Affiliates' bios
Joseph Bauman is an Affiliate of Rutter Associates. Through his affiliation with Rutter, Mr. Bauman has served as an expert and provided expert testimony in various litigation situations and related studies. He has over 40 years’ experience in finance and over 30 years in the global derivatives markets. For nine years Mr. Bauman was the Chief Administrative Officer of Athilon Structured Investment Advisors LLC, a New York based investment and risk management firm that focused on the derivative markets. Before joining Athilon, Mr. Bauman was a co-founder of Primus Guaranty Ltd., the first credit derivatives product company, and was its Chief Financial Officer from 2000 through 2003. He served on the boards of both Athilon and Primus during their formative years. Prior to Primus, Mr. Bauman was Managing Director and headed Bank of America’s Derivatives Sales and Structuring team for North America, and its International Financial Management team. He has also held business management positions with Citibank’s Global Derivatives Group and various positions at Chemical Bank including head of its Global Swaps Group and Asia Regional Treasurer.
Mr. Bauman is a former Chairman of the International Swaps and Derivatives Association (ISDA) (1993-1994), and member of ISDA’s Board of Directors (1989-1999). He was also a Founding Director of the International Association of Financial Engineers. Mr. Bauman is a member of the Panel of Recognized International Market Experts in Finance (P.R.I.M.E. Finance) and is a member of P.R.I.M.E. Finance’s Board of Directors and Executive Committee.
Mr. Bauman has been an active representative for the derivatives industry, speaking and providing testimony in numerous forums including U.S. Congressional committees, the Financial Accounting Standards Board, and international regulatory bodies. He received his B.A. from Rutgers University and his Master of Public Administration from the Wharton School at the University of Pennsylvania.
Jacob Ben-Meir is a consultant and risk management professional with 25+ years of experience in trading and management of Fixed Income and FX products (cash and derivatives). He has built and managed businesses in the capital markets, private equity and venture capital spaces in New York, Boston and London and has held multiple risk management and governance roles across a broad spectrum of Fixed Income, FX and Treasury products including Rates, ALM, funding, collateral and structured products trading. Mr. Ben-Meir currently provides consulting services in all areas of these capital markets.
Prior to starting his consulting practice, Mr. Ben-Meir was a Managing Director at UBS where he held the position of Global Head of Linear Rates in the Non-Core Portfolios. Prior to that he was the Global Head of Cross Currency Basis Trading, Deputy Treasurer of FICC and Global Head of Structured LIBOR trading. Prior to joining UBS Mr. Ben-Meir founded a small broker-dealership and helped to start an early stage venture fund. Mr. Ben-Meir was also a senior member of the Long-dated and complex FX options trading businesses at Merrill Lynch and Bear Stearns.
Mr. Ben-Meir earned his BA from the University of Michigan and his MBA from the Harvard Business School.
Paul retired from Allen & Overy LLP in April 2023 after 20 years as a partner specialising in all aspects of derivatives and structured finance. He is an expert in, and currently writing a book about, the law and market practice of OTC derivative terminations, with a particular focus on valuation disputes and XVA, an area in which he has acquired very extensive experience since 2008.
He has advised nearly all the global investment banks on settlements, litigation and mediation in connection with derivatives valuation disputes arising from the bankruptcies of Lehman Brothers, the Iceland Banks, Covid and the Russian sanctions.
His transactional experience has included numerous derivatives M&A transactions, large corporate equity stake build and funding deals through derivatives and margin loans, regulatory margin repaperings, structured credit and CDOs, and structured repo and securities lending transactions.
Paul is an English-qualified solicitor.
Paul is a partner at gunnercooke LLP and a member of the panel of experts of P.R.I.M.E. Finance, the financial markets dispute resolution service based in The Hague.
Chair Emeritus, P.R.I.M.E. Finance Foundation;
London School of Economics; 3 Hare Court
Jeffrey Golden is Founder and Chair Emeritus of The P.R.I.M.E. Finance Foundation in The Hague, and a member of the Foundation’s Panel of Recognized International Market Experts in Finance, an Honorary Fellow and Governor Emeritus at the London School of Economics and Political Science, where he has also been Visiting Professor in the Law Department (2010-2013) and Member of Court (2012-2022), and a member at 3 Hare Court Chambers, where he also served as Joint Head of Chambers (2018-2022). He previously retired from international law firm Allen & Overy LLP, which he joined as a partner in 1994 after 15 years with the leading Wall Street practice of Cravath, Swaine & Moore. He was the founder partner of Allen & Overy’s US law practice and senior partner in the firm’s global derivatives practice and has broad experience of a wide range of capital markets matters. He has acted extensively for the International Swaps and Derivatives Association, was a principal author of ISDA’s master agreements and has acted as an arbitrator and a mediator and has appeared as an expert witness in several high profile derivatives cases. He is General Editor of the Capital Markets Law Journal (Oxford University Press), and his most recent book (co-edited with Carolyn Lamm) International Financial Disputes: Arbitration and Mediation is published by Oxford University Press.
