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CMRA provides financial forensics litigation support and expert
testimony for Capital Markets issues including, but not limited to, appropriateness, damages, valuation and a wide array of trade practices. CMRA's team of experienced industry experts turns industry jargon and
complex finance into plain English. Relying on a proprietary set of models and a vast proprietary financial data warehouse, CMRA professionals can value nearly any financial instrument in the developed or emerging
markets. Hands on trading and money management experience by out team of senior professionals allows us to address a wide variety of financial industry and securities markets issues. As the chair of the original
1987 ISDA documentation committee, our president is uniquely qualified to opine on documentation and market practice issues.
CMRA Services
- Value complex or illiquid securities
- Assess appropriateness and suitability
- Evaluate trade practices
- Interpret transaction records and trading agreements
- Review compensation agreements
- Evaluate commission/spread reasonableness
- Interpret master agreements, trade confirmations and other deal related documents
Client Benefits
- Independent valuation
- Build stronger arguments
- Understand deal complexities and pricing issues
- Estimate maximum damages
- Demonstrate inappropriateness, unfair pricing or illegal trade practices
- Learn about market dynamics and trade practices
- Gain independent and objective insight
- Access market experts with almost 100 combined years of relevant experience
Selected Assignments
Regulatory Review
Under the orders from the Fed, the SEC, the OCC and the NY State
Banking Commission, CMRA conducted a comprehensive review of the derivatives business of Bankers Trust from 1991-1994. The review included a transaction level review as well as a review of policies and
procedures on a worldwide basis Our review examined over 5,000 spreadsheets and provided an analysis of over 800 transactions. Over 150 business professionals received in-depth interviews.
CMRA has provided training and advise to many US and non-US regulatory authorities.
CMRA has been engaged by several banks and broker/dealers to prepare
them for pending regulatory reviews.
Forensics
Orange County engaged CMRA to analyze the circumstances surrounding
unexpected collateral calls for an assessment of the impact on the overall portfolio and investment strategy.
A large foreign dealer engaged CMRA in a Financial Forensics project
to analyze and price over 30,000 FX options and forwards and analyze the cash flows in a major trading account.
An international corporation engaged CMRA to advise in the evaluation
and unwinding of a complex leveraged transaction with a multimillion dollar embedded loss. CMRA was able to save the client in excess of $1 million.
Litigation support and expert testimony
CMRA analyzed issues in several litigations related to margin calls
and liquidations of MBS and emerging market hedge funds related to the 1994 & 1998 crises.
CMRA provided expert analysis and report in a corporate pension dispute.
CMRA provided expert analysis and testimony in a tax related dispute.
CMRA provided expert report and deposition in a repo dispute between two dealers.
CMRA evaluated pricing and market practice issues related to the
unwind of a swap contract used by a large US municipality.
A group of financial institutions engaged CMRA to assist in the
unwind of a defaulting counterparty. CMRA professionals valued over 100 complex credit sensitive emerging market transactions in order to estimate fair market values.
A fund engaged CMRA to assist in estimating damaged related to the
unwind of a complex portfolio under ISDA and PSA / BMA / GRMA agreements. CMRA professionals examined the unwind price / cost calculation methods applied as well as time required to liquidate one the default was
declared.
CMRA analyzed the style consistency of a value manager.
A large US corporation engaged CMRA to value a purchase option on a
rare underlying asset embedded in a contract using a proprietary set of models.
CMRA has evaluated the investment practices of pension funds,
municipalities, and financial institutions.
CMRA assisted a large European universal bank in an arbitration
related to the profitability of an unusually long-term interest rate option.
CMRA authored an expert report in litigation related to the Sumitomo
trading scandal that analyzed Hamanaka’s trading strategy.
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