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Skyscrapers and Sky
SECURITIES AND DERIVATIVES
Practice Area

SEDA Experts’ securities and derivatives practice is comprised of former senior executives who ran global practices at both commercial and investment banks. Our experts covered instruments such as equities, fixed income, credit and interest derivatives as well as options, futures and warrants. Our experts have solid knowledge and experience in trading platforms, exchanges, central clearing as well as exchange traded instruments (ETFs).

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Our experts have provided opinions and testimony on high stake matters involving issues related to exchanges operational issues, policy and procedures, best market practices and regulatory requirements, as well as disputes in connection with central counterparty clearing, warrants agreements, interest rate and credit default swaps, trade secrets, equities and fixed income trading, among other issues.

Examples of cases involved valuing multi billion dollars interest rate swaps portfolios, antitrust cases involving credit default swaps trading, disputes in connection with exercising warrants and warrant agreement provisions, valuing exotic options and respective close out amounts, as well as claims around equity trading strategies.



EXPERTISE


Equities and Derivatives

SEDA brings deep expertise in equities and derivatives through its team of highly seasoned professionals. Our equities and derivatives experts cover a wide range of expertise, including trading, securities lending, prime finance strategies, equity research, margin requirements, equity valuation, warrants, and other aspects of equity capital markets. SEDA’s experts also have extensive experience in structuring, trading, and negotiating complex derivative products tied to underlying equity instruments, ensuring a comprehensive understanding of these sophisticated financial products.

Fixed Income

Our fixed income practice is led by experts who have experience in trading fixed income, structuring complex bond offerings, fixed income prime finance, fixed income research, portfolio management, portfolio risk management, and investment advisory, including respective fiduciary responsibilities, as well as other debt capital markets related activities. Our team's expertise spans a wide range of fixed income instruments, including corporate bonds, government bonds, agency bonds, municipal bonds, and inflation-linked bonds, both listed and OTC. Our experts run fixed income and derivatives practices at UBS, JP Morgan, Barclays, Lehman Brothers among other commercial and investment banks.

ISDA Instruments

SEDA’s experts have extensive experience dealing with instruments covered by ISDA standards and agreements and respective documentation i.e. master agreements, schedules, confirmations, credit support annex, auction protocols and others. Experts in this practice include a former ISDA CEO, as well senior executives that ran global practices that involved trading ISDA instruments such as interest rate swaps, credit defaults swaps and other well-known and accepted swap instruments, both listed and over the counter (OTC).

Exchange Traded Funds (ETFs)

Our experts were involved in the creation and implementation of ETFs and related index funds from their inception, as well as writing the first Product Guide to ETFs around the launch of iShares and led a team that assisted institutions—such as hedge funds, pension funds, asset managers, and RIAs—in adopting ETFs in the 2000s. Our ETFs experts are also the recipient of the 2023 ETF.com Lifetime Achievement Award, and the William F. Sharpe Indexing Lifetime Achievement Award.


RELATED EXPERTS

Joanne M. Hill

Joanne M. Hill

Bio

Managing Director

Joanne has over 30 years of experience in leadership roles in investment strategy at investment banks and asset managers with a focus on index and quantitative products, derivatives, along with volatility and risk management. She currently serves as Chief Advisor for Research and Strategy at Vest Financial, a fund manager, specializing in option-based investments.

Former 

ProShares - Head of Institutional Investment Strategy

CFA Institute Research Foundation - Chair and Board Member

Expertise

Investment Strategy EFTs Index and Quantitative Products Option-based Investments Volatility Risk Management Strategy

Peter U. Vinella, Ph.D.

Peter U. Vinella, Ph.D.

Bio

Managing Director, Advisor to the Board

Peter U. Vinella has more than 30 years of experience in the financial industry as a consultant and an executive with leading financial institutions. Mr. Vinella has extensive testifying experience acting as an expert for both plaintiff and defendant, involving more than 25 matters and including seven cases with more than $1 billion at stake.

Former 

Berkeley Research Group - Managing director

Wilmington Trust Conduit Services, LLC - President and CEO

Expertise

Trading and Investments, Risk Management, Operations, FinTech and Project Management, Quantitative Analysis, Custody, Trust, and Fund Administration, Repo and Securities Lending

Todd Hohman

Todd Hohman

Bio

Managing Director

Todd Hohman has over 25 years of experience in financial markets, with a particular focus on algorithmic and systematic trading and execution of exchange traded products including cash equities, options, futures and ETFs. His areas of expertise cover high frequency trading, internalization and dark pools, central risk books, portfolio and operational risk management and related controls.

Former

Goldman Sachs - Head EMEA One Delta Trading and Execution, Co-Head Global Systematic Trading. Head Global Quant Vol

Expertise

Algorithmic Trading, Equity Derivatives, Portfolio Risk, Statistical Arbitrage, High Frequency Trading, Payment for Order Flow, Exchanges, Automated Trading Controls, Operational Risk Management

Peter Selman

Peter Selman

Bio

Managing Partner

Peter Selman, as the former Head of Global Equities at Deutsche Bank, and the Co-head of Global Equity Trading at Goldman Sachs, is a world-class expert in all aspects of equity products including cash equities, OTC options, listed derivatives, equity valuation, securities lending and prime finance, ETFs and structured products.

