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Luca Avellini
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| Luca Avellini is CEO of Riskurb LLC, an investment firm that specializes in foreign exchange, and a full time educator. Formerly President of the Global Custodian Institute, the training and consulting arm of Global Custodian Magazine based in Greenwich, CT, Mr. Avellini benefits from more than 15 years' experience in the equity derivatives, foreign exchange, and risk management departments of several top investment banks and trading firms, most recently UBS in London and New York. He has followed the hedge fund industry very closely since its early days. He holds a Masters degree from Manhattanville College in Purchase, New York and a BS in Economics from the University of Pavia, Italy. Author of several articles about derivatives and risk management, he has acted as advisor to a number of financial firms including Julius Baer and Black Pearl. Mr. Avellini is based in New York City. |
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Nikolaj Barth
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| Nikolaj Barth is the Director at the Royal Bank of Scotland in the Short Term Markets & Financing division in London. His current role in Structured Collateral Trading covers traditional & synthetic financing structures, non-generic assets and expanding funding solutions. Prior to joining the RBS he worked for 10 years at Dresdner Kleinwort in Equity Proprietary Trading before moving to Equity Financing & Yield Enhancement and later Collateral Financing & Repo Trading. Nikolaj studied at the Frankfurt School of Finance & Management and Emory University in the United States.
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Alison Brooks
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| Founder and former managing director of FinTuition Ltd, Ms Brooks has unique expertise as an educator in the industry, writing and lecturing on securities finance since 1991. She is the author of three books and more than 100 articles. Ms Brooks's previous positions with Lehman Brothers International and Citicorp Investment Management have also equipped her with a thorough understanding of fixed income and equity markets as well as both cash and derivative trading strategies. She holds an MSc degree in International Finance from Georgetown University's School of Foreign Service.
Alison Brooks has been providing securities finance training to the world's top financial institutions for more than 12 years and remains dedicated to building knowledge about this still fast-growing and changing sector. |
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Paul Carroll
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| Paul Carroll is an independent consultant specialising in securities financing. Between 1987 and 1999, after two years in Settlements, Paul worked on the Repo Desk at Morgan Stanley in New York, becoming Vice President in 1995. In this position, he traded Governments, Agencies, Mortgages and Corporates, both GC and specials.
A public speaking mentor with Toastmasters International, Paul is their current champion in Impromptu Speaking for the UK and Ireland. |
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James Clunie
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| James works at Scottish Widows Investment Partnership, where he manages a UK equity long-short fund and a long-only fund. Previously, James was at the University of Edinburgh for four years, conducting research into stock lending and short-selling. He also set up and ran their Masters programme in Finance and Investment. Prior to this, James worked at Murray Johnstone International, where he was Head of Asset Allocation, and at Aberdeen Asset Management, where he was Head of Global Equities. James graduated with a BSc (Hons) in Mathematics and Statistics and a PhD in Indirect Short-selling Constraints, both from the University of Edinburgh. He is also a Chartered Financial Analyst. |
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Richard Collier
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| Richard Collier is a Tax Partner in PricewaterhouseCoopers' Banking and Capital Markets Group, and a qualified barrister and chartered accountant. He completed academic research in taxation at Cambridge and London Universities. He writes and lectures extensively on taxation and is a member of the Council of the Institute for Fiscal Studies. Richard has specialised in capital markets and banking tax issues for over ten years and is the global leader of the firm¹s capital markets tax practice. He has been particularly closely involved in the tax changes to the securities markets, including the manufactured dividend, stock lending and gilt repo tax rules. |
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Martin Conrad
