia, and Australia, focusing on corporate and institutional banking, and specializing in capital markets infrastructure. Mr. Jayaweera's experiences and expertise range across capital markets infrastructure strategy and post‐trade processes, corporate banking strategy, transaction banking strategy, corporate front‐office organization, and regulation. Shasheen holds a first‐class honors degree in economics and a bachelor's degree in commerce (finance and accounting) from the University of New South Wales in Australia and has completed executive education at Wharton and INSEAD.
Managing Director and Senior Global Market Strategist, BNY Mellon
Marvin Loh is a managing director at BNY Mellon Markets Group, where he is the firm's senior market strategist. Mr. Loh monitors market, industry, and credit developments, and formulates their impact on a wide range of asset classes. Prior to joining BNY Mellon, he was the director of research at W.R. Hambrecht, a boutique investment bank that pioneered the auction IPO process. Mr. Loh assembled an Institutional Investor‐ranked research team that focused on identifying disruptive business models that could provide above‐average, long‐term investment returns. Mr. Loh has held senior analyst roles at Oppenheimer and Company, Decision Economics, Fidelity Investments, Financial Guaranty Insurance Company, and the Federal Reserve Bank of New York. His credit and equity coverage has included analysis of the finance, specialty finance, healthcare, technology, energy, and utility sectors. Mr. Loh graduated from New York University, where he obtained his MBA in finance and a BS in finance and economics.
Former Chief Global Markets Strategist, BNY Mellon
Jack Malvey is the former chief global markets strategist and director of the BNY Mellon Center for Global Investment and Market Intelligence for BNY Mellon Investment Management, two positions that were created when he joined BNY Mellon in March 2011. Mr. Malvey led a team responsible for capturing and researching investment trends, market activity, and economics. He focused on developing a global investment and market knowledge platform that helped capture and communicate investment opinions and analysis. In addition to holding the Chartered Financial Analyst designation, Jack belongs to the Financial Management Association, the New York Society of Security Analysts, the Fixed Income Analysts Society, Inc., and the Society of Quantitative Analysts. Jack is a former president of the Fixed Income Analysts Society and was inducted into the Fixed Income Analysts Society's Hall of Fame in November 2003. Jack received an AB in economics from Georgetown University and did graduate work in economics at the New School for Social Research in New York.
Paul Mandel spent his entire 33‐year career at J.P. Morgan Securities LLC, predominantly in the Short Term Fixed Income division. He ended his career as an Executive Director and Business Manager after serving as short term salesperson; national sales manager; short term loan trading manager; North America Fixed Income Business Manager; and Business Manager/Manager of eCommerce activities for Short Term Fixed Income. As Short Term Fixed Income Business Manager, Paul was responsible for developing eCommerce/eTrading strategies and systems and overseeing matters relating to P&L, compliance, legal/regulatory, new product development and audit. In addition, he was part of the team that led JPMS's response to the Global Financial Crisis of 2008. Paul received his BA from New York University, MA and Master of Philosophy from Columbia University and MBA from Columbia University Business School. Paul is now retired but engaged in part‐time eCommerce consulting work.
Managing Director and Chief Compliance Officer, BNY Mellon
Michael McMaster is a Managing Director and Chief Compliance Officer for BNY Mellon Capital Markets, LLC, a broker‐dealer affiliate of BNY Mellon, Chief Compliance Officer for BNY Mellon's Broker Dealer Services Division and is also the Head of BNY Mellon's Shared Services Compliance Group which services its broker‐dealer affiliates and swap dealer. Prior to joining BNY Mellon in 2010, Mr. McMaster was Counsel for Rabobank (a Dutch banking organization) handling securities regulatory matters and Rabobank's U.S. Medium‐Term Note Issuance Programs as well as Chief Compliance Officer for Rabo Securities USA, Inc., the U.S. broker‐dealer affiliate of Rabobank. From 1998 to 2002, Mr. McMaster worked for BNY Capital Markets, Inc.—a predecessor entity to BNY Mellon Capital Markets, LLC—and held the position of Chief Compliance Officer. Mr. McMaster also held positions as Counsel and Chief Compliance Officer for Libra Securities LLC and was an Assistant District Attorney in the King's County (Brooklyn, NY) District Attorney's Office. Prior to moving into legal and compliance positions, Mr. McMaster was a Collateralized Mortgage Obligation trader for Tucker Anthony. He graduated with an undergraduate degree in Finance from Manhattan College and received his J.D. from New York Law School. Mr. McMaster is an adjunct professor at New York Law School and is Chairman of the Compliance Committee for the New York City Bar Association.
