Speakers Gallery

Leading authorities on financial risk confirmed to speak at Risk USA:

Barry Zubrow, Chief Risk Officer, JP MORGAN CHASE & CO

Barry L. Zubrow is the Chief Risk Officer and Executive Vice President of JPMorgan Chase and a member of the Operating Committee. Barry oversees the credit, market and operating risk organizations across each of the Bank’s lines of business. He chairs the firm-wide risk committee and serves on various other support committees.

In 2004, Barry left Goldman Sachs after a 26-year career there. He served as the firm’s chief administrative officer, headed its operations and administration division, and co-headed the operations, finance and resources division. Barry co-chaired the firm’s risk and credit committees, and served on the partnership, commitments and finance committees. He also served as a director of Goldman Sachs International Corp. From 1994 to 1999, Barry was the firm's chief credit officer. Before that, he was a partner in the investment banking division, where he provided strategic and corporate financing advice to major Fortune 100 companies.
Barry is co-chairman of the board of managers of Haverford College and a member of the board of directors of The Pingry School in Martinsville, NJ, the Juvenile Law Center in Philadelphia, PA and Temple Har Shalom in Warren, NJ.

Barry received his BA from Haverford College in 1975, an MBA in 1979 from the University of Chicago Business School and his JD in 1980 from the University of Chicago Law School.

Bennett W. Golub, PhD, Vice Chairman and Chief Risk Officer, BLACKROCK

Bennett W. Golub, PhD, Vice Chairman and Chief Risk Officer, is co-head of BlackRock's Risk & Quantitative Analysis Group and a member of the Operating and Leadership Committees. He is responsible for the market and counterparty risk of all the assets managed by BlackRock. Dr. Golub is also co-chair of BlackRock's New Products Operating Committee.

Before taking on his current responsibilities, Dr. Golub was co-head and founder of BlackRock Solutions, BlackRock's risk advisory business. He remains actively involved in developing analytical tools used in measuring and managing market and credit risks of fixed income and equity portfolios. Previously, he served as the acting CEO of Trepp, LLC., a former BlackRock affiliate that pioneered the creation and distribution of data for collateralized commercial-backed securities. Prior to founding BlackRock in 1988, Dr. Golub was a Vice President at The First Boston Corporation where he created the Financial Engineering Group. During his tenure, his group structured over $25 billion of securities including many innovative collateralized mortgage obligations and asset-backed securities.

Dr. Golub co-authored Risk Management: Approaches for Fixed Income Markets (J. Wiley & Sons, Inc., 2000) which also has Japanese and Chinese editions. He has authored or co-authored many articles, including "Asset Allocation and Risk Management for Sovereign Wealth Funds" (Sovereign Wealth Management), "New Benchmarks for Debt Instruments: No Room for Nostalgia in Fixed Income" (Risk Magazine), "Measuring Yield Curve Risk Using Principal Components Analysis and Value At Risk" (Journal of Portfolio Management), "Approaches for Measuring the Duration of Mortgage-Related Securities" (The Handbook of Mortgage-Backed Securities, 6th Edition), "Mark-to-Market Methodology, Mortgage Servicing Rights, and Hedging Effectiveness" (The Handbook of Mortgage-Backed Securities, 6th Edition), and "Composite Portfolios Present Challenges" (Pension and Investments Magazine). In 2001, Dr. Golub, with his colleague Charles Hallac, received the "Asset Management Risk Manager of the Year" award from Risk Magazine. He is a frequent lecturer at industry conferences and meetings and is affiliated with numerous professional and academic organizations, including the Financial Management Association, and the International Association of Financial Engineers. He is member of the Board of The Journal of Portfolio Management and the Advisory Board of The Journal of Risk Finance.

Dr. Golub earned a SB degree and an SM degree in management in 1978 and 1982, respectively, and a PhD degree in applied economics and finance in 1984, all from the Sloan School of Management of the Massachusetts Institute of Technology.

