The Securities and Exchange Commission this week named three experts in the fields of risk management, structured finance and corporate transactions to senior positions at the SEC's newly-established Division of Risk, Strategy, and Financial Innovation.
The Division was created in September to enhance the agency's capabilities and help identify developing risks and trends in the financial markets, according to the comission.
Dr. Richard Bookstaber, who previously served as managing director in charge of firm-wide risk management at Salomon Brothers, director of risk management at Moore Capital Management, and Morgan Stanley's first market risk manager, has been appointed a senior policy advisor to Henry Hu, director of the new division.
In addition, Adam Glass and Bruce Kraus were each appointed a counsel to the Director. Glass joins the SEC from Linklaters LLP, where he founded its Structured Finance and Derivatives Practice. Kraus previously practiced corporate and securities law for more than 20 years at Willkie Farr & Gallagher LLP.
"How modern capital markets, derivatives and structured products, and systemic risk are addressed today may well affect the nation for generations to come,” said Hu. “Adam, Bruce, and Rick bring energy, expertise, and creativity. They will be important in this Division's efforts to offer analysis that integrates economic, finance, and legal disciplines, with full appreciation of the complexities of today's world."
The Division of Risk, Strategy, and Financial Innovation combines the Office of Economic Analysis, the Office of Risk Assessment, and other functions to provide the Commission with sophisticated analysis that integrates economic, financial, and legal disciplines. The Division's responsibilities cover three broad areas: risk and economic analysis; strategic research; and financial innovation.
This article can also be found at SecuritiesIndustry.com.
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