Former

Deutsche Bank  - Global Head of Equity 

Goldman Sachs - Co-Head of Global Equity Trading 

Expertise

Cash and Derivatives Equity, Equity Valuation, Exchanges, Indices, OTC and Listed Derivatives, Prime Finance, Structured Products and Annuities

Louise Pitt Brindle

Louise Pitt Brindle

Bio

Senior Advisor

Louise Pitt Brindle is a seasoned expert in credit with a focus on the global financial institutions sector, most recently serving as a Principal and Head of Research at RPIA in Toronto. In a 27-year career, with significant roles at Goldman Sachs, her focus includes global fixed income, corporate credit, financial institutions’ strategy, financial accounting, ESG and sustainability investing.

Former

RPIA - Principal Head of PM Research

Goldman Sachs - Vice President

Expertise

Credit Research, Credit Trading, Financial Institutions Research, Preferred Stocks, AT1 Capital, CDS, ESG Investments

Bradley Ziff

Bradley Ziff

Bio

Managing Director

Bradley Ziff is a world class expert in counterparty and credit risk, the LIBOR transition and issues surrounding central clearing as a risk mitigant. Over the past thirty years, Brad has led multiple global benchmarking projects focusing on different aspects of capital and financial markets.

Former

FTI Consulting - Managing Director

ISDA - Chief Executive 

Expertise

ISDA Counterparty Risk, Central Clearing LIBOR Transition

David Pelleg

David Pelleg

Bio

Managing Director

David Pelleg has over 30 years of experience in the financial industry and is an internationally recognized expert in structured finance, alternative asset management (especially hedge funds and private equity), derivatives trading, structuring, and risk, as well as digital assets. He is now a full-time professor of finance at Kent State University.

Former

Ivy Asset Management - Head of Structured Solutions Group
Bank Of America - Principal, Structured Hedge Fund Products Group

Expertise

Hedge funds / private equity / alternative asset management Structured finance (CLO, CDO, CBO, CFO) Derivatives especially vanilla/exotic/exchange traded options Digital currencies and trading Hedge-fund-linked structured products Cases which are nonstandard, hybrid or with many moving parts

Howard Yaruss

Howard Yaruss

Bio

Managing Director

Howard Yaruss is an accomplished real estate expert. He teaches in this field as an Adjunct Professor at NYU, as well as practicing as an expert witness in Mortgage, Financial Guaranty and Title Insurance. He formerly served as Executive Vice President, General Counsel, Chief Responsibility Officer, and member of the five-person management team of Radian Group Inc., one of the nation’s largest insurers of mortgage and municipal debt.

Former

Radian Group Inc. - Executive Vice President, General Counsel, Corporate Responsibility Officer

Assured Guaranty, Ltd. - Vice President, Assistant General Counsel

Expertise

Mortgage Insurance, Financial Guaranty and Bond Insurance, Credit Enhancement for Mortgage-Backed Securities, Financial Guaranty and Mortgage Reinsurance, Title Insurance Alternatives, Insurance Regulation

Barbara Mullaney Pendrill

Barbara Mullaney Pendrill

Bio

Managing Director

Barbara is a seasoned financial services executive with extensive expertise in retail financial services and regulatory engagement. In a career that spanned the globe, she held senior roles in derivatives, structuring and latterly retail banking that gave her extensive insight into areas such as retail structured products, margin lending, disclosures and suitability.

Former

Arthur Anderson - Auditor

Citigroup - MD, Global Head of Relationship Management & Business Development

Expertise

Regulation, Structured Products, Wealth Management, Capital Markets, Governance & Controls

Dylan Roy

Dylan Roy

Bio

Managing Director

Dylan Roy, with a stellar 30-year career, is recognized as a Fixed Income expert, encompassing senior roles in Foreign Exchange and Risk Management. After a decade-long tenure trading various Interest Rate Products in major global markets, he took significant responsibility at UBS as the Americas Head of Foreign Exchange, Rates, and Credit, eventually becoming The Global Co-head of Fixed Income Trading.

Former

UBS - Managing Director, Global Co-Head of Fixed Income Trading

UBS - Americas Head of Foreign Exchange, Rates, and Credit

Expertise

Fixed Income Sales & Trading OTC/Listed Derivatives Global Markets Risk Management FX, Rates and Credit Products

Philip A. Olesen

Philip A. Olesen

Bio

Managing Director

Philip Olesen is a global credit sales and trading professional with over 25 years of leadership and expertise in credit trading, risk management, and investment banking. With a distinguished career primarily at UBS Investment Bank, he has been involved in all credit products including bonds, loans, CDS and structured credit products including correlation risk.

Former

UBS Investment Bank - Managing Director, Global Head of Credit Trading

Managing Director, Head of Global Correlation

Managing Director, Global Risk Manager - Credit

Expertise

Global Credit Sales & Trading (including Emerging Markets), Credit Derivatives, Risk Management, Credit Research, Liability Management, Capital Markets

Robert MacLaverty

Robert MacLaverty

Bio

Managing Director

Robert MacLaverty is a managing director with SEDA Experts (SEDA) providing financial, economic, and testifying expert services to the nation's leading law firms, investment banks, pension funds, endowments, and foundations.