Jacques M. Longerstaey, Executive Vice President and Chief Risk Officer, STATE STREET GLOBAL ADVISORS

Prior to joining SSgA in April 2008, Jacques was Managing Director and head of the Risk & Portfolio Analysis Group (RPAG) at Putnam Investments. This group had oversight over investment risk, counterparty credit as well as operational risk across the fund complex. It was also responsible for providing performance attribution and other analyses to both internal and external clients.
Prior to joining Putnam in November 2003, Jacques was co-head of the risk management group at Goldman Sachs Asset Management. From 1987 to 1998, he held various positions at J.P. Morgan and Co. (economist and fixed income researcher for the Benelux, head of the Bond Index Group and originator of the RiskMetrics value-at-risk methodology).
Jacques holds a Licence en Sciences Economiques from the University of Louvain in Belgium. He is a member of the Board of Trustees and the Executive Committee of GARP (Global Association of Risk Professionals). He also is President of the FAST Sailing Foundation, based in Newport, RI.

Enrico Dallavecchia, Former CRO, FANNIE MAE

From June 2006 to August 2008, Mr. Dallavecchia was Fannie Mae’s executive vice president and chief risk officer (CRO), reporting to the president and chief executive officer and the board of directors.
As CRO, Dallavecchia had overall responsibility for credit, market, counterparty, and operational risk oversight for all business units within Fannie Mae. Specifically, he was responsible for measuring, reporting, and monitoring Fannie Mae’s risk profile and for
formulating risk policies.

Prior to joining Fannie Mae, Dallavecchia was with JPMorgan Chase for 19 years. He was the head of Market Risk Management for the Chief Investment Office and Retail Financial Services.
Before entering banking, Dallavecchia was a teaching associate, econometrics, at the University of Venice, Italy; a research associate for the Italian National Research Agency; and served as
lieutenant in Italian army’s Brigata Alpina Cadore.
Dallavecchia has a degree in econometrics, summa cum laude, from the University of Venice.

Hal. S. Scott, Director, COMMITTEE ON CAPITAL MARKETS REGULATION

Hal S. Scott is the Nomura Professor and Director of the Program on International Financial Systems at Harvard Law School, where he has taught since 1975. He teaches courses on Capital Markets Regulation, International Finance, and Securities Regulation. He has a B.A. from Princeton University (Woodrow Wilson School, 1965), an M.A. from Stanford University in Political Science (1967), and a J.D. from the University of Chicago Law School (1972). In 1974-1975, before joining Harvard, he clerked for Justice Byron White.

The Program on International Financial Systems, founded in 1986, engages in a variety of research projects. Its latest report is Capital Adequacy Beyond Basel (Oxford University Press 2004), an examination of capital adequacy rules for banks, insurance companies and securities firms. The Program also organizes the annual invitation-only U.S.- Japan, U.S.- Europe, and U.S.-China Symposia on Building the Financial System of the 21st Century, attended by financial system leaders in the concerned countries. In addition, the Program directs Socratic style dialogues among financial leaders on issues of current interest. The Program also directs a concentration in International Finance for LLM students at Harvard Law School. The capstone to the concentration is a year-long research seminar. Professor Scott's books include the law school textbook International Finance: Transactions, Policy and Regulation (15th ed. Foundation Press 2008) and International Finance: Policy and Regulation (2nd ed. Sweet & Maxwell 2007). His recent articles include "Internationalization of Primary Public Securities Markets Revisited," in Capital Markets in the Age of the Euro: Cross-Border Transactions, Listed Companies and Regulation, eds. K Hopt, E. Wymeersch and G. Ferrarini (Kluwer 2002) and "International Finance: Rule Choices for Global Financial Markets," in Research Handbook in International Economic Law, eds. A. Guzman and A. Sykes (Elgar 2007).

