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 markets. Founded by Leslie Rahl — derivatives pioneer, ISDA founding board member, and former Risk Committee Chair at Fannie Mae and CIBC — and led alongside Partner Peter Niculescu, former EVP and CIO of Fannie Mae’s $950+ billion portfolio and Goldman Sachs Managing Director, CMRA brings firsthand practitioner experience to every engagement.

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. Our experience also includes consulting and expert work involving total return swaps on hedge fund portfolios and due diligence-related matters. Our partners have provided expert and consulting services in over 100 disputes and testified in courts across 4 jurisdictions.

Our practice spans expert witness, risk advisory and regulatory investigation matters. The same hands-on market expertise that helps clients assess and mitigate risk also informs our work when complex issues lead to disputes, investigations or enforcement matters.

We specialize in derivatives (OTC and exchange-traded), structured finance, RMBS, CDOs/CLOs, hedge fund strategies, volatility products, commodities, energy and complex valuations. We are equally fluent in the language of quants, the language of the court, and the language of the boardroom.