Senior Business Analyst – Derivatives, Commodities, Hedge Funds

Philip_Green_CV Philip_Green_CV Phil







Phillip Green

(513) 257-8465


Chicago New York London
Houston Brussels

Senior Business Analyst
and Project Manager Derivatives, Securities,
Fixed Income, Bonds, Equity, Capital Markets, Energy,
Commodities, Financial Markets

Portfolio and Accounting trade order management systems,
OpenLink Endur, gMotion, Allegro, Triple Point,
energy trading risk management systems Senior Business Analyst. Sophis,
Murex, Calypso, Charles River, Wall Street Systems, Trema,
SunGard, Latent Zero and Advent Geneva. Commodities, Futures,
options, Swaps, Bonds, Equity Swaps, Capital Markets, Fixed Income,
Structured Products, FX and Treasury.

New York, NY
January 2008 present

Project Lead/Senior Business Analyst
OTC Derivatives Project
– Derivatives platform Implementation
of vendor solution, short-listed to Murex and Calypso

Write Detailed Business requirements documents (BRD) and assessment
of current OTC derivatives instruction trade management processes for
front, middle and back office, reference data, data attributes and security
master database. Calypso MO/Trade processing
P&L monitoring (mainly for hedge funds)

Risk management: mainly market risk. Documented issues with Calypso TRS on equity futures, modelised as futures for Risk purposeAsset classes covered include Interest Rate Derivatives, Calypso issues with TRS on commodities (modelised for Risk, not yet used in trade processing; trade processing/revaluation. Review issue of posting the cash flows to Fortis position keeping system, FIBIS.

Documented Calypso End of day (EOD) positions fed in the system, mainly for VAR calculation and out of the box Calypso reporting (Delta buckets, Vega buckets…).

Mainly on the Hedge Funds (little number of funds)and gathering of historical market data.

OPUS derivatives pricing, Equity Swaps, Interest Rate Swaps, Credit
Default Swaps, Foreign Exchange Swaps, Equity options, Swaptions, Foreign
Exchange Options and Equity/Index Derivatives and Structured Credit

Authored “road-map” and assessment
and integration requirements with Swapswire, DTCC, DerivServ and Bloomberg
pricing data. Implementation project plans and business requirements
for Calypso, Murex, Sophis Risque, Sophis Value. Workflow documentation
for downstream systems Decalog, Heliograph, Corona, ThinkFolio, T-Zero
and Bloomberg.
Recommend strategic initiatives and analyze OTC derivatives protocols
and practices around DTCC, and Advent Geneva Global Portfolio Accounting
System’s RSL reports and instrument coverage including cliquets, CFD’s
and first to default for Fortis Bank, SWIFT,Swapswire, FpML, DerivServ,
and ISDA.

Shell Trading Houston, TX September 2007 January 2008

Senior Business Analyst Contractor /Consultant
Openlink Endur
v. 8.x

Business requirements and assessment of current Openlink Endur v.5 to implementation of Endur v.8 and integration with AcuRisk, Nucleus, Triple Point, Advanced Analytics, performance evaluation for remote locations, Cash Month Position Management, tactical tradebook, SENA, TPORT, Endur center of excellence workflow requirements, Commodities: Crude oil, Natural Gas, LNG, heating oil, Naptha, Distillates, Natural gas liquids.
Includes ethane, propane, butane and condensate. Cash Month PnL Reporting, assessment of Openlink replacing DealView, meet with OLF developers for review sessions, integrate Nucleus into Endur and write extraction requirements; review dBase logic and Endur GUI.
gMotion, Deal management, Deal Entry, Deal Capture and Deal modeling and transaction history, power, gas, scheduling, front office and mid-back operations experience. Daily Volume cuts and Price Changes, position monitoring, scheduling, tactical tradebook.
Write short charter for financial reconciliations and build roadmap for Openlink Endur 8.x implementation, testing and extraction of Nucleus archived and real-time data.