He serves on the American Bar Association’s Rule of Law Initiatives Board (chaired by former U.S. Supreme Court Justice Stephen Breyer) and served on the ABA’s working group on the rule of law and economic development (Chair), the Financial Markets Law Committee’s working groups on amicus briefs, emergency powers legislation and Enron v TXU (Chair), the Financial Law Panel’s working groups on agency dealings by fund managers and other intermediaries and building society legislation, the Federal Trust’s working group on European securities regulation, the European Commission’s study group, the City of London joint working group and ISDA task forces on the legal aspects of monetary union and the Financial Stability Board’s Market Participants Group for Reforming Interest Rate Benchmarks.
Jeff is also a former Chair of the Society of English and American Lawyers (SEAL) and of the American Bar Association’s Section of International Law, an elected member of the American Law Institute and a Life Fellow (and former Co-Chair, International) of the American Bar Foundation. He also served as a Section delegate to the ABA House of Delegates, a member of the House Committee on Issues of Concern to the Legal Profession, a member of the ABA Standing Committees on Specialization and on International Trade in Legal Services, a Commissioner on the ABA Commission on Ethics 20/20, a member of the International Bar Association SPPI Council and a Trustee of the IBA Foundation.
Recent awards for Mr. Golden, his projects and his law firm teams include Chambers of the Year 2022 (LexisNexis Legal Awards 2022; also Commended at The Lawyer Awards 2022); The Halsbury Rule of Law Award 2020 – P..R.I.M.E. Finance; The Legal 500 Inaugural Arbitration Powerlist 2018; Best Arbitration Development of the Year 2016 (runner-up), Best Published Arbitration Decision of the Year 2015 (runner-up) and Best Newcomer 2012 – P.R.I.M.E. Finance (Global Arbitration Review), Derivatives Law Firm of the Year 2009 (RISK), 2008, 2007, 2006, 2005 (Derivatives Week); FT Innovative Lawyers Award 2007 (Financial Times); and Capital Markets Team of the Year 1998 (Legal Business). He has topped the rankings for derivatives lawyers and drawn accolades from all leading law firm directories, including, among others, having been hailed as “Mr Derivatives” (Chambers) and “legendary” (Legal 500) and credited with having “written the law on derivatives” (Legal 500).
In 2017, Jeff was called as an Honorary Master of the Bench at the Honourable Society of Middle Temple; in 2019, he was awarded the American Bar Association International Lifetime Achievement Award; in 2020, he received the inaugural Lifetime Contributor – Private Practice Award at Law.com/Legal Week’s Legal Innovation Awards 2020 ceremony; and, in 2022, he was appointed Queen’s Counsel Honoris Causa.
Paul Hannon has 40 years’ experience in the analysis of financial products and investment portfolios. He has 19 years with the New York State Department of Insurance and the New York State Department of Financial Services. He was a Supervising Risk Management Specialist in the Capital Markets Division. His experience prior to the New York State regulatory responsibilities included Financial Management Consulting at Coopers & Lybrand (now PWC), and asset-liability risk management modelling and measurement at the Treasury of Chase Manhattan Bank. He was responsible for all aspects of insurance company investment portfolio risk management and risk measurement examination. His duties included: opinion on the appropriateness of insurance company investment portfolios relative to the insurance written, analysis of individual investments for various risks – credit risk, asset/liability mismatch, market risk, liquidity risk etc., analysis and review of an insurance company’s derivative activity for appropriateness given investment positions and compliance with Insurance Law, and modelling of company business proposals brought before the Department for the Department’s approval to engage in the proposed new business activity. Mr. Hannon met with insurance company CFOs and CIOs and Senior Regulatory Officials on financial and investment issues. He conducted detailed analysis and examination of individual insurance company investment activities in support of company examinations. Mr. Hannon performed the analysis and tracking of Industry Investment Trends utilizing the NAIC Statutory Financial Statement Data Base. He had consulting assignments on financial and investment risk at international institutions. The Risk Management and Risk Measurement Policies, Procedures and Infrastructure were the objects of international institution consulting engagements. Mr. Hannon has participated as a panel speaker at industry conferences on financial and regulatory issues. Mr. Hannon received a Bachelor of Engineering (Mechanical Engineering) at Manhattan College and an MBA in Quantitative Business Analysis from New York University. Mr. Hannon is a CFA (Chartered Financial Analyst).