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| Mr Conrad is a Senior Portfolio Manager for Aurelius Capital Management (ACM) one of the largest structured credit asset managers in Europe with more than EUR 5bn AUM. He is member of the Investment Committee, is managing CDO, CLO exposure in different Senior, Mezzanine and Equity mandates and has successfully launched 2 CDO transactions. Martin was panellist on several ABS and CDO conferences and was teaching for Certified Financial Planer (CFP®) candidates and holders in Germany. He joined ACM from Raiffeisen Zentralbank AG (RZB) from the Alternative Investment Group where he was responsible for managing a EUR 500mn ABS/CDO Portfolio of RZB and an ABS Fund for RZB's third party business. Before RZB he worked for Dresdner Kleinwort Wasserstein (DrKW) in the Credit Structuring team where he has also written his theses about the Valuation and Pricing of Structured Credit products. He holds a Master's Degree in Economics from the University of Vienna, Austria. |
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James Cunningham
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| James Cunningham is Director and Counsel in the Equities Legal Department at Citigroup in London and former European Counsel for Equity Finance and Prime Brokerage at Merrill Lynch, also in London. He began private practice as a securitisation lawyer in the finance group at Clifford Chance where he specialised in structured equity and debt products. In addition to law, he holds a Masters Degree in Economics from McGill University. He is particularly interested in Prime Brokerage because of the unique legal, financial, and operational risks the hedge fund industry poses in the context of investment banking. |
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Paul Darbyshire
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Paul has provided major banks, financial institutions, corporations and governement departments with consultancy on aspects of financial product design, new financial innovations, risk management and software engineering. He also taught numerous public and in-house training courses, including risk management, credit derivatives , commodities markets, bonds and fixed income, derivatives and quantitative analysis. He also guest lectures at many top Universities and Business Schools around the world.
Paul is currently involved in the design, development and implementation of dynamic portfolio optimisation models and innovative investment strategies for several private equity clients and hedge funds. |
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Jens Ebinger
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| Jens Ebinger is currently Head of Short Term Products Structuring at DekaBank, where his main role is expanding the bank's product platform on the structured and synthetic side (i.e. financing, yield enhancement). He has previously worked at Morgan Stanley in structuring equity derivatives and credit-linked products, as well as on projects examining the expansion of Equity Financing Services in emerging markets. After adding Equity Finance and Short Term Financing Products to his repertoire at Dresdner Kleinwort, he then moved to the derivatives side, where he worked in the London branch as Senior Equity Derivatives Sales & Structurer, covering corporates and financial institutions. |
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Michael Eisenbeis
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| Michael Eisenbeis has been managing director of FinTuition since July 2007. As director and trainer at Springer AG Management Consultants, Michael has advised international banks in the use of valuation methods such as EVA, DCF and option pricing models. In addition to training specialists and analysts, he also advises companies on Shareholder Value Management. Prior to that, Michael worked in the Equity Research department of Dresdner Kleinwort in Frankfurt and in Corporate Finance departments of several Frankfurt-based brokerage firms. Michael is currently advising Scuderi Group on its bridge financing and IPO. |
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Kurt Jarnagin
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| Kurt Jarnagin is the Global Head of Flow Collateral Trading (FCT) at Royal Bank of Scotland. He is responsible for all fixed income asset classes and manages trading, secured funding, balance sheet, RWAs and coordination with Money Markets, ALM and Treasury. Before joining RBS, he was Local Head for both Credit Financing & Collateral Trading as well as Equity Finance at Dresdner Bank in Frankfurt. He began is career at Commerzbank, AG in Frankfurt responsible for creating their collateral trading desk within the Equity Finance and Fixed Income Repo departments. |
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Etay Katz
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| Etay is a Senior Associate within the Regulatory, Funds and Financial Products Group of the international law firm of Allen & Overy. Etay's experience includes advising banks, securities brokers and investment managers on a wide range of commercial and regulatory aspects of their
