Who we are

Navesink International is the premier expert witness firm for financial markets. We help the most prominent law firms win complex cases by providing expert witnesses with the highest quality and the strongest technical knowledge.

Our team of experts provides the necessary and relevant services including analysis of the facts of the case, discovery review and suggestions, review of the arguments’ technical strengths & weaknesses, expert witness reports and depositions as well as expert witness testimonies.

What we do

We cover a wide range of topics through our in-house experts and our financial markets network of C-level industry professionals. Our depth of expertise, our experience and our resources allow us to handle the largest and most technical cases for the duration.

Our experts

Navesink International’s uniquely qualified experts are all industry veterans who can cover the most complex topics and cases in the securities industry. All our experts are selected based on peer recommendations and vetted before representing Navesink International.
We take pride in representing the highest quality expert witnesses with the strongest
technical knowledge and we do not employ consultants or junior expert witnesses.

algorithmic trading***anti-money laundering (AML)***asset management***automated trading strategies***basis***benchmark manipulation***best execution***Black-Scholes***bonds***capital markets***commodities***commodities trading***Commodities Trading Advisor (CTA)***commodity derivatives***compliance***convertible bonds***cross-currency swaps***cross-hedging***cross-product spoofing***currency derivatives***currency swaps***debt markets***delta***derivative execution***derivative hedging***derivative trading***derivative valuation***derivatives***Electronic trade execution***energy derivatives***equities***equity derivatives***equity markets***equity swaps***exchange-traded derivatives***financial crimes compliance***financial expertise***financial fraud***financial markets***financial regulations***fixed income***Fixed-Income derivatives***foreign exchange***forwards***fraud***fraud detection & prevention***front running***fund management***futures & options***futures trading strategies***FX***FX forwards***FX options***gamma***gap analysis***Greeks***hedge fund management***high frequency trading (HFT)***indices***insider trading***interest rate curves***interest rate derivatives***interest rate risk***interest rate swaps***interest rates***listed derivatives***machine learning (ML)***margin calls***margining***margins***market abuse***market abuse detection***market making***market risk***market structure***model risk***model validation***option exercise***option pricing***option valuation***options***options trading strategies***order book reconstruction***order data analysis***order management systems***OTC derivatives***OTC securities***OTC trading***over-the-counter (OTC) derivatives***portfolio construction***portfolio management***pump and dump***ramping***regulatory compliance***short squeeze***speculating***spoofing***spot***spot FX***structured products***surveillance model calibration***surveillance model effectiveness***surveillance model validation***surveillance procedures***Suspicious Activity Reports (SARs)***swap dealer***swaps***synthetic assets***systematic trading environment***trade data analysis***trade surveillance***trader***trader aggression***trader collusion***trader intent***trading***trading bots***trading risk limits***trading strategies***trading systems***training and audits***treasury bond futures***USD rates options***volatility***warrants***wash trades***white-collar crime***yield curve***yield curve construction***

Foreign Exchange (FX)***Fraud***Surveillance & investigation***Technology***Trading & portf. management***

Hugh Clark

Hugh Clark has had a long and successful career of over 37 years in financial markets, including 17 years trading spot FX and FX derivatives as co-founder and Chief Investment Officer in an award-winning boutique hedge fund, ten years trading and structuring global equity derivatives in investment banks and over eight years devising and calibrating trade surveillance systems for tier-one banks, ensuring compliance with regulatory directives.

advisory***Black-Scholes***board of directors***budgeting***CDS***CDS indices***complex securities***credit derivatives***delta***derivatives***due diligence***early-stage funding***equities***equity derivatives***equity swaps***Equity-linked swaps (ELS)***exotics***financial analysis***financial engineering***financial planning & analysis (FP&A)***FINRA Series 24 Principal***fixed income***Fixed-Income derivatives***foreign exchange***forwards***fund raising***futures & options***FX***FX derivatives***FX forwards***FX options***gamma***Greeks***hedge funds***hedging***interest rate curves***interest rate swaps***interest rates***investment***licensing agreements***listed derivatives***market making***operational development***operational management***option exercise***option pricing***option settlement***options***over-the-counter (OTC) derivatives***personnel management***portfolio management***post-mortems***private investment partnership***proprietary trading***put-call parity***quantitative investments***quantitative research***relative value***return on investments (ROI)***risk management***series A***strategic business development***structured products***structuring***swaps***total return swaps (TRS)***trader***trading***trading strategies***USD rates options***valuation***venture capital investing***VIX***volatility***warrants***yield curve***yield curve construction***