Former

Berkeley Research Group, LLC - Managing Director

Credit Suisse - Vice President

Expertise

Exchanges, Derivatives & Structured Finance, International Arbitration, Securities & Financial Markets, Valuation & Financial Analysis

John Feeney, Ph.D.

John Feeney, Ph.D.

Bio

Managing Director

Dr. Feeney has over 35 years in trading and management roles in financial markets across most asset classes. He has worked for National Australia Bank, Commonwealth Bank, Citibank and Macquarie Bank. Over this time, he has traded and managed interest rate derivatives, foreign exchange, traded credit, commodities and funding businesses. Most recently, Dr. Feeney has been focusing on market pricing and management of trade execution for client.

Former

National Australia Bank - Head of Conduct, Corporate and Institutional Bank

Commonwealth Bank of Australia - Head of Trading

Expertise

Derivative, FX, Credit and Commodities, Valuations of Financial Market Products, Trade Management and Regulatory, Requirements, Market Practices, Regulatory Reviews, Market Conduct

Rubin Rajendram

Rubin Rajendram

Bio

Managing Director

Rubin Rajendram has over 25 years of global experience in quantitative finance, derivative trading, risk management, and model development across leading investment banks, asset managers, and consultancies. His expertise covers interest rates, FX, credit, inflation, and equity derivatives, with a focus on exotic products, hybrid structures, and advanced quantitative analytics. Rubin has worked in major financial hubs such as Singapore, Sydney, New York, London, and Hong Kong, applying his knowledge to both buy-side and sell-side institutions.

Former

Goldman Sachs - Executive Director

Deutsche Bank - Director

Royal Bank of Scotland - Head, Rates + FX Index Trader/Structurer Head, USD and EUR Rates Exotics

Expertise

Exotic Derivative Trading/Structuring, Quantitative Research and Risk Analytics, Market Risk Management, AI Quantitative Solutions


Tim Davies

Tim Davies

Bio

Managing Director

Tim Davies is a seasoned foreign exchange and derivatives expert with over 25 years of global experience across financial markets. He brings deep expertise in the structuring, advisory, sales, and trading of FX and FX derivatives, combined with a strong background in treasury risk management. Tim works with corporates, funds, banks and retail forex trading platforms to help them manage their foreign exchange needs.

Former

Comonwealth Bank of Australia - Director of FX Structuring

Lloyds Bank - Director of FX Structuring

Expertise

FX Derivatives Structuring, Sales, and Trading, Treasury Risk Management


Stephen Laughton

Stephen Laughton

Bio

Managing Director

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.

Former

ABN AMRO, London and Tokyo - Managing Director, Global Head of Rates Options & Exotics Trading

Royal Bank of Scotland London - Managing Director, Co-Head of Fixed Income Run-off and Recovery

Commerzbank London - Managing Director, Head of Financial Market Services

Expertise

Fixed Income, Emerging Markets, Portfolio Modeling and Valuation, Credit, Capital, and Funding Risks, Rates, Options, Exotics, Structured Products

Kevin M. Murphy

Kevin M. Murphy

Bio

Managing Director

Kevin Murphy has spent over 30 years in financial markets and is an acknowledged expert in equity markets, risk and structured products. He is presently a partner at Sachs Capital Group Asset Management overseeing Trading, Risk and Product Development after leadership roles at several global investment banks.

Former

Barclays Capital - Managing Director, Global Equities Head of Risk, Capital and Platforms

Global Head of EFS Solutions Business


Expertise

Derivatives, Fixed Income Trading, FX Trading, Equity Trading

James O'Connor

James O'Connor

Bio

Senior Advisor

Mr. O’Connor has over 30 years of experience in global financial markets, with unique expertise in prime brokerage, inventory management, securities lending, repo, asset-based financing, and liquidity and counterparty risk management. His career spans senior leadership roles at major investment banks and asset managers across North America, Europe, and Asia.

Former

Aperture Investors LLC - President, Chief Operating Officer

Och-Ziff Capital Management - Head of Business Management, Head of Portfolio Finance

Goldman Sachs - Managing Director

Expertise

Prime Brokerage, Securities Lending & Repo Markets, Treasury Operations, Liquidity and Counterparty Risk Management, Inventory Management and Asset Financing

Howard Kramer

Howard Kramer

Bio

Senior Advisor

Howard Kramer is a distinguished retired financial regulatory attorney with over 40 years of comprehensive experience in both government and private sectors. His expertise spans a wide array of areas including securities and derivative products and markets, equity, options and debt market trading, broker-dealer compliance, the US financial regulatory structure.

Former

Willkie Farr & Gallagher - Partner

Schiff Hardin - Partner

U.S. Securities and Exchange Commission - Senior Associate, Director of the Division of Market Regulation

Expertise

Securities and Derivative Products and Markets, Equity, Options and Debt Market Trading, Broker-Dealer Compliance, US Financial Regulatory Structure, US Securities Laws and Regulations

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