Professor Scott is the Director of the Committee on Capital Markets Regulation, a non-profit organization formed to research and formulate recommendations for improvements in the regulation of U.S. capital markets. With the encouragement of Treasury Secretary Paulson, the Committee released its Interim Report in November 2006 on the competitiveness of the U.S. public equity market. In May 2009, the Committee issued another report, The Global Financial Crisis: A Plan for Regulatory Reform. Professor Scott is also an independent director of Lazard, Ltd. He is a past President of the International Academy of Consumer and Commercial Law and a past Governor of the American Stock Exchange (2002-2005).

Markus K. Brunnermeier, Edwards S. Sanford Professor, PRINCETON UNIVERSITY

Markus is a faculty member of the Department of Economics and affiliated with Princeton's Bendheim Center for Finance and the International Economics Section. He is also a research associate at CEPR, NBER, and CESifo, and an academic consultant to the Federal Reserve Bank of New York. He was awarded his Ph.D. by the London School of Economics (LSE), where he was also affiliated with its Financial Markets Group. He is a Sloan Research Fellow and the recipient of the Bernácer Prize granted for outstanding contributions in the fields of macroeconomics and finance.
His research focuses on financial crisis, bubbles and significant mispricings due to institutional frictions, strategic considerations, and behavioral trading. It explains why liquidity dries up when it is needed the most and has important implications for risk management and financial regulation. He is also an associated editor of the American Economic Review, Journal of European Economic Association, Journal of Finance, Journal of Financial Intermediation and was previously on the editorial board of the Review of Financial Studies.

Aaron Brown, Risk Manager, AQR CAPITAL MANAGEMENT

Aaron Brown is Risk Manager at AQR Capital Management, and author of The Poker Face of Wall Street (Wiley, 2006, selected as one of the ten best books of 2006 by Business Week) and A World of Chance (Cambridge University Press, 2008). He is a regular columnist for Wilmott Magazine and writes frequently for the professional literature. He serves on the editorial board of the Global Association for Risk Professionals. In his 27-year Wall Street career, he has been a trader, portfolio manager, finance professor, head of mortgage securities and risk manager for Morgan Stanley and other firms. His awards include Financial Educator of the Year from Wilmott Magazine and Forbes Best of the Web for Theory and Practice of Investing.

Barbara C. Matthews, FORMER U.S. TREASURY ATTACHÉ TO THE EUROPEAN UNION & Managing Director BCM INTERNATIONAL REGULATORY ANALYTICS LLC

Ms. Matthews is the Founder and Managing Director of BCM International Regulatory Analytics LLC, which provides CEOs, senior executives and boards with independent strategic assessments of regulatory and risk management trends. Prior to creating the company, Ms. Matthews re-established the office of the U.S. Treasury Attaché to the European Union in Brussels and served as the Attaché for two years. In that capacity, she also held the U.S. Senate-confirmed personal rank of Minister-Counselor for Financial Affairs in the U.S. Department of State.

Ms. Matthews began her career in government by serving as Senior Counsel to the Financial Services Committee in the U.S. House of Representatives. Before entering government service served as Banking Advisor and Regulatory Counsel to the Institute of International Finance. In that capacity, she played leading roles in formulating and advocating global financial industry consensus positions regarding derivatives risk management, bank regulatory capital, transparency, and financial supervision.

Ms. Matthews holds a B.Sc.F.S. from Georgetown University’s School of Foreign Service, where she was inducted into Pi Sigma Alpha and Alpha Sigma Nu. She earned simultaneously a J.D. (with honors) and an LL.M. in Comparative and International Law from Duke University Law School, which awarded her a Ford Foundation Fellowship in International Law upon graduation.

Martha Cummings, Chief Risk Officer, BANCO SANTANDER

Ms Cummings is responsible for the risk management of all credit and trading operations booked in New York, including Loans, Project Finance, Structured Finance, Debt and Equity Capital Markets transactions as well as all trading portfolios for Latin American Equities, Fixed Income and Derivative Products. Previously, Ms. Cummings was a consultant; her engagements included working as Program Advisor for the Wharton Executive Education and assisting in business development for a private equity fund.