Global Regulatory Strategist, FactSet Research Systems
Francis C. Reed, Jr., is an experienced capital markets professional with extensive fixed‐income trading, structuring, and sales expertise at top‐tier investment banks like Morgan Stanley, UBS, Lehman Brothers, and Barclays Capital. Presently, Mr. Reed is a global regulatory strategist at FactSet Research Systems. He is an industry author and speaker on topics including debt capital markets, financial regulatory reform, housing reform, and public policy matters. Mr. Reed has managed institutional trading and sales teams for large complex investors like U.S. government‐sponsored enterprises (GSEs), European Supranationals/Sovereigns/Agencies (SSAs), central banks, commercial banks, hedge funds, insurance companies, and asset managers. Mr. Reed holds an MBA in finance from Fordham University and a BS in marketing from Fairfield University. He is a founding board member of The Children's Fund for GSD Research, a 501c3 non‐profit charitable organization committed to finding a cure for GSD, a rare genetic condition afflicting his daughter: www.CureGSD.org.
Partner, Financial Services Finance & Risk, Oliver Wyman
Peter Reynolds is a partner in the finance and risk practice based in Oliver Wyman's Hong Kong office. Mr. Reynolds has worked in depth with major financial institutions across Asia, the United States, Europe, and the Middle East, leading large engagements across the full spectrum of risk and finance topics for leading banks and insurers. He joined Oliver Wyman in February 2004 from a generalist strategy consulting firm. Peter holds a bachelor's degree from Oxford University in history and economics, and an MBA with distinction from INSEAD.
Vice President, BNY Mellon
Karl Schultz is a vice president on the funding and short‐term investments desk in the Corporate Treasury at BNY Mellon, where he trades repurchase agreements and other secured financing transactions. Prior to his current role, he spent close to eight years trading repo for MBS‐related products at Countrywide Securities Corporation and three years trading corporate investment grade bonds at Morgan Stanley Asset Management. Mr. Schultz holds an MBA from the Stern School of Business at New York University and is a CFA Charterholder.
Chief Operating Officer, Yield Curve Trading, LLC
Amir Sadr received his Ph.D. in 1990 from Cornell University with thesis work on the foundations of probability theory. After working at AT&T Bell Laboratories until 1993, he started his Wall Street career at Morgan Stanley, initially as a vice president in quantitative modeling and development of exotic interest rate models, and later on as an exotics trader in Derivative Product Group. He founded Panalytix, Inc., in 1997 to develop financial software for pricing and risk management of interest rate derivatives. He has worked at Greenwich Capital, HSBC, and Brevan Howard US Asset Management in Connecticut. Since 2009, he has been the COO of Yield Curve Trading, LLC, a boutique proprietary trading firm. Dr. Sadr is the author of Interest Rate Swaps and Their Derivatives: A Practitioner's Guide (Wiley, 2009), and has been an adjunct professor at NYU School of Professional Studies, where he taught courses on swaps and derivatives.
Partner, Oliver Wyman
Swati Sawjiany is a partner in Oliver Wyman's financial services practice, based out of their New York office. Ms. Sawjiany has worked on client engagements in North America, Europe, and Asia, primarily across corporate and institutional banking, market infrastructure, and retail banking with a focus on finance and risk technology and operations. Ms. Sawjiany has an MBA from INSEAD, a master's in information systems management from Carnegie Mellon University, and a bachelor's in engineering from Mumbai University.
