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Stephen Laughton has more than 25 years experience in interest rate products, derivatives and government bond trading. Stephen has extensive experience in both flow and structured products spanning both developed and emerging markets, with deep expertise in derivative documentation, portfolio modelling and valuation, risk, regulation, and financial resource optimisation. Stephen has detailed understanding of interest rate construction including Libor, SOFR, Eonia, OIS and STR calculations.

Dr. Laughton most recently held a number of roles at Commerzbank in London, focused on risk and financial resources from within the front office. He led teams pricing and managing portfolio valuation adjustments, credit, capital and funding risks (together known as ‘XVAs’); conducting front-office regulatory controls and reporting; steering use of financial resources such as balance-sheet and capital; and conducting first line of defence risk processes including liaison with the second line of defence. He also led projects on topics including the impact of Brexit on derivative market structure, and mitigation of the impact of negative interest rates.

Prior to this Dr Laughton spent eight years at the Royal Bank of Scotland helping to build their Emerging Markets trading business including integration of ABN AMRO’s extensive onshore operations with various roles across trading, structuring, and second line of defence risk management. After strategic business change, this employment concluded with a spell unwinding, restructuring, and disposing of parts of the fixed income business which had been deemed non-core.

Earlier in his career, Stephen ran the interest rate structured products business at ABN AMRO, first across Asia, later globally, including a spell managing the quant team. This came after transitioning from flow-trading roles as an interest rate options trader, and initially as a Gilts trader within Salomon Brothers’ market leading European government bond franchise.

EXPERTISE


 

Fixed Income 

Emerging Markets

Portfolio Modeling and Valuation

Credit, Capital, and Funding Risks

Rates, Options, Exotics, Structured Products

 

EDUCATION


University of Oxford

PhD, Theoretical Physics

University of Oxford 

B.A., Physics

WORK HISTORY


SEDA Experts

Managing Director

2023-Current


Commerzbank London

Managing Director

Head of Financial Market Services

Head of FICC Front Office Risk and Resource Management

2014-2023


Royal Bank of Scotland London

Managing Director

Co-Head of Fixed Income Run-off and Recovery

Co-Head of Emerging Markets Structured Trading and Structuring

Head of Local Markets Market Risk

Head of Emerging Markets Rates and Exotics Trading

2006-2014


ABN AMRO, London and Tokyo

Managing Director

Global Head of Rates Options & Exotics Trading

Head of Fixed Income Quantitative Analytics

Regional Head of Structured Trading and Local Head of Fixed

Income Trading

2001-2006


CSFB Sydney

Yen Options Trader

2000-2001


Salomon Brothers (later Citigroup) London

Gilts Trader

1996-2000


Standard Chartered London and Singapore

Trainee Derivatives Researcher

1995-1996

Rates Trading Expert Witness

Contact Form
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Contact

Stephen Laughton

1185 Avenue of the Americas
New York, NY 10036

+1 646-626-4555

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