Ms. Cummings is an experienced investment banker specializing in international finance and has extensive expertise in Latin American clients and markets. She has served as Risk Manager for the North and South American capital markets operations of Banco Santander and was responsible for the review, structuring and approval of local and cross-border capital market transactions throughout Latin America as well as workouts of problem loans. Prior to joining Banco Santander, Ms. Cummings was Head of Equity Capital Markets for Latin America at Bankers Trust, where she had previously served as Head of Corporate Finance for the Southern Cone of South America.

Ms. Cummings has also worked with Citibank in Mexico and held positions in advertising and marketing with companies including McCann Erickson and International Dairy Queen.

Ms. Cummings holds an MBA from the Wharton School and an MA in International Studies from the Joseph H. Lauder Institute of International Management. She speaks Spanish and Portuguese. Ms. Cummings earned a BA in Economics with a minor in Spanish from the University of Minnesota.

Jim Embersit, Deputy Associate Director for Market & Liquidity Risk/Capital Markets, Division of Bank Supervision and Regulation, BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM

Mr. Embersit is responsible for coordinating supervision and policy development in areas relating to the trading, capital markets, counterparty credit risk management, and treasury management activities of banking institutions under the jurisdiction of the Federal Reserve. Mr. Embersit has been actively involved in developing international and Federal Reserve regulatory capital rules and supervisory policies on management practices relating to trading activities, derivatives, investment management, asset/liability management, securities underwriting, merchant banking, counterparty credit risk, and other capital markets and treasury management related topics. He has chaired and participated on various working groups of the Basel Committee on Bank Supervision, international supervisory and central bank forums, and U.S. interagency bank supervisory policy groups relating to these matters.
Prior to joining the Board in 1991, Mr. Embersit was Vice President of Investments at ULLICO Inc., a Washington D.C. based insurance company and pension fund manager. He has also held positions as Director of Inventory Risk Management at the Federal Home Loan Mortgage Corporation, Senior Financial Analyst at the Office of the Comptroller of the Currency, and Economist at the Bureau of Economic Analysis.

Mr. Embersit has a MBA in finance from George Washington University, a MA in economics from Boston College, and a BA in economics from American University. He is a Chartered Financial Analyst and has been a member of the adjunct faculty of the Department of Finance at the University of Maryland.

Bertan Akin, Senior Quantitative Manager, MICROSOFT CORPORATION

In his current role Bertan is responsible for Microsoft investment portfolio’s daily risk analysis and reporting. Prior to joining Microsoft Treasury he was a credit and risk management information systems analyst with Duke Energy Corporation. His responsibilities at Duke Energy included implementing an energy trading system and developing functional requirements for a new credit and risk management reporting system. Bertan has an MBA and a BS in Computer Science from the University of North Carolina at Charlotte.

Joe Masri, Head of Risk Management, CANADA PENSION PLAN INVESTMENT BOARD

Joseph Masri joined the Canada Pension Plan Investment Board in July 2008 as Head of Investment Risk Management. He is responsible for overseeing all elements of the investment risk management function. This includes Market, Credit and Liquidity Risk Management as well as Model Validation. Prior to joining CPPIB, Mr Masri was Global Head of Investment Risk Management with Barclays Global Investors. With over 20 years of financial experience, Joseph previously held senior positions at ABN AMRO Inc., JP Morgan Chase & Co and Union Bank of Switzerland.

Joseph holds PhD and Masters degrees in Engineering Economic Systems from Stanford University along with a Diplôme d’ Ingénieur from École Centrale de Paris.

