Alberto is one of the founding partners of Fideres, with over 17 years’ experience in fixed income derivative and structured products. His area of expertise is complex antitrust investigations and regulatory advisory work. He has handled some of Fideres's largest and most complex economic investigations into the collusive practices of the financial industry, including ISDAfix and LIBOR. Before founding Fideres, he held senior managerial positions in New York and London at investment banks including UBS, ABN AMRO and The Royal Bank of Scotland. Alberto holds master-level degrees in Engineering from Politecnico di Torino and from Ecole Centrale Paris.
Steffen is a founding partner of Fideres with over 17 years’ experience in structured products and complex derivatives across all major asset classes. Steffen is responsible for the quantitative analysis of consulting mandates and has handled various complex benchmark manipulation cases, including LIBOR and ISDAfix, and cases relating to the mis-selling of structured product and derivatives. Prior to founding Fideres, he held a senior position at The Royal Bank of Scotland were he moved to after working for 5 years at Deutsche Bank. Steffen holds a master-level degree in Mathematics from the University of Erlangen, the Certificate of Advanced Studies in Mathematics (Part III) from the University of Cambridge and an MSc in Financial Engineering and Quantitative Analysis from the ICMA Centre at the University of Reading.
Markus is a partner of Fideres, since joining in 2016 he has acted as a consulting expert in over 15 cases. Prior to joining Fideres he was Managing Director of Credit Suisse’s Emerging Markets Financing Group, overseeing the management of its corporate loan portfolio and large credit derivatives portfolios. Markus holds BAs from the University of Applied Sciences in Essen, Germany, and the Hogeschool Zeeland, Netherlands, and an MBA from Manchester Business School.
Russell De Souza, CFA
Russell joined Fideres in 2014. He has acted as a consulting expert in many large legal cases in the US and UK for a variety of industries. In particular, he leads the pharmaceutical team in relation to generic drug price-fixing allegations, labour economics team in relation to wage suppression and has carried out expert work in financial markets class actions. Russell is a Chartered Financial Analyst (CFA) charter holder and completed his BSc in Accounting and Finance at the London School of Economics and Political Science.
Robert joined Fideres in 2014. Over the past 5 years, Robert has acted as a consulting expert and assisted testifying experts in over 10 high-profile cases covering various stages. Robert leads the financial market investigation team who are actively involved in cases in relation to interest rate manipulation (ISDAfix, LIBOR, CDOR), auction manipulation (US and Mexican Treasuries) and benchmark manipulation (VIX). He also leads the technology sector investigation team in relation to the DRAM price-fixing allegations. Robert completed his MSc in Risk Management and Financial Engineering at Imperial College with distinction. Prior to this, he obtained a BSc Economics degree from Shanghai University of Finance and Economics.
Max joined Fideres in 2016. He has led the development and implementation of microeconomic models for a range of high-profile cases in the US and the UK, contributing to litigation on topics such as FX rate manipulation, LIBOR rate suppression, and the abuse of dominance in US healthcare markets. Before joining Fideres, Max worked at the national laboratory in Los Alamos, New Mexico, as part of a team designing neural networks for applications in machine learning. Max holds an MSc in Economic History from the London School of Economics.
Alan has over 16 years experience in financial derivative products including modelling, structuring and trading. Prior to joining Fideres, Alan worked at the Royal Bank of Scotland as a consultant on a project designing a system to manage complex legacy derivative trades. Alan graduated from the University of Cambridge with a Bachelor’s degree in Mathematics and a Postgraduate Diploma in Computer Science.
Vedika joined Fideres in 2017, after completing her MSc degree in Economics and Management from London School of Economics and Political Science, with a specialisation in Industrial Organisation and applied Microeconomics. She has conducted multiple proprietary research projects in the energy, automobile, industrial and platform markets. Furthermore, she has assisted in conducting damages assessments in private litigation cases in the agriculture, pharmacy, technology and financial sectors. Aside from this, she has assisted clients in building suitable frameworks under the purview of misrepresentation cases – examples include aggregator hotel-booking websites and the student loans market. She has developed expertise in the area of competition economics and worked on other areas of competition law such as merger analysis and abuse of dominance.
Raphael has two MSc degrees with distinction from Oxford University, in economic history and development economics. His recent dissertation developed an econometric model to assess the effects of immigration to South Africa on local wages and employment. He also holds a BA Honours in economic history from the University of Cape Town, and is a recipient of the Rhodes Scholarship. Since joining Fideres, he has worked on some of the firm's most high profile finance cases, such as a pending class action alleging manipulation of the CBOE VIX index. He is also coordinating the company's business strategy and expansion in the South African market.
