CAPITAL MARKET RISK ADVISORS

Capital Market Risk Advisors (CMRA) is the preeminent risk management firm providing both consulting and litigation support services to US and international financial services companies and institutional investors. CMRA's predecessor firm was founded in 1991 by Leslie Rahl who has 35 years experience in the financial markets. Ms. Rahl was previously co-head of Citibank's Derivatives Group and served as a director of ISDA for 5 years. Ms. Rahl and her partner, Barbara Lucas, are capital market veterans with over seventy years of combined experience and extensive expertise with respect to all types of derivatives, mortgage-backs, collateralized debt obligations and other complex and structured securities and transactions.

Clients include banks, broker dealers, hedge funds, fund of funds, mutual funds, insurance companies, pension fund and other financial market participants. 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 and was called the "Red Adair" of financial engineering by Grant's Interest Rate Observer.

We offer practical solutions honed by the experience of servicing hundreds of clients on six continents.
Our services include:

• Derivatives
• Structured finance/MBS/ABS/CDO's
• Risk Management/Risk Diagnosis
• Valuations
• Best Practices
• Capital Market Strategy
• Risk Governance
• Litigation support/expert witness/internal investigations

With support from a network of quants and market practitioners, we are well-equipped to handle large and complex engagements.

• Opalesque Blizz: AIMA, MFA, IOSCO, U.S. and U.K. Working Group launch groundbreaking MATRIX to harmonise hedge fund practices.
  The Hedge Fund Matrix is located at www.hedgefundmatrix.com.
• Recent Reports on Best Practice and/or the Current Crisis
• New star added to Galaxy for Rumor Risk
• Emerging Issues in Credit Default Swaps (CDS) 4/23/08 webinar
     CDS slides (PDF - registered users)
• Article in Feb 08 AIMA journal re complexity, opacity and illiquidity
     The biggest "CIO" Risk: "Alpha" Risk misManagement (PDF - registered users)
• The Buy Side Risk Managers Forum published "Risk Principles for Buy Side Risk Management"
     Risk Principles for Asset Managers (PDF)
     Press Release (PDF)

• "Breaking the Buck". CMRA was an expert for a major asset management company which would have "broken the buck" in 1994 as a result of the mortgage backed "kitchen sinks" in their portfolio, had they not bailed out their funds.
• We don't like to say we told you so, but, as you can see from the article we published in the AIMA Journal in 2005, Risk Management: An Evolution From "Gut" to "Quant" to "Wisdom", the risk issues confronting the markets today were foreseeable and the mechanisms for dealing with them existed.

Register with us to gain access to all the resources available on our web site, including CMRA articles and surveys.