Managing Director, BNY Mellon
Mendel Starkman, CFA, is a managing director at BNY Mellon Corporate Treasury, where he co‐manages the bank's investments in collateralized loan obligations (CLOs) and supports investment activities in other U.S. and European structured credit products. In addition, Mr. Starkman works on the integration of various regulatory requirements that pertain to Corporate Treasury's investment activities. Prior to joining BNY Mellon, Mr. Starkman was a senior structured credit analyst at Dynamic Credit Partners, LLC (DCP), where he analyzed and invested in subordinate tranches of CLOs and in complex or distressed structured credit products, and participated in the origination and management of eight structured credit vehicles. During the financial crisis, Mr. Starkman helped manage DCP's consulting business and continued in that role when the business was acquired by Duff and Phelps. Prior to joining DCP, Mendel worked at at Corinthian Partners, LLC, and E. Magnus Oppenheim and Company, Inc. Mendel holds an MBA in finance and investments from Baruch College of the City University of New York, and has earned the right to use the Chartered Financial Analyst designation.
Principal, Camdor Global
Bob Swarup is a respected international expert on financial markets, investment strategy, alternatives, asset‐liability management, and regulation. He is the founder of Camdor Global, an advisory firm that works with institutions and investors around the world on strategic investment, risk management, ALM, and business issues. Dr. Swarup was formerly a partner at Pension Corporation, and chief risk officer at Thought Leadership. Dr. Swarup holds a Ph.D. in cosmology from Imperial College London and an MA (Hons) from the University of Cambridge. He has written extensively on diverse topics, and edited Asset‐Liability Management for Financial Institutions: Balancing Financial Stability with Strategic Objectives. His latest book is the internationally acclaimed bestseller Money Mania, which covers two millennia of financial crises and the lessons to learn (Bloomsbury, 2014).
Managing Director, IHS Markit
David Weisberger is a managing director at IHS Markit with responsibility for the firm's trading analytic products. These include transaction cost analysis, venue analytics, and best execution measurement products as well as the firm's research signals business, which utilizes a combination of fundamental, econometric, and proprietary datasets to rank equities across several hundred factors globally. Prior to this, Mr. Weisberger had over 29 years of direct experience in electronic equity trading including, most recently, as the executive principal for Two Sigma Securities (TSS). TSS is a registered market maker in over 7000 NMS securities, and Mr. Weisberger was instrumental in building Two Sigma Securities' various trading businesses. He started his career in technology as an architect of portfolio trading systems and progressed to direct responsibility for building Salomon Brothers international portfolio trading business. In 2000, he became the global architect of the market making system for Salomon Smith Barney, ran the Best Execution Committee for the firm, and later ran both the statistical arbitrage group and then Citi's Lava trading subsidiary, which was one of the first Smart Order Routers developed in the U.S. equity market.
Inflationist LLC
Henry Willmore founded Inflationist LLC in 2005 in order to provide high‐frequency analysis of inflation for participants in the U.S. inflation‐linked bond market. He has been producing research on this market since its inception in 1997. Before starting Inflationist LLC, he was the Chief U.S. Economist at Barclays Capital. Prior to that, he was a senior economist at The Chase Manhattan Bank. He holds a Ph.D. from MIT and an undergraduate degree from Oberlin College.
Head, Municipal Trading, BNY Mellon
Mr. Yosca has been with BNY Mellon Capital Markets and its predecessor firms for 43 years. During the course of his career he has had supervisory responsibility for fixed‐income trading, municipal bond underwriting, and market risk monitoring. As head trader he managed the day‐to‐day activities of traders in all of the firm's fixed‐income asset classes. Mr. Yosca has extensive experience trading the bonds issued by the State of New York, its agencies, authorities, and political subdivisions as well as overseeing the firm's competitive underwriting for issuers within the State. Mr. Yosca earned a bachelor of science degree from Cornell University and a master's of business administration from St. John's University. He is a former president of The Municipal Bond Club of New York and had run the club's Bond School for two years.