Clinical Professor of Finance, NYU Stern School of Business
I am a financial economist with more than three decades of experience across academia, Wall Street, and government. In my teaching, research, and consulting, I aspire to be thoughtful, creative, and responsible, and to base conclusions on solid foundations of data and domain-specific knowledge.
As a Clinical Professor of Finance at the NYU Stern School of Business, I focus on fixed income and derivatives markets, both in teaching and in research. My textbook, Fixed Income Securities: Tools for Today’s Markets, is currently in its third edition (with a fourth in the works), has sold about 60,000 English-language copies over its life, and has been translated into Japanese and Chinese. I am particularly gratified that the book’s audience is relatively evenly divided between students and practitioners.
From fall 2017 to summer 2020, I was Chief Economist at the Commodity Futures Trading Commission, where I directed a staff of research economists and partnered with the office of the chairman and the rule-making divisions on a variety of policy issues. My team designed and implemented Entity-Netted Notionals, which, for the first time, reasonably measure the size of swap markets. What got worldwide attention, however, was the letter the chairman and I wrote to the Vatican in response to its bollettino that condemned credit default swaps!
Between my earlier and later years at Stern, I worked on Wall Street, mostly managing quantitative research groups. I started at the Arbitrage Trading Group of Salomon Brothers in 1994, and retired from the Prime Services Division of Lehman Brothers— subsequently Barclays Capital— in 2010. I am most proud, in that last role, of remodeling divisional risk governance and of leading quants and programmers to create an award-winning portfolio-margin product that protected the firm, attracted business, and reduced response times to initial client inquiries from two weeks to two hours.
When I’m not doing finance, I’m singing or listening to choral music; reading graphic novels; practicing one of the five foreign languages that I’ve spoken at some point in my life; or losing badly in insanely-complicated board games to my two grown sons and their friends.
Stone Money of Yap
Gallery of Numismatics, Washington, DC