Summary

Highly accomplished derivatives risk manager with trading and marketing experience spanning both Rates and Credit products. I have specialised in exposing and managing the contingent risks (credit, funding, capital) across the IB at JPMorgan for 30 years, developing and leading the industry on what is now collectively referred to as the “XVAs”. Most recently I have led the implementation and management of ‘market’ risks within the Clearing, FnO and FXPB businesses.

As an industry expert I am active in various global forums (i.e. ISDA, FIA, and Risk Committees of various CCPs), on issues regarding the rapidly evolving risk-management and regulatory requirements for capital, liquidity, funding, margin and the clearing requirements as well as the risk of being a member on an exchange. 

• Selected to lead the establishment of a new team within the Clearing, F&O and FXPB mandated to introduce market risk aware pricing and manage the resultant risks. 
• Redesigned the risk and capital infrastructure and transformed the approach to client pricing and risk return. 
• Resulted in a doubling of the revenue in the Clearing business revenue from $500m to $1bn, while capital footprint was reduced from $20bn to $16bn. 
• JPMorgan rose to the top position in Coaliton (by revenue, margin, etc.) without compromising RoE or risk discipline. 
• Awarded Risk’s OTC Client Clearer in 2019 and 2021. 
• Actively involved in major CCPs' Risk Committees and represented JPMorgan and the industry to US and UK regulators, notably co-authoring a white paper on CCP risk and resiliency (FT), and engaging in initiatives related to bilateral and cleared derivatives.

• Led the global implementation of FVA and lifetime cost of capital (KVA) for the derivative franchise, that had a significant impact on the firm ($1.5bn P&L adjustment).
• Led external liaison with respect to regulatory changes including Non-Cleared Margin and changes to the capital metrics (e.g. SLR, LCR & NSFR).
• ISDA Collateral committee co-chair.

• Founding member of the Differential Discounting (DD) desk.
• Introduced funding aware OIS discounting for collateralized derivatives.
• Responsible for pricing and managing the resultant risks globally.
• Highly complex risk management, covering global book of ~3m derivatives.
• Products traded, x-currency basis, Libor-OIS, IR swaps and options.
• Responsible for technology & infrastructure change management, considering economic, legal, and regulatory factors.

• Structured and distributed an innovative hedge fund specializing in levered US municipal bond risk.
• Successfully raised over $1bn of client equity and managed the fund’s trading and performance. 
• During the crisis of February 2008, raised $500m of equity overnight and restructured the fund to avoid forced liquidation, reversing $300m of investor losses. 

• Developed and led the dominant Perfect Asset Swap franchise in the world for servicing the CLO market.
• Achieved an estimated market share of 65-70% through client acquisition, trading execution, transaction management, IT development, and overseeing middle and back-office operations.

• Pioneered CVA trading, defining philosophy, and implementing systems for derivative counterparty risk management. 
• Contributed to the integration of best practices after the 2001 merger between JPMorgan and Chase.
• Introduced senior management to differential discounting and collateral funding optimization techniques.

• Executed derivative transactions for structured finance businesses, including developing models for new products such as Bistro, the first CLO structured by JPMorgan. 
• Priced and risk-managed large portfolio trades and complex securitizations, including notable transactions for Abbey National, Northern Rock, Paragon, and the high profile securitisation of Polish Paris Club receivables (WSJ article) for the Republic of France.

Outside interests

• Private Equity
  • Significant interests in various small fintech and education companies; Executed a notable sale of a Swiss SME to a PE firm in 2022
• Flying
  • Qualified fixed wing pilot (RAF trained); paragliding EPC pilot
• Tennis
  • LTA Qualified coach. ITF seniors competitive player
• Web Design
  • Designed and coded a number of commercially focused websites

Education & Personal Details                                                                                       

• Bristol University Medical School : Physiology 2(i)                                      1989 - 1993
• Nationality: UK & EU passport holder