Sarah joined Fideres in June 2018 having previously worked in Corporate Finance and Legal Services. She graduated with a Law (Hons) degree, with a dissertation on the law of Provocation, in which she received a distinction. She then went on to study the Legal Practice Course, a post-graduate diploma at the University of Law, London. Sarah is a member of the Marine Conservation Society, and enjoys painting and the gym.
Jean joined Fideres in July 2018. He forms part of the financial markets investigations team, working on a range of financial product manipulation cases, including foreign exchange manipulation and spoofing cases. Jean holds an MSc in Finance from Cass Business School, as well as a Banking & Finance (Hons) from the University of Malta. Previously, Jean has completed three internships in Alternative Investment Funds.
Pascal joined in 2018. He holds a PhD in Philosophy of Science and two master-level degrees (Mathematics and Philosophy) from the University of Munich. He has academic graduate experience in mathematical finance, stochastics, as well as in studies of reasoning and rationality. Before joining Fideres, Pascal worked for three years as a banking risk consultant and auditor in Frankfurt, Munich and London. Since joining Fideres, he has worked on cases of manipulation in financial markets against accused market makers, traders or information providers. Examples include the manipulation of the VIX, collusion on the SSA bond market, and insufficient information disclosures by a list of publicly traded companies in the US, Europe and Africa.
Maleeha joined Fideres in 2018 after working for several years in finance. Prior to joining Fideres she worked as a Junior Financial Controller for a City based company. She graduated from Kingston University after studying Business Economics BSc, after which she worked for three years in an accountancy practice managing; VAT, payroll, corporation tax & self-assessment tax returns. Maleeha enjoys travelling the world experiencing new cultures and cuisines.
Michele joined Fideres in 2018 after completing his MSc in Finance at Warwick Business School. His Master’s dissertation compared empirically different time-series forecasting models from the machine-learning and statistical academic literatures. Since joining, Michele has worked on a number of cases, including conducting quantitative analysis into allegations of spoofing in the financial markets and investigating anticompetitive behaviour in the healthcare industry. Michele has been a competitive swimmer for most of his life and enjoys playing guitar.
Cheryl joined Fideres in October 2018 after completing a Bsc International Relations at the London School of Economics and Political Science. Her dissertation was a foreign policy analysis of Tony Blair’s decision to invade Iraq in 2003 based on the Chilcot Report. She previously represented Singapore in chess and enjoys the occasional lectures at Chatham House.
Cameron joined Fideres in October 2018 after completing his MComm in Economics at Stellenbosch University. His dissertation was an economic impact assessment of Stellenbosch University which was commissioned in celebration of the institutions centenary. Prior to completing his Masters, Cameron received a Bachelor of Commerce with Honours degree in Financial Economics and a Bachelor of Commerce in Economic Sciences from Stellenbosch University. Cameron enjoys cricket and is a leg-spin bowler and middle order batsman.
Luke joined Fideres in 2019 after receiving a double B.A. in Economics and French from Columbia University. A former triple and long jumper, his senior projects included an assessment of the role of race in French soccer, and an analysis of the impact of max contracts on player performance in the NBA. Prior to Fideres, Luke interned as a data analyst at OneUnited Bank.
Georgie joined Fideres in January 2019, having previously obtained a first-class honours degree in Psychology from the University of Sussex, and then going on to work in both financial services and the charity sector. Alongside her work with Fideres, she is studying a part-time MSc in Psychiatric Research at King's College London. Georgie has previously competed in athletics tournaments, and enjoys yoga and meditation.
Sam joined Fideres in 2019 having completed his Master's degree in Economics at the University of Manchester. His dissertation explored the income returns to different education levels for ethnic minority groups. He has worked on a variety of projects at Fideres, including conducting event studies in 10b5 securities litigation cases. Sam represented the 1st XI cricket team at University, winning the Northern Premier League in his final year.
Head of Human Resources
Kate joined Fideres in 2019 having previously acquired over 15 years international generalist HR experience in Financial Services, mainly within Trading and Asset Management. Kate has a Master’s degree in Personnel Management and is a Member of the Chartered Institute of Personnel and Development. Kate is a keen advocate of flexible working and supporting diversity initiatives in the workplace.
Fernanda joined Fideres in April 2019. She holds a degree in Business Management and prior to joining Fideres worked with Lafferty Group managing training programmes and delivering events worldwide. She has 9 years experience in closing projects and delivering business value within the resources department at St Johns Ambulance. Within this role, Fernanda was elected employee of the year 2015 – Lindsey Harding Award - by colleagues, peers and the management team based on performance and outstanding achievements.