Bonds & credit***Complex securities & derivatives***Equities***Fixed Income***Investing***Trading & portf. management***

Kent Kurtz

Kent A. Kurtz, a seasoned executive, brings a wealth of expertise in financial markets, risk management, financial engineering, and portfolio management. With a successful career at investment banks HSBC, Nomura Securities, and Deutsche Bank, Kent has demonstrated a consistent ability to manage businesses, drive revenue, and foster sustainable growth. As an original founding member and partner at Tribeca Early-Stage Partners (TESP), Kent helped build the team and oversee the coordination of 65 members. The group evaluates ~1,000 start-ups annually and built a successful investing platform.

asset liability Management (ALM)***automated market making (AMM)***banking***bitcoin mining***blockchain***broker dealer***central counterparty clearing***centralized finance***Chief Risk Officer (CRO)***counterparty risk***credit risk***crypto***cryptocurrencies***Decentralized Finance (DeFi)***deposit pricing***digital assets***enterprise risk management (ERM)***financial management***FinTech***futures commission merchant***governance***Industrial Loan Company (ILC)***liquidity risk***market risk***mortgage origination***mortgage pipeline***Office of the Comptroller of the Currency (OCC)***operational risk***perpetual swaps***recovery resolution planning***regulatory compliance***regulatory requirements***regulatory rules***risk capital***risk management***risk management of margin lending***Risk manager***risk mitigation***strategic acquisitions***swap dealer***trader***trading***trading risk limits***

Balance sheet***Digital assets***Risk management***

Rodney Sunada-Wong

Rodney Sunada-Wong is a highly experienced risk manager with a proven track record in digital assets, banking, and trading. His expertise centers on optimizing risk-taking, achieving profitability goals, and ensuring regulatory compliance. Notable achievements include transforming governance at a troubled digital asset startup, reducing peak regulatory risk capital requirements for a major broker dealer, and pioneering a new asset & liability framework and originating new products for wealth management enabling increase in Return on Assets by over 1%

1934 Act compliance***1940 Act compliance (Form ADV)***AML/BSA risk management***asset liability Management (ALM)***Bank Secrecy Act (BSA)***banking***Basel - liquidity coverage ratio***Basel III***best execution***broker dealer***capital markets***Chief Risk Officer (CRO)***close out of trading account***commodities***commodity derivatives***controls***convertible bonds***corporate bonds***corporate loans***cost of carry***credit analysis***credit committee***credit default derivatives***credit default swap (CDS)***credit risk***cum/cum***cum/ex***damages***debt markets***delta***derivative valuation***derivatives***digital and barrier options***duty of care***Eastern European bonds***Federal Reserve Board (FRB)***FINRA Series 24 Principal***fixed income***fixed income trading consulting***Fund Transfer Pricing (FTP)***futures & options***FX***FX forwards***FX options***gamma***Greeks***hedge fund management***interest rate risk***ISDAs and CSAs***Know-Your-Customer (KYC)***Latin America (LatAm)***liquidity risk***listed derivatives***margin calls***market risk***mortgage-backed securities (MBS)***Net Stable Funding Ratio (NSFR)***operational risk***option valuation***OTC derivatives***over-the-counter (OTC) derivatives***policies***portfolio margin***procedures***Reg 144A***Reg BI***Reg S***reg T***repo trading***risk management***risk management policies***SEC/US federal reserve & FINRA examinations***securities lending***stress testing***structured bonds***suitability***trader***trading***US liquidity stress tests (SR 10-6)***value-at-risk models***

Complex securities & derivatives***Equity finance & Prime***Fixed Income***Foreign Exchange (FX)***Risk management***Trading & portf. management***

Andrew Auslander, CFA, FRM

Andrew Auslander, CFA, FRM, stands as an esteemed authority in risk management and bond valuation. His extensive expertise encompasses risk identification, assessment, advisory, and reporting, with a strong focus on policies, procedures, and governance. With decades in Finance and Risk Management within global financial institutions, he has held senior risk management positions, including Chief Risk Officer. Mr. Auslander's profound knowledge extends to market, credit, operational, liquidity, and interest rate risks, as well as valuation of illiquid corporate bonds and loans, structured bonds, repo, options, futures, and swaps.

