Over 15+ years I’ve helped eight of the top twelve global investment banks define and deliver critical business and operational strategy changes. Starting in financial services large-scale IT reengineering at Accenture I then went to Barclays in capital markets IT strategy and OTC derivatives platform implementation, was a Partner in New York with m.a.partners - a startup specialist capital markets consulting firm - and have been consulting independently since we sold m.a.partners to Detica.
My earlier experience includes defining and implementing strategic change to cash and derivatives front-to-back trade flows and leading multi-product cross-functional business transformation programs driven by cost-efficiency, regulatory compliance or business revenue initiatives (e.g. spinning out a structured credit trading business as a hedge fund). My recent focus has pivoted on key aspects of capital funding optimization for US, EU and Asian banks - both business-initiated and in response to the recent crisis and associated new regulations.
Engagements included: centralizing and improving secured funding and balance sheet management; internal attribution to business lines of derivatives and securities balance sheet, funding and economic capital; sizing and optimizing firm funding, liquidity risk and regulatory capital impacts of Dodd-Frank / Basel III on OTC derivatives and secured funding businesses. Recently I reviewed securities liquidity risk management and funds transfer pricing for a major repo house and spent 2½ years business managing the startup of a market-leading rates OTC clearing business and assessing Dodd Frank / Basel III economic impacts for a leading OTC rates flow house.
I have a Master of Arts in Mathematics and a one-year post-graduate qualification in Advanced Statistics and Probability from Jesus College, Cambridge, England.
- Business Line Readiness Review: Financial firms have initiated compliance programs but given the vast plethora of re-regulation across jurisdictions and different topics it can be hard for a given business to know where it stands. I can conduct a rapid assessment on key areas of re-regulation of greatest management concern to clarify status and enable focus on critical remaining issues.
- New Regulatory Financial Costs Assessment: Financial firms need to manage the new CCP funding and CFTC / Basel III capital costs and GAAP / IFRS balance sheet impacts resulting from OTC clearing / reporting / SEF mandates, OTC uncleared margin and listed and OTC capital rules. I can create a framework covering firm policy, organizational responsibilities (across business lines, Treasury and infrastructure groups), assessing best use of tools (in-house tools / CCPs / compression vendor) to mitigate / calculate / optimize the new costs and approaches to their recovery.
- Reform Business Adaption Strategy: Firms need to prepare for the knock on effects of both the Dodd-Frank / EMIR mandates themselves and the associated financial costs on market structure, pricing and risk management, trade execution, trading and clearing liquidity transitions, CCP selection / membership, client clearing business strategy, funding and capital management, organizational responsibilities and operating model. In focusing on these areas I can help firms to complement their inevitable resource focus on regulatory compliance.
- Market Utilities Selection Strategy: Buy and sell side firms need to re-consider their approach and choices of market utilities given the broadening options in each of product form (i.e. swap vs. swapfutures vs. futures), exchanges and SEFs, affirmation vendor, CCPs, portfolio margin providers, compression providers, custodians / CSD collateral management services. I am on top of the latest provisions and connected with many of the providers and can help facilitate the definition of strategy.
- Client Franchise Innovation: Client clearing and SEFs give rise to changes in how client franchises are cemented with banks with electronic execution / futurization perhaps reducing stickiness but other service innovations increasing stickiness. These may include SEF aggregation / direct access, agency execution brokerage, cross-CCP margin optimization, collateral transformation, SDR/TR reporting on behalf of clients, CCP / in-house portfolio margining. I can help define and prioritizing approaches to offering / using these services.
- Derivatives Post Trade Model Review: Firms need to review their service model and the underlying capacity given a step change in the number of clearing counterparties and in collateral management volumes and the associated need for automation and cross-servicing across cleared OTC and listed, across cleared and bilateral OTC products, across multiple OTC and listed CCPs, across two or three time zones, and across multiple evolving regulatory jurisdictions