Leslie Rahl is the Founder and President of Capital Market Risk Advisors, Inc. (CMRA). CMRA is the preeminent financial advisory firm specializing in risk management, hedge funds, financial forensics, and risk governance.  CMRA and its predecessor firms have played an integral role in the evolution of hedge funds, derivatives, structured securities and risk management for more than 15 years, and Mrs. Rahl has 35 years of financial market experience.

Mrs. Rahl spent 19 years at Citibank, including nine years as co-head of Citibank's Derivatives Group in North America. She launched its caps and collars business in 1983 as an extension of the proprietary options arbitrage portfolio she ran and was a pioneer in the development of the swaps and derivatives business.

Mrs. Rahl was named one of the Top 50 Women in Finance by Euromoney in 1997 and was profiled in both the fifth and tenth anniversary issues of Risk Magazine.  She was listed in "Who's Who in Derivatives" by Risk Magazine and was profiled in Fortune Magazine's "On the Rise” and Institutional Investor's "The Next Generation of Financial Leaders.”

Mrs. Rahl is on the Board of Directors of Fannie Mae, the Canadian Imperial Bank of Commerce (CIBC), and the International Association of Financial Engineers (IAFE). She is a member of the hedge fund committee of the Alternative Investment Management Association (AIMA). She was a Director of the International Swaps Dealers Association (ISDA) for five years, chaired the IAFE’s Investor Risk Committee (IRC), and recently retired from the MIT Investment Management Company Board of Directors and the New York State Common Retirement Board.

Mrs. Rahl is the co-founder of the High Water Women Foundation and has recently retired from its Board.  She was on the Board of 100 Women in Hedge Funds for its formative first three years and chaired the Philanthropy Committee.

Mrs. Rahl is the author of Hedge Fund Transparency: Unraveling the Complex and Controversial Debate published in March 2003 by Risk Books and the editor of Risk Budgeting a New Approach to Investing published in November 2000 by Risk Books. Her articles have appeared in a wide range of publications.

Mrs. Rahl received her undergraduate degree in Computer Science from MIT in 1971 and her MBA from the Sloan School at MIT in 1972.

Barbara Lucas is a well-known securities and banking lawyer with more than 25 years of experience in law, business and government. A former partner and chairperson of the banking department at Cadwalader, Wickersham & Taft, Ms. Lucas has represented major U.S. and foreign banks, broker-dealers, primary dealers, derivatives companies and hedge funds on a wide range of banking, securities, corporate, compliance and governance issues. Prior to joining Cadwalader, she was General Counsel to what was then known as Citicorp’s Investment Bank, with responsibility for oversight of all legal and compliance functions in Citi’s wholesale securities, commodities, derivatives, structured finance and foreign currency businesses in the U.S. and O.E.C.D. countries. She also served as Chief Counsel to the CFTC’s Division of Enforcement and Director of its Office of Policy Review, as well as Special Counsel to the SEC’s Division of Corporation Finance, in charge of its Corporate Governance Task Force and various regulatory initiatives, including actions culminating in passage of the Foreign Corrupt Practices Act.

A pioneer in the derivatives business and a long-time adviser to all types of financial services companies, Ms. Lucas offers consulting, compliance, educational and other services to corporate boards and managers, plan sponsor trustees, mutual fund boards, hedge fund managers, counsel and compliance personnel. A frequent speaker at legal and compliance seminars and symposia, she is the author of numerous articles appearing in a wide range of publications.

Ms. Lucas received her undergraduate degree in English from Cornell University and her J.D. from the Washington College of Law at American University.