alternative dispute resolution***balance sheet usage***capital costs***collateral***derivatives***enforcement***equities***equity finance***financial fraud***FINRA Series 24 Principal***fixed income***funding***futures & options***inventory optimization***investigations***ISDA negotiations***ISDAs and CSAs***liquidity management***listed derivatives***litigation***margining***post-mortems***prime brokerage***regulations***repo trading***risk-weighted assets (RWA)***securities industry essentials (SIE)***stock lending & borrowing (SLB)***stock lending and borrowing***stock loan***swaps***synthetic equity***trader***trading***trading loss***white-collar crime***

Balance sheet***Bonds & credit***Equity finance & Prime***Risk management***Trading & portf. management***

John C. Nicholson

John C. Nicholson stands as an esteemed authority in risk management and bond valuation. His extensive expertise encompasses risk identification, assessment, advisory, and reporting. John's profound knowledge extends to market, credit, operational, liquidity, and interest rate risks, as well as valuation of illiquid corporate bonds and loans, structured bonds, repo, options, futures, and swaps...

asset types (stocks)***Bank of America (BAC) merger***Basel II compliance***bonds***Chief Credit Officer***collateral***collateralized financing executive***collateralized lending***counterparty rating system***credit committee***credit limits***credit policies and procedures***credit quality assessment***credit risk limits***credit risk management***credit risk officer***derivatives***due diligence***Federal Reserve Board (FRB)***funding transactions***FX***global risk exposure***hedge fund portfolio***hedge funds***high net worth individuals***ISDA negotiations***ISDAs and CSAs***margins***multinational banks***Office of the Comptroller of the Currency (OCC)***options***prime brokerage***risk attributes***risk integration***Securities industry***special finance committee (SFC)***stock lending & borrowing (SLB)***stock loan***stocks***swaps***

Bonds & credit***Equity finance & Prime***Risk management***Trading & portf. management***

Robert McDonough

Robert McDonough is a distinguished finance professional with an illustrious career spanning over four decades in the securities industry. With extensive experience at esteemed institutions such as Bank of America Merrill Lynch, he has honed his expertise in prime brokerage credit risk management, due diligence, credit quality assessment, margin policies, and credit lines limits. He has established a proprietary counterparty rating system for global Hedge Fund portfolios. Robert's profound insights and regulatory knowledge make him an esteemed authority in prime risk.

21Shares***administration***Algorand***AQUIS in London***asset management***audit***Audit Committee***authorized participant (AP) agreements***balance sheet management***Bitcoin***BMR indices***Board member***board of directors***Boerse Stuttgart***broker-dealers***brokerage***BX Swiss***capital markets***capital raising***Cardano***CEC Capital***Chief Executive Officer***coaching & training***Coinsilium***compliance***corporate governance***corporate strategy***DB’s Xetra (CCP)***derivatives***Dubai exchange***Ethereum***Euronext Paris/Amsterdam***exchange-traded funds (ETFs)***exchange-traded products (ETPs)***filings***fund raising***general meetings***Global Advisors / Coinshares***GOLD***Hashdex***hiring***institutionals***interim management***internal controls***investor relations***Israel exchange***issuance***Issuance.Swiss***Lionsgold***listing***listing requirements***Litecoin***market-marking agreement***media strategy***Nasdaq Nordic***Nasdaq Stockholm***non-executive director***planning***Polkadot***press releases***prospectus***public relations***relationships***risk reporting***sales & marketing***Solana***stock exchanges***strategic decision***Tallymoney***TRAC***Tradegate***Virtune***white labeling***Wiener Boerse (Vienna Stock Exchange)***XBT Provider***XRP***

Complex securities & derivatives***Digital assets***Exchanges & markets & listings***Investing***

Laurent Kssis

Laurent Kssis is a prominent figure in the European ETF and crypto ETP landscape, with 20 years of extensive experience. As the founder of CEC Capital in London since 2013, he specializes in guiding issuers through the process of listing innovative crypto-related vehicles on European stock exchanges. Notably, he facilitated the successful listing of numerous ETPs, including Virtune's 4 innovative crypto ETPs on Nasdaq Stockholm in 2023.

