Financial Consulting

My professional background combines front-office trading expertise with a system-level understanding of how derivatives interact with risk, capital, liquidity, and regulation.

At JPMorgan, my work centred on Fixed Income, beginning with rates products — interest rate swaps, swaptions, and caps/floors — before progressing into more complex and structured derivatives. I helped develop and trade products supporting the asset-backed securities (ABS) market, including flexi-swaps, perfect-asset swaps, balance-guaranteed and contingent swaps, and later synthetic structures such as Bistro, CDOs, and CDO².

Over time, my focus shifted to the measurement, management, and optimisation of second-order effects — the factors that drive true performance beyond headline risk or price. These included counterparty risk, liquidity, capital, funding, differential discounting, margin, and the evolving Basel regulatory landscape. I was JPMorgan’s, and indeed the industry’s, first CVA trader, responsible for bringing these dimensions into day-to-day trading and pricing decisions.

Effective optimisation of these drivers can generate trading efficiencies and cost reductions many times larger than conventional bid–offer spreads. More importantly, they create opportunities to identify and exploit relative-value differences across institutions that are at different stages of maturity in managing and pricing these effects.