Bank of New York
One Wall
Street, New York City, NY November 2006 September 2007

Project Lead/Senior Business Analyst Contractor

OTC Derivatives project

Business requirements and assessment of current OTC derivatives instruction
trade management processes, reference data, data attributes and security
master database. Asset classes covered include Interest Rate Derivatives,
OPUS derivatives pricing, Equity Swaps, Interest Rate Swaps, Credit
Default Swaps, Foreign Exchange Swaps, and Equity options, Swaptions,
Foreign Exchange Options and Equity/Index Derivatives.

Recommend strategic initiatives and analyze OTC derivatives protocols
and practices around DTCC, SWIFT, Swapswire, FpML, Advent Geneva Global
Portfolio Accounting System, DerivServ, and ISDA.

Wachovia Bank/Evergreen
Charlotte, NC
July 2006 November 2006
Senior Business Analyst — Contractor
Long/Short Hedge Fund Derivatives Senior Business Analyst

Wrote business requirements and interviewed portfolio managers and traders
to implement a new International Small Cap Long/Short Hedge Fund. The
hedge fund seeks to take long positions in undervalued and under-followed
international equities. BA responsibility is to map and test data requirements
for futures, options and other derivative instruments into existing
trade order management system and back-office accounting.

Created cash flow models for Credit Default Swaps, Interest Rate Swaps,
Total Return Swaps, Currency Forwards, Cross-Currency Interest Rate
Swaps, Equity options, Structured products, Currency Futures, Options,
Exchange Traded Funds (ETFs), and indexes on commodity futures, i.e.,
the Goldman Sachs Commodity Index (GSCI) and the Dow Jones Commodity
Index (DJ-AIGCI); diagram swap accruals, payment cash flows, and settlement
scenarios to show gains and losses of hedge.

Documented how the following applications will be used in the hedge
fund initiative:
Fact Set, Derivative Solutions, Thomson PORTIA, Macgregor Fixed Income
Order Management and DTCC (Depository Trust Clearing Corporation).

JP Morgan-Chase
(Bank One)
Columbus, OH

March 2005 July 2006
Senior Business Analyst — Contractor
Latent Zero Implementation Project Manager/Senior Business Analyst

Tasked with documentation deliverables for the Latent Zero asset management
front office trade order management system. Integration documentation
for JP Morgan and Charles River stock trading algorithm tools for both
asset and funding desk. Created test cases, test plans for Charles River
compliance rules for the algorithm tools. Documenting all asset
classes and instruments that portfolio managers and trade desks will
be trading. Reconciliation from trade order management system to portfolio
accounting system Advent Geneva. Implementing interfacing Check Free
Trade Flow to clients, SWIFT and Accounting systems

Latent Zero Capstone suite consisted
of Sentinel, Minerva and Tesseract. This application was complemented
by Yield Book, CMS Bond Edge and Salerio and CheckFree Trade Flow.

Documented trade order lifecycle for all instruments: equities, equity
options, structured products, equity derivatives, Fixed Income, treasury
bonds, Auction Rate securities including corporate and municipal bond
debt instruments, Variable rate Demand and Prefferred, Dutch Auction
Securities, OTC derivatives, energy derivatives, Structured products,
Money Market instruments, FX, mortgage-backed securities, Asset-backed
securities, alternatives investments, Collateralized Debt Obligations
and the agencies (e.g., FNMA, GNMA, and FHLMC).

BP (British Petroleum) Naperville, IL August 2004 Feb 2005

Project Manager/Senior Business Analyst (Contractor) Triplepoint and
Openlink Endur Analyst

Requirements gathering with trade control analysts and traders to consolidate data repository for reporting BPs crude oil and products Futures & Options, hedges, swaps and Volumetric Exposure on the New York Mercantile Exchange up to regulatory bodies (NYMEX trade regulators and FERC (Federal Energy Regulatory Commission) regulators.

Reconciling positions in IST Trade Control for APR (Automated Positions Reporting) for market and supply crude (WTI, Brent, others), heating oil (HO) and unleaded gasoline (UNL). Data, futures, options positions, EFP and Swap deals data from MOFT, US Crude Supply Exposure Model and US Product Supply exposure Model, Cantera, Camera (Houston), aggregate exposure Excel sheets from Calgary and Crude Excel sheets from La Palma.