Elliot Noma, Managing Director, GARRETT ASSET MANAGEMENT

Dr. Noma is the founder of Garrett Asset Management, a systematic trading shop that uses technical systems to invest in futures, ETFs, and currencies. Prior to Garrett Asset Management, Dr. Noma was a member of the Asset Alliance Investment Committee that oversees all fund of funds investments for Asset Alliance. Dr. Noma was also responsible for the risk oversight of Asset Alliance's single- and multi-manager product offerings.
Prior to joining Asset Alliance, Dr. Noma was Senior Risk Analyst, Fixed Income Products, Merrill Lynch Investment Managers (2000-2003). Earlier in his career, Dr. Noma was Director of Corporate Risk Management overseeing derivative and fixed income products within Deutsche Bank, Americas (1995-1999), and developed fixed income market strategies at, J.P. Morgan Securities (1993-1995). Dr. Noma also spent four years in the psychology faculty at Rutgers University (1983 – 1986) and his research has been published in numerous industry journals and scholarly periodicals.
Dr. Noma graduated from Dartmouth College in 1972 with a BA in Mathematics. He received M.A’s in Mathematics and Psychology in 1979 and a Ph.D in Mathematical Psychology in 1982 from The University of Michigan. In 1990, Dr. Noma received an Advanced Professional Certificate in Finance from New York University.

Evan Sekeris, Assistant Vice President, Bank Supervision and Regulation Department, FEDERAL RESERVE BANK OF RICHMOND

Evan Sekeris is an Assistant Vice President in the Bank Supervision and Regulation Department at the Federal Reserve Bank of Richmond. As head of the Modeling and Analysis Unit he is responsible for the supervision of risk models at large banking institutions and for assessing their compliance with regulatory requirements, in particular the Basel II Capital Accord. Evan's research focuses on information issues in asset pricing and on operational risk modeling. Prior to holding this position, Evan was a Financial Economist in the Quantitative Analysis Unit at the Federal Reserve Bank of Boston.

Michael S. Gibson, Associate Director, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Michael S. Gibson is associate director in the Division of Research and Statistics at the Board of Governors of the Federal Reserve System. He works on research and policy issues related to financial stability, financial markets and derivatives, including the measurement and management of market risk and counterparty credit risk, with a focus on banks' trading activities. Gibson has authored articles on value at risk, stress testing, and credit derivatives. Prior to joining the Federal Reserve, Gibson was on the faculty of the University of Chicago Graduate School of Business for two years. He has a PhD in economics from the Massachusetts Institute of Technology.

Paul Glasserman, Jack R. Anderson Professor of Business, COLUMBIA UNIVERSITY

Paul Glasserman is the Jack R. Anderson Professor of Business at Columbia University. He is author of the book Monte Carlo Methods in Financial Engineering, which received the 2005 INFORMS Outstanding Simulation Publication Award and the 2006 Lanchester Prize. Paul shared Risk Magazine’s 2007 Quant of the Year Award with Mike Giles for their joint work on adjoint techniques. He is a past recipient of the Erlang Prize in Applied Probability, an IMS Medallion from the Institute of Mathematical Statistics, a National Young Investigator Award from the US National Science Foundation, and a Wilmott Award for Cutting-Edge Research in Quantitative Finance. He earned an A.B. in mathematics from Princeton University and a Ph.D. in applied mathematics from Harvard University.

Sivan Mahadevan, Managing Director, MORGAN STANLEY

Sivan Mahadevan is a Managing Director of Morgan Stanley and Head of Global Credit Derivatives and Structured Credit Research based in New York. Sivan leads a client-facing strategic research effort that focuses on credit derivatives and structured credit instruments, CDOs and structured finance. Sivan’s group has been ranked First Team in Credit Derivatives Strategy by Institutional Investor both in 2004 and 2006 in the US, Second Team in 2005, and Second Team by Institutional Investor in Europe in 2007.

Sivan joined Morgan Stanley in 1998. Prior to that, he worked in the fixed income research group at Salomon Brothers in New York. During his 7 years at Salomon Brothers, Sivan managed Salomon’s international fixed income index products, provided portfolio strategy and benchmark selection services to Salomon’s clients, and made contributions to the Yield Book system.

Sivan earned an MS degree in Engineering and Computer Science from Columbia University and a BS degree in Computer Science from the University of California. He worked as an engineer at AT&T Bell Laboratories before entering the securities industry.