businesses. He also assists owners and investors in the UK financial institutions sector to acquire, dispose of or otherwise restructure such businesses and regularly advises on the establishment of financial services businesses in the UK and the offering of securities and financial products to persons in the UK. Etay was seconded to the Authorisation Division of the Financial Services Authority in 2000. He frequently writes and speaks about topical issues affecting regulated
financial services providers in the UK, sits on the editorial board of Butterworths Financial Regulation Service and has recently co-authored a Chapter entitled "Wholesale Investment Firms" for a leading text of Oxford University Press, "Financial Services Law" Edited by Michael Blair QC and Andrew Walker, 2006. Etay was referred to in the following terms by IFLR 2005: "Promising senior associate Etay Katz took a lead role steering a UBS corporate finance executive through an FSA investigation into split capital investment trusts. Other clients who have benefited from the advice of rising star Katz, meanwhile, include Lyxor Asset Management, HB Advisors and Nomura Bank. Etay graduated from the University of Sheffield in 1997 with a first class LLB." |
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Stephen C. Kell
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| Stephen Kell is Business Chief Technology Officer with Electronic Data Systems (EDS) providing banking expertise to direct the IT and operational strategy on the biggest banking outsourcing deal that EDS is engaged on. Prior to that he was the European Principal Solutions Architect with Patni Computer Systems defining the European strategy for the Financial Services business unit and shaping major offshore deals in the banking and finance sector. He has over 10 years' banking and consulting experience in STP and settlement issues covering FX, equities and fixed income. From 2001 to 2004 he was principal consultant, STP solutions, for CSK Software, where he developed cash reporting and liquidity management solutions. During his previous employment at TCA, a consultancy providing specialized technical and business support services for front, middle and back offices, Mr Kell set up the FX and money markets STP project for Rabobank, managed the Euro conversion weekend for Dresdner Kleinwort Benson and developed the Clearstream collateral management service to provide liquidity for CLS settlement members. He has contributed articles on CLS and securities settlements to journals such as International Banking Systems, Global Transactions and Risk Professional and spoken at a number of conferences in London and New York. |
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Walter Kraushaar
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| Former managing director and former owner of FinTuition Ltd, Walter Kraushaar was global co-head of Short-Term Products Principal Trading and managing director at Dresdner Kleinwort Wasserstein until 2005. There he was responsible for expanding the bank's Securities Financing and Prime Brokerage business. He joined DrKW in 1998 as head of Equity Finance and product head for Prime Brokerage, including stock lending and borrowing, equity repo, equity swaps and CFDs. Between 1996 and 1998, Mr Kraushaar held managerial positions in the areas of securities lending and equity finance at Deutsche Morgan Grenfell in London and at Sal Oppenheim Jr & Cie in Frankfurt. He studied at the Frankfurt Academy of Banking and started his professional career in 1992 at Deutsche Bank, Frankfurt. Mr Kraushaar is a member of the German Repo/Securities Lending Committee (ACI). Mr Kraushaar has been managing director and head of short-term products at Dekabank, Frankfurt, since July 2007. |
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David Morgan
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| David Morgan is a Director in the PricewaterhouseCoopers Banking and Capital Markets Group, and is a member of the Institute of Chartered Accountants.
David specialises in the provision of corporate tax advice to retail and investment banks and securities traders. He regularly advises on cross-border structuring, international repo and stock lending, and derivatives and securities products and transactions. He is closely involved with advising on the impact of the UK direct tax rules relating to interest, derivatives and manufactured dividends, together with the UK tax rules associated with operational and custodial activities, and stamp duty reserve tax. Issues on which David has advised clients include equity and equity derivative structures, repo and securities lending transaction and CFD business.
David is a regular speaker on taxation issues associated with the Banking and Capital Markets sector, in particular repo and securities lending issues, derivatives and manufactured dividend rules, and stamp duty reserve tax. |
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Ian Morley
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| Ian Morley is Chairman of Corazon Capital Limited, an Asset Management Company and Director of Dawnay Day Quantum. He was formerly Head of Derivatives and Quantitative Fund Management at AIB Govett, Managing Director of Rudolf Wolff Fund Management and European Director of Managed Futures at Lehman Brothers.