Affiliated Academic Consultants
Prof. Carol Alexander
Carol Alexander is Professor of Finance at Sussex and co-editor-in-Chief of the Journal of Banking and Finance, with Geert Bekaert (Columbia). She holds degrees from the University of Sussex (BSc First Class, Mathematics with Experimental Psychology; PhD Algebraic Number Theory) and the London School of Economics (MSc Econometrics and Mathematical Economics). She also has an Honorary Professorship at the Academy of Economic Studies in Bucharest, Romania. Carol has also held several positions in financial institutions: Fixed Income Trader at UBS/Phillips and Drew (UK); Academic Director of Algorithmics (Canada); Director of Nikko Global Holdings and Head of Market Risk Modeling (UK); Risk Research Advisor, SAS (USA). She also acts as an expert witness and consultant in financial modelling. From 2010 – 2012 Carol was Chair of the Board of PRMIA (Professional Risk Manager's International Association). She publishes widely on a broad range of topics, including: volatility theory; option pricing and hedging; trading volatility; hedging with futures; alternative investments; random orthogonal matrix simulation; game theory and real options.
Prof. Ioannis Kokkoris
Ioannis Kokkoris holds a Chair in Law and Economics at the Centre for Commercial Law Studies, Queen Mary University of London, UK. He is also the Vice Chairman of the Institute of Studies in Competition Law and Policy. He is an expert on competition law as well as on law and economics. His main research interests are in the area of law and economics, comparative competition law/economics and policy, intellectual property, as well as banking law and financial regulation. He has also worked on abuse of dominance cases as well as cartels and other anticompetitive agreements cases. He is a special advisor to a number of competition authorities and frequently advises companies on competition enforcement issues in a number of jurisdictions and delivers training programmes for companies, competition authorities and courts. He holds a BSc Economics (Essex), MPhil Economics (Cantab), LLM (Warwick) and PhD in Competition Law (Kings College London) and has conducted research at Harvard Law School.
Prof. Robert Rothschild
Robert Rothschild is Professor of Economics at Lancaster University. A graduate of the University of Cape Town with an MA (with distinction), and former Research Student at Emmanuel College, Cambridge, he has worked in industry in both the UK and Germany. He was a visiting professor at Curtin Business School, Perth, Australia. He has previously been a fellow of the Royal Economic Society, former member of the American Economic Association as well as former secretary of the Cape Branch of the Economic Society of South Africa. His principal research area is in industrial organization analysis, with particular reference to cartel behaviour and competition in product-differentiated markets. On these and related topics he has published widely in journals such as the American Economic review, the European Economic Review, and the Journal of Industrial Economics.
Prof. Farasat Bokhari
Farasat Bokhari is an Associate Professor (Senior Lecturer) of Economics at the University of East Anglia and the Centre for Competition Policy. He received his Ph.D. in Public Policy and Management from the Heinz School at Carnegie Mellon University, USA. As a health economist with a background in applied microeconomics and industrial organization, and a specialization in health policy, he has conducted research on the evolution of industry standards, adoption and diffusion of health care technologies, competition among hospitals and managed care organizations, and health outcomes and research methods. His current work is on antitrust, competition and firm strategies in the pharmaceutical sector, including introduction of pseudo/authorized generics, me-too drugs, product hopping, pay-for-delay deals and their impact on prices, entry, growth and welfare. He has published in leading academic journals including the Journal of Competition Law and Economics, Journal of Industrial Economics, International Journal of Industrial Organization, Journal of Health Economics, and Health Economics.
Prof. Louis Rossiter
Lou Rossiter is an expert in health economics. He has testified or been an expert in the following areas: competition in the financing and delivery of health services, reimbursement economics, managed care organizations, prescribed medicines, survey research, and health information analytics. Rossiter was formerly the Secretary of Health and Human Resources for the Commonwealth of Virginia. He brought major information technology projects in the Secretariat to national prominence and made major reforms in Virginia Medicaid. Between 1982 to 2000, he was a Professor of Health Administration at Virginia Commonwealth University (1982 to 2000) and deputy for policy to the Administrator of the Centers for Medicare and Medicaid Services (CMS). Here, he created and directed a new payment system for U.S. hospitals under Medicare, lead the CMS Strategic Plan and formulated all agency policy initiatives. He has served on numerous boards and was the Chair of the Board of Directors of the Coalition for Health Services Research as the Affordable Care Act passed through Congress. He is currently a Trustee and Chair of the Williamsburg Health Foundation. He has edited 14 books, contributed to 50 journal publications on health economics; competition, financing and service delivery and published a book on Medicare reform.