algorithmic trading***alternative asset management***asset controls***asset verification***atomic swap***automated market making (AMM)***bitcoin (BTC)***blockchain governance***bridge risk***Byzantine Generals’ Problem***cipher***coin mixer***cold storage***cold wallet***compliance***composability risk***conflicts of interest***consensus***controls***cross-chain***crypto***crypto exchanges***crypto investment advisory***crypto risk modeling***crypto trading***cryptocurrencies***cryptocurrency derivatives***cryptocurrency market analysis***cryptocurrency taxonomy***Cryptographic Hash Function***custody***DDoS attack***Decentralized Autonomous Organizations (DAO)***decentralized exchanges***Decentralized Finance (DeFi)***DeFi protocols***derivatives***digital asset management***Distributed Ledger Technology (DLT)***enterprise risk management (ERM)***ERC (token standard)***escrow***gas***governance***governance model***governance token***hack***hash function***high frequency trading (HFT)***Howey Test***impermanent loss (IL)***incentive mechanism***interconnectedness***Layer 1***Layer 2***liquidity pools***margin calls***market making***model risk***model validation***Money Transmitter License***OffLedger***operational due diligence (ODD)***operational risk***oracle risk***Perpetual futures (Perps)***Ponzi scheme***portfolio management***private key***pseudonymity***pump and dump***quantitative models***Race Attack***regulatory agenda***regulatory compliance***risk appetite***risk appetite framework***risk appetite metrics***risk assessment***risk framework***risk management***risk reporting***rug pull***seed phrase***short squeeze***Simple Agreement for Future Tokens (SAFT)***smart contract audits***Soft Fork***stablecoins***Sybil Attack***synthetic assets***systemic risk***technology risk***tokenization***tokenomics***trader***trading***trading bots***utility token***Vampire Attack***Vaporware***wallets***wash trades***Wrench attack***Zero Knowledge Proof***

Digital assets***fixes***Governance***Risk management***Surveillance & investigation***

Emmanuel D. Chesnais

Emmanuel Chesnais, a seasoned risk executive with 25+ years in industry and consulting, excels in navigating complex trading environments. Specializing in the buy-side, he possesses diverse skills in risk management, analytics, controls, and governance. His expertise spans model risk, enterprise risk, and portfolio risk. Emmanuel has successfully developed, built, and managed risk frameworks for various financial entities, including hedge funds, asset managers, crypto firms, and banks, demonstrating a deep commitment to addressing strategic opportunities in dynamic markets.

alpha generation***artificial intelligence (AI)***asset unwinding***bilateral and multilateral compression expert***bonds***callable debt issuance***complex securities***cybersecurity***delta***derivative bankruptcy workout***derivatives***equity swaps***Equity-Linked Swap (ELS)***exotics***FINRA Series 24 Principal***fixed income***foreign exchange***fund allocation***futures & options***FX***FX forwards***FX options***gamma***global capital markets***global macro***Greeks***hedge funds***hedging***interest rate swaps***listed derivatives***machine learning (ML)***market making***market research***Muni swaps***option exercise***option pricing***option settlement***portfolio construction***portfolio management***put-call parity***quantitative research***risk management***structured notes Issuance***structured products***structuring***swaps***trader***trading***trading manager***trading strategies***treasury bond futures***USD Medium Term Notes***USD rates options***volatility***yield curve***yield curve construction***

Complex securities & derivatives***Fixed Income***Quantitative strategies***Trading & portf. management***

Luc Faucheux, PhD

Luc Faucheux, PhD, is a distinguished expert with over 25 years of experience in quantitative research, trading, and management across Wall Street's Fixed-Income derivatives sector. As former Head of USD Rates Trading at Citibank and USD Rates Options Trader at UBS, he demonstrated exceptional skill in option pricing, trading, and risk management. Luc's academic background, including a Ph.D. in Theoretical Physics from Princeton University, contributes to his deep understanding of financial mathematics, making him a sought-after expert in complex fixed income financial instruments.

arbitrage strategies***asset management***bankruptcy law***capital structure***convertible bonds***court filings***covenants***credit analysis***debt markets***derivatives***disclosures***distressed funding processes***distressed securities***equity markets***fund management***funding***futures & options***hedge fund management***high yield investments***Leveraged Buyouts (LBO)***listed derivatives***merger arbitrage***OTC securities***portfolio management***preferred shares***private credit***private debt***private equity***pro-formas***prospectuses***proxies***proxy statements***public equity***regulatory compliance***relative value***restatements***restructuring***risk management***shareholder activism***short selling***special situations***trader***trading***trading systems***value equities***warrants***

Balance sheet***Fundamental analysis***Investing***Trading & portf. management***

Matthew Pilkington, PhD

Matthew Pilkington, PhD, is a versatile financial professional with extensive experience spanning diverse sectors. With a Ph.D. in Physical Chemistry from Oxford University, Pilkington combines analytical rigor with practical financial expertise. He has successfully managed portfolios, driven profitable trading strategies, and demonstrated expertise in event-driven arbitrage, distressed securities, value equities. Pilkington's comprehensive skill set and track record of success make him a valuable asset in complex financial and trading situations.