Ian was the founding Chairman of The Alternative Investment Management Association (AIMA). He has advised the Bank of England, the Central Bank of Ireland, the OECD, the EU, the FSA and other international institutions about the Hedge Fund industry. Ian graduated with a BSc Economics (Hons) from the LSE. He appears regularly on television, radio and conferences throughout the world and his articles are frequently published in leading financial journals.
His hobbies include marathon running, weight training, dancing, boating, football, philanthropy and community theatre. He lives in London with a dog, cat and sometimes his children.
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Grant Saunders
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| Grant Saunders is a director in Short Term Products Trading with DekaBank in Frankfurt, Germany. After joining from Dresdner Kleinwort where he had been working in collateral trading and equity repo he is now running the short term trading desk at DekaBank. This covers stock loan, repo, yield enhancement, synthetic financing and interest rate derivatives. He has been in the securities financing and investment banking industry for the past 8 years.
Grant has undertaken training with Fintuition in Securities Lending and Structured Finance. |
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Jacob Schmidt
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| Jacob H. Schmidt, CEO of Schmidt Research Partners, a London based FSA regulated firm, is an international financial markets expert and global hedge fund consultant, having worked in global financial markets for over 17 years. Author of Credit Risk and Credit Derivatives (2000), and several articles on hedge funds. Jacob's background is in proprietary trading & investment and hedge fund management (Creditanstalt-Bankverein, Vienna, 1990-1994), emerging markets sales and marketing (Citibank, London, 1994-1996) and derivatives / structured products (DLJ, London, 1996-1998).
He set up SFP-International Limited, a training and consulting firm, in 1998. Adjunct Professor of Derivatives and Investments at the American Webster University since 1999, he is the co-founder and former director of Allenbridge Hedgeinfo (2000 - 2005), a global hedge fund rating firm. Jacob developed the firm's rating methodology in 1999/2000.
Jacob read law at the University of Graz, Austria, and economics at the University of Business Administration and Economics, Vienna, Austria. Multilingual and a nine-times Marathon runner, he is a regular speaker at hedge fund conferences, capital markets seminars in Europe, the US and Asia and a regular guest on on Bloomberg UK and Germany, CNBC, CNN and other programs.
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Richard Solomon
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| Richard Solomon is a partner in the Banking and Securities practice at Ernst & Young in London, with over 10 years experience in Capital Markets. He works with a number of their premier banking and investment banking clients.
He is a leading authority on International accounting standards and is chairman of the Securities Institute's Bond and Fixed Interest Examinations Board. |
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Kathleen Tyson-Quah
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| Kathleen Tyson-Quah, president of KTQ Consulting, is author of Cross-Border Securities: Repo, Lending and Collateralisation (Sweet & Maxwell, London). Ms Tyson-Quah began her career at the Federal Reserve Bank of New York, serving in the original Payment Systems Studies Group. In 1990 she joined the Securities and Investments Board in London where her responsibilities included supervision of the operations of the international securities settlement clearinghouses Euroclear and Cedel. Between 1994 and 1998 she was employed by Cedel International where she was co-inventor of the first global real-time system for the transfer of cash and securities, the Global Credit Support Service, and obtained consent from the US Securities and Exchange Commission for the clearing and settlement of US Treasury securities in Cedel. In 1996 she founded KTQ Consulting Ltd, a consultancy specialising in global trading, clearing, payment and settlement systems using emerging web technologies. Clients have included Reuters, UBS Warburg, NASDAQ, EBS Dealing Resources International and Perot Systems. |
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Roy Zimmerhansl
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| Roy Zimmerhansl is the owner of FinTuition as well as Zimmerhansl Consulting Services. During almost 30 years in the securities industry, Roy has held senior positions across a variety of market leading organisations including proprietary trading firms, prime brokers, custodian banks and a central depository. A recognised securities lending industry commentator, he is a regular contributor to a wide range of publications. He is the author of Stock Lending Today, the securities lending blog. Roy's consulting business advises firms on strategic planning, business structuring and marketing for the securities finance business, and has developed a specific niche in the growing ETF financing area. |
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