Ira Kawaller is the principal and founder of Derivatives Litigation Services. Derivatives have been a consistent focus of interest for Kawaller for most of his career.
Before Derivatives Litigation Services, Kawaller was the President of Kawaller & Co., LLC, started in 1997, to assist commercial enterprises with their strategic and accounting issues pertaining to derivative instruments. The firm also provided litigation support in connection with a limited number of high-profile derivatives-related court cases. In addition to his activities under Kawaller & Company, Ira Kawaller also was the managing partner of the Kawaller Fund, a derivatives-only hedge fund, from 2003–2011. Prior positions included employment with Chicago Mercantile Exchange, J. Aron & Company, AT&T, and the Board of Governors of the Federal Reserve System.
Kawaller also served on the board of Hatteras Financial Corp (which merged with Annaly Capital Management, Inc.) and participated on their risk committee and compensation committee. He also served on a variety of professional boards and committees, including the board of the International Association of Financial Engineers (now the International Association for Quantitative Finance) and the Financial Accounting Standard Board’s Derivatives Implementation Group.
Kawaller holds a Ph.D. in economics from Purdue University and has held adjunct professorships at Columbia University and Polytechnic University. He writes and lectures prodigiously, largely focusing on derivative contract market activity.
Colin has over 30 years’ experience dealing with trading, pricing and risk management issues.
After graduating from Reading University, Colin spent a decade working in the insurance industry. Studies at Cass Business School led to a move into the investment banking industry and roles at Bankers Trust, Dresdner Bank, ABN AMRO, RBS, Barclays Capital and National Australia Bank. His extensive in-depth experience covers risk management, pricing and trading, interest rates and fx, equities, mutual funds, hedge funds, equity derivatives, exotic equity derivatives, CPPI and fund linked derivatives.
After eighteen years as Chief Operating Officer at INS Regulatory Insurance Services, Inc. (“INS”), where he was often required to outsource (sub-contract) specialized services for his clients, Michael Kogut joined Rutter Specialty Insurance Services (“RSIS”) to provide complex investment, ERM and reinsurance expertise directly to the insurance community. While at INS, and directly related to his mission with RSIS, Mr. Kogut served insurance and banking regulators exclusively. He nurtured existing business relationships and established new business. Mike was paramount in leading the firm, educating clients and providing outstanding customer service. He will do the same for RSIS. One of Mr. Kogut’s most notable strengths is his ability to identify, address and resolve performance issues (both internal and external) on a timely basis. He is also an advocate of responsiveness, accountability and professionalism. To assist his clients, Mr. Kogut developed business processes to streamline invoicing, time recording, budget tracking, and to hold management and staff accountable. He also established several partnerships to meet his client’s needs for complex investments, mental health parity and minority business professionals. Prior to INS, Mr. Kogut was a Business Development Manager for Jefferson Wells International where he earned several awards for outstanding client service. Prior to Jefferson Wells, Mr. Kogut worked for Arco Chemical Company in various capacities and served as Assistant Vice President for First Credit Card Services, LLC based in Wilmington, Delaware. Mike earned his BS in Accounting from LaSalle University and his MBA from the University of Texas and Widener Universities. While at LaSalle, he was captain of the soccer team, and was named scholar athlete of the year as a senior. Mr. Kogut was inducted into the LaSalle hall of athletes in 1993.
Kokichi Komagata joined Bank of Tokyo (currently Bank of Tokyo-Mitsubishi UFJ) in 1975. He started his career in the foreign-exchange business. Mr. Komagata launched the first currency option product in Japan in 1984. Since then, he has continued to develop financial engineering products including derivatives such as swaps and options, and structured securitization products.
After serving as Chief Executive Officer of Tokyo-Mitsubishi International in London, Mr. Komagata became Executive Officer of Bank of Tokyo-Mitsubishi. In 2004 he took on the role of Senior Executive Officer at Mitsubishi Securities (currently Mitsubishi UFJ Morgan Stanley Securities). In Mitsubishi Securities he served as Director and Senior Executive Officer in various business units including the primary market business, the global secondary markets and the retail business.
In 2009, Mr. Komagata joined Kokusai Asset Management (currently Mitsubishi UFJ Kokusai Asset Management) where he was President and Chief Executive Officer from 2010 and then Chairman from 2012 to 2014.