Thomas C. Donahoe, Chief Risk Officer, ANGELO, GORDON & CO.

Thomas C. Donahoe is the Chief Risk Officer at Angelo, Gordon & Co., a Hedge Fund with approx. $17 Bln in assets. He chairs the Market Risk and Valuation Committee, Counterparty and Disaster Recovery Committees, and oversees all aspects of risk across the firm with a focus on Distressed Debt, Real Estate, Convertibles and RMBS/CMBS strategies.

From 2001-2007 at Barclays Capital, Tom was Risk Director for several product areas including Equity Derivatives, Treasuries/Agencies, Commodities, FX, and Repo/Money Markets. He was also promoted to Chief Operating Officer of Market Risk in NY.

Previously, Tom was a Portfolio Risk Director at Merrill Lynch and was 8 years at MetLife where he started the Derivatives Trading Unit. Earlier in his career, Tom headed Hedge Funding trading at Manufacturers Hanover and was Director of Trading and Sales for a large commodities trading firm.

Tom holds a BSFS in International Finance from Georgetown University, an MBA in Finance from Fordham University, an MA from Catholic University, and a JD from Pace University. He is an attorney and a member of the NY and Massachusetts Bars. He served as an original Prmia Director in NY.

Lori Evangel, Enterprise Risk Officer and Senior Vice President, METLIFE

Lori is the Enterprise Risk Officer of MetLife, Inc. and leads the firm’s ERM group.

ERM is responsible for enterprise-wide risk identification, quantification, assessment and management including independent risk assessment using both best in breed quantitative and fundamental analytics.

ERM is also responsible for the firm’s economic capital models, credit and market risk limits, and appropriate risk governance and policies.

Boris Lipiainen, Global Head of Product and Development, THOMSON REUTERS

Boris Lipiainen is the Global Head of Product and Development at Thomson Reuters's Risk Management business, which provides trading floor and enterprise wide risk management software to more than 750 financial institutions, including many Tier 1 banks. Its products are used by ~20,000 traders, risk managers, and executives around the world for mission critical real time pricing, trading, and risk control decisions across all asset classes and traded instruments.
Prior to joining Thomson Reuters in 2007, Boris Lipiainen was an Associate Principal in McKinsey Business Technology Office and a core member of its Banking & Securities and Software Development practices.
Prior to joining McKinsey Boris Lipiainen was a CIO of a Russian bank.
Boris Lipiainen has masters’ degrees in Management from MIT Sloan and Applied Mathematics from Moscow.

Professor Svetlozar ‘Zari’ Rachev,

Chair Professor of Econometrics, Statistics and Mathematical Finance, UNIVERSITY OF KARLSRUHE and KARLSRUHE INSTITUTE OF TECHNOLOGY (KIT); Department of Statistics and Applied Probability, UNIVERSITY OF CALIFORNIA; Chief Scientist, FINANALYTICA INC

Dr. Rachev holds the Chair-Professorship in Statistics, Econometrics and Mathematical Finance at Karlsruhe University and is the author of 12 books and over 300 published articles on finance, econometrics, statistics and actuarial science. At the University of California at Santa Barbara, he founded the Ph.D. program in mathematical and empirical finance. Rachev was a co-founder and President of Bravo Risk Management Group, which was acquired by FinAnalytica where he is Chief Scientist. Rachev holds a PhD (1979) and Doctor of Science (1986) from Moscow University and the Russian Academy of Sciences, under the supervision of A. Kolmogorov, Yu Prohorov and L. Kantorovich (received Nobel Prize Economics in 1975). Rachev's scientific work lies at the core of FinAnalytica’s Cognity risk management and portfolio construction platform.

