CAPITAL MARKET RISK ADVISORS
Capital Market Risk Advisors, Inc. (CMRA) is a pre-eminent risk advisory, risk governance, expert witness, and complex financial litigation support boutique specializing in derivatives, RMBS, and structured finance/CDOs/CLOs.
Celebrating our 20th year, we offer clients a unique perspective based on years of hands-on experience in the evolution of derivatives, risk management, hedge funds, risk governance, structured securities and other complex financial instruments and capital markets issues.
CMRA was founded by Leslie Rahl, a derivatives pioneer, a former director of ISDA, and a bank Board and Risk Committee member with a BS and MBA from MIT. Peter Niculescu is a Partner of CMRA and former EVP of a $1 T portfolio at Fannie Mae, former Goldman Sachs MD and Head of Fixed Income Research, and a Yale Economics Ph.D.
As true "experts" whose practice is balanced between clients who are trying to avoid/solve problems and those who are litigating/investigating problems, CMRA is uniquely positioned to provide both pro-active and re-active services. We offer practical solutions honed by the experience of servicing hundreds of clients on six continents over two decades coupled with our line management experience and board experience.
Clients include institutional investors, funds, law firms and law departments, insurance companies, and other financial market participants.
Our advisory services include advising on risk management, valuation, risk due diligence, risk governance, risk appetite statements, risk budgeting, risk reporting and communication, as well as benchmarking practices and reviewing and drafting risk management policies and governance charters.
Our litigation support/expert witness/internal investigations practice deals with all aspects of derivatives, structured finance and other complex financial issues.
The synergy between our advisory and litigation practices helps us provide advisory clients with insight about what can and does go wrong and provide litigation clients with insight about prevailing industry standards.
- CMRA has added a link to the Global Risk Institute's (GRI) Systemic Risk Links (see our Academics Links page). Our Managing Partner, Leslie Rahl is on the Board of the GRI-a public/private sector initiative. View more links
Leslie Rahl to speak at NYSE re: Risk Oversight in the Boardroom on April 9,2013
Download brochure (PDF)
- Leslie Rahl has been selected as a member of the prestigious "Panel of Recognized International Market experts in Finance" in The Hague.
Leslie Rahl as a member of the Board of Directors of the Global Risk Institute helped organize the GRI's first conference on Systemic Risk on December 10, 2012
Download conference program (PDF)
Value-at-Risk: A Dissenting Opinion by Stephen Rahl.
(Available for download by Registered users.)
New Book Publication
Risk Budgeting, Second Edition: Risk Appetite and Governance in the Wake of the Financial Crisis
Edited by Leslie Rahl
Published September 14, 2012
* Learn more about the book
* Order Now - to receive a 10% discount, enter the Promotional Code Budgeting10 before proceeding to checkout.
Peter Niculescu of Capital Market Risk Advisors to speak on Lehman Derivatives Framework,
"Flip" clauses, and Greek CDS. November 28, 2011
* Read the press release
CMRA comments re SEC Derivatives in Mutual Funds proposal. November 1, 2011
* Read the letter
* Article in Pensions & Investments
Capital Market Risk Advisors Releases 2011 Risk Governance Survey Results.
* Read the press release
* Download CMRA Risk Governance Survey Results 2011 (Registered users)
* View recent CMRA surveys
- CMRA's Expert Reports and Testimony Pivotal in Judge's $600 MM+ Ruling in Barclays/Devonshire litigation September 7, 2011
- The September 2011 edition of Conference Proceedings Quarterly featured Advances in Risk Management and Risk Governance, an article by Leslie Rahl. (Link available for Registered users to read the article now.)
CMRA celebrated its 20th Anniversary and new offices at a party on 18 May with our office mate Dr. Ruth.
Read the Pensions and Investment article...
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