Mr. Komagata’s career spans nearly 40 years. He actively contributed to the financial markets in Japan by taking various committee member posts, such as the Board of the Investment Trusts Association, the management committee of Association for Real Estate Securitization, the editing committee of Securities Analysts Journal and ISDA Tokyo committees.
Mr. Komagata graduated from the University of Tokyo with a degree in mechanical engineering.
David Maloy is a consultant in the area of OTC derivatives market operations and clearing with an emphasis on business processes and technologies for managing the credit support of trading counterparties through the use of collateral.
Prior to starting his consulting practice Mr. Maloy was COO and Director of NetOTC, Ltd. London, a first of its kind risk management system for OTC Derivatives. Prior to NetOTC, Mr. Maloy worked at Credit-Suisse Investment Bank, where he held the position of Global Head of Collateral Management. Prior to joining Credit-Suisse Mr. Maloy held a similar position with UBS. In addition to Collateral Management at UBS he was responsible for External Commercial Services Management, Global Control, Global Listed Derivative Operations as well as participating in the management of counterparty Credit Risk and Operations Management. Prior to UBS, Mr. Maloy was the first CEO of Delta Government Options, a SEC Registered 17a Clearing Agency which provided central clearance of options on US Treasury Debt.
Mr. Maloy was one of the founders of the ISDA Collateral Committee, which he co-chaired in New York between 1995 and 2004. He remains actively involved with the International Swaps and Derivatives Association (ISDA) and has been a principal contributor to many ISDA publications in the field of collateral management, including the implementation and serial issuance of the ISDA Guidelines for Collateral Practitioners.
Mr. Maloy holds a BA degree from Boston College.
Robert J. Noskiewicz offers extensive experience in the analysis of financial products, real estate, and investment portfolios. He spent one year as an Independent Contractor concentrating on global credit products for Bank of America and Merrill Lynch, where he concentrated on incremental default risk processes. From 2006 to 2014, he was an Executive Director in the Global Wealth Management Group at Morgan Stanley. At Merrill Lynch, he was a Vice President in Global Principal Investment/Secured Finance from 2000 to 2006 and was previously a Consultant in Exposure Management at Deutsche Bank and a Vice President in the Treasury Analytics Group at Chase Manhattan Bank. Mr. Noskiewicz is a financial services executive with extensive experience in risk and investment analytics, regulatory reporting, and project management. During his career, he has developed analytics for a large, fixed income portfolio concentrated in asset and mortgage-backed securities. Mr. Noskiewicz has researched and developed interest rate, prepayment, and cash flow models for residential and commercial mortgage securities. He has produced risk analytics for regulatory reporting, managing a project that consolidated balance sheet data providing net interest income projections as required by regulators. His experience includes working directly with profit center senior management and trading desks acting as the focal point between the business, information technology, audit, treasury, and risk groups. Mr. Noskiewicz is a real estate professional with a focus on investment and valuation of residential and commercial assets. One of his key skills includes combining rigorous analysis culled from extensive fixed income mortgage experience with current market conditions, to provide comprehensive support in the acquisition and disposition of real estate assets both mortgage notes and underlying property. Mr. Noskiewicz received an MS in Computational Finance from Carnegie Mellon University and an MS in Real Estate Investment from New York University.
Keith Noyes is currently an Independent Non-executive Director, at OTC Clearing Corporation, a subsidiary of HKEx. He was the Chief Risk and Compliance Officer for Covario AG, a digital asset prime brokerage from April 2020 through December 2022, where he developed in-house procedures for onboarding crypto asset trading clients that were compliant with VQF AML best practices. He trained in Chainalysis blockchain forensics. He was chosen to be one of seven representatives on the Unsecured Creditors Committee for the Celsius Chapter 11 bankruptcy. Prior to this, Keith was the Regional Director, Asia Pacific, International Swaps and Derivatives Association (ISDA) for 12 years from Oct 2007 to May 2019, where he was directly responsible for ISDA’s regulatory outreach efforts across the APAC region. Keith was the point person in the region on IBOR transition, margin reform and netting advocacy and participated in numerous industry committees, including The Hong Kong Securities and Futures Commission Product Advisory Committee, HKEx OTC Clear Product Advisory Committee, the AFMA Benchmark Committee and was a content reviewer for Hong Kong Securities Institute courses. Keith moved to Hong Kong in 1992 to set up Merrill Lynch’s equity derivatives trading desk and has vast experience in derivatives trading and structuring as well as two years’ experience running the day-to-day operations of a securities dealer (Taiwan Securities from 1999-2001).
