Practical solutions honed by personal trading experience and by the experience of serving hundreds of clients.
Capital Market Risk Advisors, Inc. (CMRA) has been providing Risk Advisory and Litigation Support Services for 25 years. We are a group of senior professionals, each with decades of direct market experience that includes trading, managing risk, working with regulators and serving on boards. We specialize in derivatives, asset-backed securities, mortgage products (Agency and private label MBS, CMOs, and whole loans), structured finance and other complex financial products and strategies.
CMRA's senior practitioners have been at the forefront of risk management since the early 80's. Our partners, Leslie Rahl and Peter Niculescu, have managed over $150 billion in derivatives business and held direct responsibility over balance sheets totaling over $1 trillion.
Our multidisciplinary team of seasoned industry professionals also includes:
- A Harvard Law graduate who leverages over 15 years of hands-on experience trading credit derivatives and structured credit products coupled with perspectives garnered from his legal training to service our clients,
- The former Chief Investment Officer of Travelers Insurance’s $100 billion portfolio who also has direct experience managing convertible security and long/short equity portfolios, and
- An equity research analyst and risk manager who oversaw a $3 billion fund of funds before becoming responsible for Merrill Lynch’s $26 billion in hedge fund investments.
- A securitized products and derivatives expert, with over 20 years of capital markets experience, who has traded over $5 billion in CDOs, asset-backed securities, credit default swaps, and index products.
Our latest releases on the "CMRA Commentary" blog, where we distribute thought pieces on relevant topics:
CMRA in the Media
CMRA's years of market experience have established the firm as an industry voice often sought after by the press and through speaking opportunities. Explore the firm's media presence through our coverage by the press as well as past speeches.
Get in touch.
4851 Tamiami Trail North
Naples, FL 34103
767 3rd Ave
New York, NY 10017
Use the form below to contact us. You may also call us to make an appointment.
Explore our Practice
+ Best Practices in Risk Management, Measurement, Governance and Oversight
- CMRA has been at the forefront of the development of best practices in risk, establishing standards and criteria for the implementation of policies and procedures.
- Effective risk management across an enterprise requires precise quantification of risk using state of the art modeling, qualitative assessments of unquantifiable risks and a governance, oversight and escalation structure.
- Risk organizations increasingly report to a CRO who is integrated into the company’s business strategy, but the most effective risk organizations and Enterprise Risk Management programs (ERM) are customized for the individual financial institution and may and should vary widely from company to company.
- Our approach to risk measurement is both practical and analytically robust. Our experience being hired to remediate financial sector failures informs our proactive risk management approach.
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+ Testifying and Consulting Expert Services for Complex Financial Disputes
- CMRA's seasoned experts leverage decades of direct experience in the capital markets, sterling academic credentials, and experience navigating the challenges of cross examination and direct testimony to offer expert reports and court testimony, on assessments of both liability and damages. Our clients depend on us to offer clear, independent, and well-supported evidence in a range of complex litigation matters.
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+ Experts in Complex Derivatives, Structured Finance, MBS, ABS, and Repo
- Structured Finance
- Mortgage-Backed Securities (MBS)
- Asset-Backed Securities (ABS)
- Repurchase Agreements (Repo)
+ Independent Advisors for Regulatory Inquiries and Enforcement
- When it comes to negotiations and communications with regulators, our principals have experience on both sides of the table. We collaborate with financial institution clients to assess the facts related to regulatory inquiries, and also help regulators navigate nuanced topics such as trading, market structure, and market practice. While the details of our work on regulatory inquiries are confidential, we have been engaged to advise on the trading and portfolio management of the following asset classes:
- Derivatives (rates, credit, FX, equity, and commodities)
- Asset-backed securities and mortgage-related assets
- Treasuries and corporate bonds
- Structured product
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+ Independent Risk Advisors to Boards of Directors
- CMRA provides many different services to Boards of Directors that include:
- Independent oversight of management’s risk function.
- Construction of Risk Appetite Statements to ensure clarity of communication between the Board and management on risk tolerance.
- Review of an institution’s risk governance, its organization, lines of communication and reports and the optimal role for the Chief Risk Officer customized to the specific organization and culture.
- Review and assistance in construction of Risk Policies.
- Board education and training on risk.
- Best practices in linking risk and compensation.
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+ Operational and Risk Due Diligence
- Our team leverages its years of experience performing due diligence on alternative investment managers and M&A opportunities both to advise clients seeking to deploy capital and to counsel investment funds seeking to benchmark and improve their practices. Our specialized expertise in derivatives, structured product, and other esoteric asset classes allows us to assess a wide range of equity, fixed income, and hybrid strategies.Learn More
Recent Regulatory-Related Releases
- Bank of England: Simulating stress across the financial system: the resilience of corporate bond markets and the role of investment funds
- CFTC Office of the Inspector General: A Review of the Cost-Benefit Consideration for the Margin Rule for Uncleared Swaps - June 2017
- Bank for International Settlements and OICU-IOSCO: Framework for supervisory stress testing of central counterparties (CCPs) - June 2017
- Federal Reserve Alternative Reference Rate Committee: The ARRC Selects a Broad Repo Rate as its Preferred Alternative Reference Rate - June 22, 2017
- CPMI-IOSCO: Report on the Resilience of central counterparties (CCPs): Further guidance on the PFMI - July 5, 2017
Visit our Insights page to explore the regularly updated helpful resources, links, and books we have to offer.