Our team combines deep, front-line experience across derivatives markets, XVA, collateral, and post-crisis regulatory frameworks — spanning both buy-side and sell-side perspectives. We do not approach this as advisors observing the market; we have built, run, and priced within it.
Collectively, we have:
- Managed and priced complex, large-scale derivatives portfolios within global financial institutions
- Built and led XVA, funding, and capital frameworks from the ground up
- Designed and implemented infrastructure for counterparty risk, collateral, and balance sheet optimisation
- Worked directly with trading desks, treasury, risk, and regulators on margining, clearing, and capital regimes
We have been directly involved in:
- The transition to collateralised trading and the design and negotiation of CSA frameworks
- The integration of CVA, FVA, and KVA into pricing and risk management
- The implementation of clearing mandates, margin rules (VM/IM), and capital frameworks (Basel III/IV)
- The practical interaction between legal terms, pricing models, and operational processes
This experience allows us to:
- Connect pricing, funding, capital, and collateral into a single, coherent framework
- Translate theoretical value into realised P&L and balance sheet benefit
- Bridge front-office intent with risk, treasury, legal, and operational constraints
- Deliver solutions that are not just optimal in theory, but executable in practice
The result is a perspective that is both technically rigorous and commercially grounded — focused on outcomes, not analysis.
- Highly experienced financial markets practitioner, managed a $100bn balance sheet business from trading and positioning, through technology stack, legal frameworks, and hedge accounting. 9-figure P&L track record.
- Views markets as iterated repeated games, which enable positive sum dynamics.
Extensive hands-on experience in counterparty credit risk and valuation adjustment methodologies, including CVA and FVA. - Experience managing trading desks, and working hand-in-glove with quantitative teams and risk functions to embed XVA into pricing, risk management and portfolio optimisation.
Deep practical understanding of OTC & ETD derivatives across rates, xccy, & FX. - Significant experience with model development, validation, governance and regulatory engagement.
- Proven ability to translate complex quantitative concepts into robust, implementable frameworks within large banking environments.
Well regarded for rigorous analysis, sound judgement and pragmatic delivery in high-stakes risk settings. - Initialised & led (re)negotiations of CSAs, brokerage / give-ups, terms of business, through to pricing and vendor agreements.
- Actively engaged in policy fora especially concerning the positive evolution of market structure with a particular focus on end-users: ECB FXCG, RFR transition working groups at the BoE & Fed / ARRC, ISDA, ICMA / AMIC, AFME, etc.
- Highly experienced derivatives risk executive with deep expertise across trading, valuation and risk management of large, complex derivatives portfolios.
- Recognised industry specialist in counterparty credit risk and XVA (CVA, FVA, KVA), with hands-on experience building and scaling front-office capabilities to price, manage and optimise contingent risks across the largest derivatives franchise.
- Led the re-engineering of JPMorgan's derivatives businesses in response to post-crisis market and regulatory change, including capital, liquidity, margining and clearing reforms.
- Former Global Head of Risk & Capital at JPMorgan for the Clearing businesses (OTC clearing, futures & options, and FX prime brokerage).
- Lead negotiator on complex collateral and pricing discussions, including large-scale CSA negotiations with supranationals, sovereigns, financial institutions and major corporates.
- Active contributor to market structure evolution through participation in International Swaps and Derivatives Association, Futures Industry Association and CCP Risk Committees (Eurex, ICE).
- Seasoned derivatives professional with over 35 years of experience across trading, structuring, and quantitative analysis, including nearly two decades at J.P. Morgan as a lead interest rate derivatives structurer and pricer.
- Deep expertise in XVA frameworks, capital and credit considerations, and cross-desk coordination, consistently delivering accurate pricing and execution across a wide spectrum of vanilla and complex derivative products.
- Proven track record of managing large-scale transactions and collaborating across trading, syndication, and SSA funding teams, combining strong technical derivatives knowledge with strategic insight to deliver tailored solutions aligned to funding, risk management, and balance sheet objectives.