Keith is a regular public speaker and lecturer, including conference speaking in Mandarin Chinese on derivatives issues. Keith has an MBA in Finance from the Anderson Graduate School of Management, UCLA and a BA from Dartmouth College in Economics and Chinese and spent a year at Beijing University from 1986-1987 studying Chinese economic reform in Mandarin.
Edward Ocampo is an Affiliate of Rutter Associates. He is also a Non-Executive Director and Chair of the Board Risk Committee at J.P. Morgan Securities plc, a Non-Executive Director of the Financial Market Standards Board, and an Independent Member of the ICE Swap Rate & Term Reference Rate Oversight Committee.
From 2018 to 2022 Mr. Ocampo was an Advisory Director at Quantile Technologies. Quantile provides portfolio risk management services for derivatives markets. From 2014 to 2018 he was a Senior Advisor in the Markets Directorate at the Bank of England, where he led work to develop and promote alternatives to Libor and contributed to the Fair and Effective Markets Review.
Prior to joining the Bank of England, Mr. Ocampo was a Managing Director for Morgan Stanley in London where he was Head of Fixed Income Risk Management for EMEA and a member of the board of directors of Morgan Stanley’s UK bank. He has over 25 years of experience in the investment banking industry.
Mr. Ocampo received his MBA degree from Stanford University in 1983 and his AB degree in Economics from Princeton University in 1979.
Neil D. Pearson joined Rutter Associates as an Affiliate in 2006. Dr. Pearson is the Harry A. Brandt Distinguished Professor of Finance at the University of Illinois at Urbana-Champaign. In the past he has been on the faculty of the University of Rochester, served as Visiting Academic Fellow at the U.S. Securities and Exchange Commission, and been a Visiting Professor at MIT and Tsinghua University. He teaches courses about the valuation of derivative financial instruments and the measurement of financial risks and conducts research on various issues in financial markets, including the valuation of derivative financial instruments. In addition to publishing papers in a number of academic journals, Dr. Pearson is the author of Risk Budgeting: Portfolio Problem Solving Using Value at Risk (Wiley). He is an Associate Editor of the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, the Journal of Risk, and Economics Bulletin. Dr. Pearson has extensive consulting experience on the measurement and management of market and credit risk and on the valuation of derivative financial instruments. He received his A.B. from Princeton University and his Ph.D. from the Massachusetts Institute of Technology.
Partner, Goldman Sachs (GS). 30+ years of experience in financial services at GS; the last 20 years in London. Partner in investment management working with pension funds, endowments, sovereign wealth funds, distributors and wealthy individuals. Responsible for the structure and organisation of GS’s UK Defined Benefits (DB) & Defined Contribution (DC) Pension Fund. In 2003, selected CIO and Trustee of the $4 billion pension plan. Lead or co-lead the following key pension fund initiatives:
- Governance:
- Establishing structure/framework – committees, mandates & reporting.
- Nominating, selecting and allocating Trustees to committees.
- Creating the journey plan and setting strategy.
- Hiring service providers – legal, audit, actuary, investment consultant and custodian.
- Investments:
- Initiating liability management – hedging strategy for rates and inflation.
- Establishing triggers for longevity risk management.
- Defining asset allocation ranges and risk management targets.
- Selecting and monitoring investment managers across active, passive, factor based, hedge funds, private equity & debt, real estate and money markets assets.
- Establishing asset/liability and investment reporting (including attribution and risk).
- Plan/scheme Management:
- Modifying the trust deeds (part of team).
- Closing the DB plan to new members and then to accruals.
- Transitioning the DC plans to an external master trust structure.
- Sponsor Relationship:
- Managing the two sponsors – London and NY.
- Managing conflicts of interest relating to trading with and allocating assets to GS entities.
Investment experience: Chair of the Investment Committee NOW Pensions. CIO GS pension fund and fixed income portfolio manager at GSAM and Fidelity.
UK and International pension fund experience: Led GSAM’s non-US distribution teams who advised and managed investments for global asset allocators. Point person for acquisition of, transition and lead relationship manager on the British Coal Pension Schemes ($25 billion).
Broad and deep product experience: Chairman of GSAM’s non-US funds business for 20 years. This Luxembourg/Dublin fund complex represented approximately $150 billion in assets and 150 portfolios across a full set of investment strategies, asset classes, regions and structures. Co-head of new products.
Investment management leadership experience: CEO for two GS UK regulated investment management entities. Member of GSAM’s key global committees: valuation, conflicts, risk management, best execution (brokerage) and fair allocation.
Team player: Effective in GS’s co-head structure and started on two varsity sports in university.
Education: BSE in Civil Engineering from Princeton University and a MBA from Amos Tuck School of Business, Dartmouth College.