Business Objects, MOBO, MOFT (Middle Office Fast Track – position and pricing aggregator for Wet Deals), GlobalView external price feeds vendor for NYMEX, Platt’s and OPIS.,Clearvision, Openlink Endur v5, v8, Allegro, Entegrate, Triple Point (for deal valuation and calculation of OTC options); and PAWS (Petroleum Analysis Work Station used by the traders for M-T-M accounts, and SAP 4.6 (for operational and accounting system), and Zai*Net power trade capture system.

Responsible for business user review sessions, requirements gathering, UAT test scripts, gap analysis, data consolidation, benchmarks, metrics and attributes for Automated Positions Reporting.
Responsible for writing specifications to build data store, data assumptions, Dimensions, data fields specific to entity (hedge group), deal information fields (Market vs. Supply, Deal type: Wet, Paper, EFP, Swap); future specific and Option specific data(NYMEX open interest, IPE, OTC, option delta), and EFP specific, Swap, Market, Supply Crude (crude grade, WTI, Brent, Dubai, EOR, WOR crude categories) and product specific requirements

Fifth Third Bank Cincinnati, Ohio Aug 2002 Aug 2004

Project Manager/Senior Business Analyst — Capital Markets

Requirements gathering and project lead on initiatives to implement
Straight-through processing (STP) for the Asset and Funding Trading
Desks integrating Bloomberg Gateway and Bloomberg Portfolio Order Management
System to SunGard Middle Office Manager and SunGard InTrader applications.
Charles River (CRD) gap analysis review sessions for order management
selection. Charles River compliance module for Money Market fund and
Rule 2a-7, eligible securities, ratings and alerts, warnings and exceptions
Managed project from initiation to close. SME for bank-traded Fixed
Income products including Mortgage-backed securities, Asset-backed Securities,
Equity options, Interest-rate and Credit swaps, structured products,
TBAs, new issues, CMOs, agencies (FNMA, GNMA and FHLMC), Foreign Exchange
and Interest-rate Swaps.
Effectively use PMO (Project Management Office) methodology to initiate,
design, build, test, implement and close on capital budget expenditure
projects, successfully and on time, while analyzing risk and issue impact
on the project.

Straight-through processing project on Asset and Funding Desks. Requirements
gathering. Lead review sessions. Instruments: Equities, fixed income,
mortgage-backed securities (MBS), asset-backed securities (ABS), CMOs,
CDO and the agencies FNMA, GNMA and Freddie Mac. Reference data workflows,
FAS 133 for Hedge effectiveness testing, securitization and structured
products and Derivatives Solution. Cedit derivatives, commodities, futures,
options, FX.

Sungard InTrader, Wall Street Systems, Bloomberg TOMS, Bloomberg POMS,
Reuters, QRM (Quantitative Risk Management), Charles River Trader, Charles
River Manager, Charles River compliance. RFP author for Charles River
OMS evaluation.

Fuji Bank of Japan, Chicago, IL Nov 1999 Nov 2002
FX Trading Desk Senior Business Analyst

Developed applications to track risk exposure, trading positions, arbitrage,
and spreads and due diligence for traders on the Foreign Exchange trading
desk. Utilized Excel spreadsheets and real-time trading floor applications
such as Devon, Sun-Gard, DTN, Bloomberg and Reuters to manage risk exposure
for the foreign currency trading room. Client/server transactional platforms

Responsible for analysis of derivatives, futures & options, foreign
exchange and securities risk management.

Communicated with trading partners through e-mail and spreadsheet reports
for trade
reconciliation. Remitted S.W.I.F.T. data for trade balancing.

Developed reports and Excel queries of Fixed Income securities trading
and processing with emphasis on US Government securities (both outright
and Repo) for bank management. Responsible for P&L reporting, confirmation
with trading partners, and end-of-day reporting of positions.

Performed analysis on historical trade position data, trading trends
and tendencies and opposing trade positions for fraud detection and
trading limit violations. Reconcile F/X, wholesale, spot, ask and bid,
cash and Euro positions.

Clarified the responsibilities of both dealers and brokers regarding
collateral substitutions in Repo transactions and promoted best practices
in the Repo markets for the bank.