Sanjay Sharma, Chief Risk Officer, Global Arbitrage and Trading, RBC CAPITAL MARKETS

Sanjay Sharma is the Chief Risk Officer of Global Arbitrage and Trading at RBC Capital Markets. Previously, he was the Chief Credit Officer of Natixis Capital Markets for five years. Prior to his tenure at Natixis he held investment banking and risk management positions at Merrill Lynch, Goldman Sachs, Moody’s, and Citigroup respectively. At Merrill he headed the ratings advisory practice for the Americas and also advised the firm’s clients on issues related to liability management and capital structure. His principal focus was on conceptualizing and instituting an eclectic approach for determining optimal capital structure of industrial and financial firms. At Goldman he advised the firm’s clients on issues related to capital structure and ratings in several industries including telecommunication, transportation, finance, aerospace, and technology, as well as sub-sovereign issuers. At Moody’s he covered commercial, consumer and aircraft finance companies as an Analyst, and was also involved in rating several structured finance transactions. Prior to his career in the financial services industry, he worked as a marine engineer with Asian and European shipping companies on cargo ships and supertankers, and received the Chief Engineer’s certificate of competency.

He holds a Ph.D. in Finance and International Business from New York University and an MBA from the Wharton School of Business. He has undergraduate degrees in Physics and Marine Engineering from St. Stephen’s College (Delhi University) and Marine Engineering College respectively

Serguei Issakov, Senior Vice President of Quantitative Research and Development, NUMERIX

Dr. Issakov leads the research and development of pricing models at Numerix. He joined Numerix in 1999 and his prior roles at Numerix included VP of Financial Applications, Head of Engine Development (the fore-runner to Numerix 7) and Head of Risk Analytics.

Prior to joining Numerix, Dr. Issakov held research positions in theoretical physics at the Nordic Institute for Theoretical Physics in Copenhagen, the University of Paris (Laboratory of Theoretical Physics and Statistical Models), the University of Oslo and the Center for Advanced Study in Oslo.

Dr Issakov has published over 40 papers in mathematics and theoretical physics. He is a co-author of the Isakov-Ouvry-Wu equations in fundamental quantum statistical mechanics. He has received numerous fellowships and research grants, including a NATO Visiting Professorship and grants from the Russian Foundation for Basic Research. He holds M.S. in Physics and PhD in Theoretical and Mathematical Physics from Moscow Institute of Physics and Technology, from the Theory Group led by Physics Nobel Laureate Vitaly Ginzburg.

Cary J. Lyne, Head of North America Risk Management and Senior Vice President, Northern Trust Global Investments (NTGI).

Cary oversees counterparty credit, investment, strategic and operating risk practices for the $550 Billion Global Asset Manager and major operating line of business of Northern Trust Corporation. Cary chairs the NTGI Global Business Risk Committee and serves on many of the Senior NTGI and Northern Trust Operating and Risk Committees. Cary was the first independent risk officer for NTGI and is continuing to help build-out a global risk team.

Before taking his current role in 2007, Cary served for two years as a Senior Quantitative Risk Analyst for the Large Bank Section of the Division of Supervision and Consumer Protection at the Federal Deposit Insurance Corporation (FDIC). He was a lead subject matter expert for the agency's examiner team on Market and Counterparty Risk Management and Capital Markets. While at the FDIC, Cary participated in onsite examinations of some of the larger, complex banking institutions under the FDIC's regulatory jurisdiction. He also worked for a short time in the Division of Insurance and Research to assist in the roll-out of the Deposit Insurance Pricing Initiative.

Cary spent 14 years in both Corporate and Capital Markets Risk Management at Bank One Corporation in Chicago, as well as its predecessor organizations, First Chicago NBD and First Chicago. His last role was Director and Senior Risk Manager for the Global Trading and Capital Markets Division for Bank One NA and Banc One Capital Markets. He had also held roles of Interim Co-Head of Market Risk, Senior Market Risk Manager, Manager of Counterparty Risk and Derivative Counterparty Risk Officer.

Cary received his BS from Illinois Wesleyan University in 1989, and an MBA in 2003 from the Kellstadt Graduate School of Business of De Paul University.