Prof. Robert Webb
Prof Robert Webb is the Martin J. Patsel, Jr., Research Professor at the McIntire School of Commerce at the University of Virginia in Charlottesville, Virginia, U.S.A. He is also the current Editor-in-Chief of the Journal of Futures Markets, a leading academic journal focusing on derivative securities and markets. His previous experience includes positions with the Investment Department of the World Bank, the Chicago Mercantile Exchange, the Executive Office of the President, Office of Management and Budget, and the U.S. Commodity Futures Trading Commission. His research and publications focus on derivative securities and markets, trading and the behavior of speculative prices, how traders make decisions, market microstructure and the impact of high-frequency trading on financial market prices, latency, and behavioural finance. He is the author of the books Trading Catalysts: How Events Move Markets and Create Trading Opportunities (FT Press, 2007) and Macroeconomic Information and Financial Trading (Blackwell, 1994) and co-author of Shock Markets: Trading Lessons for Volatile Times (FT Press 2013). He holds degrees from the University of Wisconsin at Eau Claire (BBA) the University of Chicago (MBA with a specialisation in Finance and PhD in Finance).
Prof. Linda Allen
Linda Allen is the William F. Aldinger Chair and Presidential Professor of Finance, Zicklin School of Business, Baruch College CUNY. Professor Allen's research and consulting interests include banking and financial intermediation, mortgage finance, and securities lending. She has more than twenty years of experience as an expert witness in the areas of: financial analysis, economic damages, risk assessment and securities valuation, including securitizations. She has a patented damages model for use in shareholder class action litigation. She has testified more than twenty times at hearings and depositions on cases involving: executive compensation, option valuation, CDS payouts, mergers and acquisitions. In addition, she has been involved in settlements of dozens of cases involving major banking and financial firms, such as: Goldman Sachs, Bank of America, Barclays, Lehman, Enron, etc. She holds degrees from Queens College, CUNY (BA Economics) and New York University (PhD Economics/Finance). She is a Board Member of the Forensic Expert Witness Association as well as a member of the American Finance Association and Financial Management Association. She has authored and co-authored several books and holds a patent for determining damages for shareholders in a class action lawsuit.
Prof. Doug Miller
Doug Miller is Associate Professor of Management and Global Business at Rutgers University. With a Ph.D. from The Ohio State University, he previously held positions at Tulane University and the University of Illinois. His research on Corporate Strategy using large-scale datasets has been published in journals such as Strategic Management Journal, Academy of Management Journal, and Research Policy, addressing diversification, vertical integration, and innovation. He was a Fulbright Specialist Roster grantee to Peru in 2016. His current research focuses on causes, conduct, and competitive implications of mergers and acquisitions (M&A) among for-profit and non-profit firms.
Prof. John Kagel
John Kagel is University Chaired Professor of Applied Economics and Director of the Economics Laboratory at the Ohio State University. He has previously served as a panelist for the National Science Foundation in the Economics Division and in the Decision, Risk and Management Division. His research interests focus on group decision making and learning in strategic interactions between agents, auction design and performance, industrial organization issues, and legislative bargaining. He has published over 90 articles in peer reviewed journals including the American Economic Review, Econometrica, Journal of Political Economy, Quarterly Journal of Economics, Psychological Review, American Political Science Review, and Management Science. He has six co-authored monographs and his most recent book has been translated into Chinese. His research includes studies of package bidding in auctions versus Federal Communications Commission style auctions, team versus individual decision making in strategic interactions involving costly signaling between agents, auctions with resale, and public versus private good provision in legislative bargaining. He holds a B.A. (Tufts University), M.S. and Ph.D. in Economics (Purdue).
Prof. Xiaoyong Zheng
Dr. Xiaoyong Zheng is the Graduate Program Director and Professor for the Agricultural and Resource Economics Department at North Carolina State University. He specialises in markets with asymmetric information. His published and working projects include empirical studies of auctions (public works; timber; conservation reservation), contracts (marketing and production contracts in agriculture) and insurance (health; crop). He is also an applied econometrician, applying microeconometrics methods to study policy-relevant issues in food demand, health and international trade. He frequently speaks a seminars and conferences on agricultural economics and applied economics. He is currently associate editor of the Journal of Agricultural & Food Industrial Organization and previously of the American Journal of Agricultural Economics. He holds degrees from Indiana University (MA and PhD in Economics) and Peking University (BA Economic).
Prof. Colin Carter
Dr. Colin Carter is a Distinguished Professor of Agricultural and Resource Economics at the University of California, where he served as Department Chair from 1998 to 2001. Colin’s fields of interest include commodity markets and international trade. He has produced approximately 150 academic publications on topics including international trade, agricultural policy, and commodity markets. He has received numerous professional awards for teaching and research including the Agricultural and Applied Economics Association’s (AAEA) Annual Award for “Outstanding Journal Article: American Journal of Agricultural Economics” 2017; “Quality of Research Discovery” in 1981 and 2008, and “Quality of Communication” awards in 1994 and 2011. Dr. Carter has been engaged by over 45 different entities as a consultant. Carter has extensive litigation experience and has worked on several legal cases involving the economics of commodity markets and he has testified in court in three different countries and in front of domestic and international trade tribunals. He has written several economic reports for litigation purposes and has been deposed numerous times as an economics expert.