When Complexity and Consequence Demand Definitive Expertise
Capital Market Risk Advisors (CMRA) is a boutique expert witness and risk advisory firm whose principals were pioneers in derivatives and major participants in complex financial instruments. Founded by Leslie Rahl — pioneer in derivatives trading at Citibank, ISDA board member, and former member of the Risk Committees at Fannie Mae and CIBC — and led alongside Partner Peter Niculescu, former EVP, CIO and head trader of Fannie Mae’s $950+ billion portfolio of mortgages, swaps and options; and Goldman Sachs Managing Director.
CMRA has been involved in virtually every major derivatives and structured finance crisis since the mid-1980s, including Orange County, Bankers Trust, Sumitomo Copper, LTCM, Lehman, Subprime, Volmageddon, COVID, Allianz Structured Alpha, Texas Storm Uri and beyond.
We specialize in complex quantitative products and strategies, derivatives (OTC and exchange-traded), structured finance, and CDOs/CLOs.
We are fluent in three languages:
- The language of quants — deep technical mastery of derivatives, risk models, and valuation methodologies
- The language of the court — expert witness testimony and reports that hold up under cross-examination
- The language of the boardroom — clear, credible communication of complex financial concepts to non-specialists
CMRA’s Three Lines of Business
Complex financial disputes, valuation, liability and damages. Selectively engaged by both plaintiffs and defendants.
Risk management, governance, valuation and due diligence.
Independent analysis for regulatory inquiries, investigations and enforcement matters.
Experience That Matters
Selected Expert Witness Cases
CMRA has provided expert analysis, reports and testimony in more than 100 complex financial disputes involving derivatives, structured finance, valuation, risk management and market practice.
Explore representative matters that demonstrate CMRA’s experience across some of the most complex disputes in global financial markets.
View Selected Expert Witness Cases →CMRA’s Principals
Financial Market Insights
CMRA provides independent perspectives on derivatives, risk and developments across global financial markets.
Explore our latest commentary and analysis on the issues shaping markets and risk management.
Explore Market Insights →Asset Classes & Clients
Clients
CMRA advises financial institutions, asset managers, institutional investors, law firms, regulators and other market participants facing complex financial and risk-related challenges.
Explore the clients and institutions we serve across global financial markets.
View Our Clients →Explore Our Practice
CMRA brings deep capital markets experience to complex questions involving risk, financial products, litigation, regulatory matters and institutional decision-making.
Explore CMRA’s capabilities across risk management, expert witness services, complex financial products, regulatory matters and due diligence.
Explore Our Practice →Regulatory-Related Releases
CMRA monitors regulatory developments affecting derivatives, risk management, market practice and financial institutions.
Explore recent regulatory developments and selected releases relevant to global financial markets.
View Regulatory-Related Releases →Galaxy of Risks
The Galaxy of Risks™, illustrates that while market and credit risk are universally acknowledged, risks such as jump risk, assumption risk, correlation risk, out-of-sample risk and iceberg risk have been at the heart of many crises and of outsized losses.
CMRA's Galaxy of Risks (partial listing)
“Once in a Life-Time” Financial Shocks and Related CMRA Case Studies
Unexpected financial shocks recur every few years. The charts and timeline below illustrate how these risks have emerged across market cycles, while linking selected crises to related CMRA case studies and press coverage.
Explore Financial Shocks & CMRA Case Studies →Get in touch
☎ Contact
leslie@cmra.com
(239) 280-1954
☎ CONTACT
peter@cmra.com
(212) 404-6100