algorithmic trading***anti-money laundering (AML)***asset management***best execution***block trading***capital markets***company buybacks***compliance***Customer Protection***Direct Market Access (DMA)***distressed securities***due diligence***Electronic trade execution***financial regulations***financial reporting requirements***FINRA Series 24 Principal***hedge funds***institutional trading***Know-Your-Customer (KYC)***market making***market structure***order management systems***OTC trading***portfolio management***private placements***quiet period***Reg 144A***Reg D***Reg FD***Reg S***reg T***regulatory landscape***reporting requirements***risk management***Rule 15c3***safe harbor***short sales***SPAC***stocks***systematic trading environment***trader***trading***

Equities***Trading & portf. management***

Kerry R. Langston

Kerry Langston is a distinguished financial market professional with extensive expertise in OTC securities trading and handling, backed by over 25 years of industry experience. As Managing Director at Celadon Financial Group, he excels in best execution, compliance, and due diligence. Langston's proficiency spans market-making, risk management, and client relations, including capital introduction and capital raising. With a strong record of building relationships and optimizing client outcomes, he is a respected figure in institutional trading and broker/dealer services.

basis***benchmark manipulation***Black-Scholes***collateral***Commodities Trading Advisor (CTA)***complex securities***convertible bonds***credit default swap (CDS)***crosscurrency swaps***cum/cum***cum/ex***delta***derivatives***due diligence***equities***equity derivatives***equity finance***equity swaps***Equity-Linked Swap (ELS)***exchange-traded derivatives***exchange-traded funds (ETFs)***exchange-traded notes (ETNs)***exotics***forwards***fund-of-funds***fundamentals***futures***gamma***Greeks***hedge funds***hedging***hiring & firing***indexing***indices***interest rate curves***inventory optimization***investigations***leverage***listed derivatives***options***over-the-counter (OTC) derivatives***portfolio construction***post-mortems***proprietary trading***put-call parity***quantitative investments***relative value***repo***risk premias***risks***selection***separately managed accounts (SMA)***spot***stock lending & borrowing (SLB)***stocks***strategy review***structured products***structuring***swaps***synthetic equity***tax trading***total return swap (TRS)***trading loss***VIX***volatility***warrants***yield enhancement***

Complex securities & derivatives***Equities***Equity finance & Prime***Quantitative strategies***Trading & portf. management***

Gontran de Quillacq

Gontran de Quillacq boasts a distinguished 25+ year career, excelling in trading, portfolio management, and investment research. Renowned for his expertise in equity derivatives, options, and structured products, he has held pivotal roles at premier banks in London and NYC. With a robust academic foundation from institutions like HEC Paris, UC Berkeley, and École Normale Supérieure de Lyon, de Quillacq is an exceptional communicator, who elucidates complex financial concepts with clarity and authority.

Case examples

Defense

We explained how a combination of trades constituted an exotic Formosa structure, correctly reducing a corporation‘s income tax.

Plaintiff

We explained how a prime broker used the wrong risk methodology and ignored industry standards when monitoring a hedge fund, demonstrating that the fund was unduly closed.

Plaintiff

We explained linguo and communication standards between traders in a contractual dispute.

Plaintiff

We explained the errors in the international settlement of a warrant trade, demonstrating which party was responsible for the failed exercise.

Defense

We explained how an ETF arbitrager failed to properly re-hedge his portfolio during an index composition change.

Legal Consulting

We explained the strategy, risks and responsibilities of a multi-strategy multi-asset exotics portfolio manager embroiled in an employment dispute.

Defense

We recalculated the value of an option portfolio continuously in a fast market, proving that an account was closed while positive.

Plaintiff

We reverse-engineered a bond convertible into warrants, calculated its ex-ante and realized rates of return, proving that the loan was usury.

Legal Consulting

We explained the option trades of a rogue broker affecting a large number of client accounts, facilitating a FINRA investigation.

Home of the best experts

Top litigators reach out to Navesink International for their most challenging financial markets topics

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Who we are

What we do

Our experts

Hugh Clark

Kent Kurtz

Rodney Sunada-Wong

Andrew Auslander, CFA, FRM

John C. Nicholson

Robert McDonough

Laurent Kssis

Emmanuel D. Chesnais

Luc Faucheux, PhD

Matthew Pilkington, PhD

Kerry R. Langston

Gontran de Quillacq

Case examples

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