Chicago Mercantile

Chicago, IL
Apr 1996 Nov 1999
Senior Business Analyst, EuroDollar, S&P, IMM and Agriculture Futures
and Options pits Trading Floor Project Manager

Successfully led and managed included extensive report creation of out-trades,
trading and security violations. Responsible for investigative reporting,
trading floor access and security, creation of passwords and security
profiles. Analyst responsible for client/server and transactional processing.
Led team of enforcement and risk personnel.

Created applications to link databases and trading floor applications
through Reuters, Devon, Dow- Jones Telerate, Bloomberg and Sun-Gard
for real-time views of commodities, futures & options, precious
metals, Eurodollar, Interest rate, S&P 500 Index and Commodity Index
futures and options; Treasury Bonds futures, Treasury Bill futures,
Grains and Agricultural commodities, foreign exchange and derivatives
for trading floor enforcement and operations.

Developed applications to track risk exposure, trading positions, arbitrage,
and spreads and due diligence for traders on the Foreign Exchange trading


Bachelor of Arts, Communications Studies (Incl) University of Detroit-Mercy

Computer Science Program, Roosevelt University, Chicago, IL

De Paul University College of Commerce — Certificate, Financial Markets
& Trading, Futures and Options 1995

Series 3, (Commodities Futures Exam) National Association of Securities
Dealers (NASD), 1995

Six Sigma Green Belt, 2005

Charles River Development, Charles River Investment Management System
compliance, Burlington, MA 2005

Project Management Institute (PMI), Dayton, OH chapter, 2005



Senior Business Analysis, Project Management, Financial Markets,, Banking, Trading, OTC Derivatives, Equity Derivatives, Commodities, Credit Default Swaps, Openlink Endur, Murex, Calypso, Advent Geneva, Sophis Risque, Sophis value, Capital Markets, Fixed Income, Futures, Options, Business Analysis, Requirements Gathering, Money Markets, Mortgage-Backed Securities, Trade blotter configuration, Equity, Debt, FX, Swaps, Interest Rate Derivatives, CDO, CDS, CCS, Interest Rate Swaps, Equity Derivatives, Credit Derivatives, Wall Street Systems, Sungard, Triple Point, Allegro, Energy Trading Risk Management.

Documentation, specifications, AML, Capital Markets, Commodities, Corporate Banking, Derivatives, Fund Management, Hedge Funds, Marketing, Private Equity, Research, Sales, Trading, Unit Trust Dealing, Venture Capital, Corporate Finance, Debt, Fixed Income, FX,

Investment Banking, M & A, Marketing Retail Banking, Currency, Foreign Exchange, Portia, Eagle, PACE, Charles River, ETF, exchange traded funds, Structured products, Compliance, Portfolio Accounting, trade blotter, FAS 133, mark-to-market, Hedge Effectiveness, testing, UAT, Actuarial, Broking, Claims, Financial Advisors / IFA, Life Insurance, Lloyds, Loss Adjusting, Marketing, Mortgage, Pensions, Risk Management, Underwriting


Petrobras and energy trading in emerging markets – Brazil

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Phil at CME



Technorati Profile Petrobras and energy trading dynamics in Emerging Markets – Brazil

CFTC admits speculators hold 81% of NYMEX oil contracts!






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Where is the CFTC (now FINRA) in the maze and haze of what has to be speculation in the energy markets that is causing the equilibrium of market forces such as supply and demand to be so out of whack?

Was it not the CFTC that in 2003, charged Enron with manipulation of natural gas prices?

Remember the sordid details of the market manipulations from back then? Enron’s strategy was relatively simple: they Enron traders would purchase an unusual number of contracts for spot gas, thereby driving up prices by simultaneously increasing demand, artificially, in the marketplace and making other traders think that there was some fundamental factor that favored higher prices.  Brilliant!  And criminal!

Enron settled the charges brought by the CFTC by agreeing to pay a $35 million fine in 2004.  The rest is history.  ASnd unfortunately, so is the existence of the company.
There have been several well-noted incidents of energy companies paying huge sums in fines to the CFTC to settle charges that they manipulated natural gas prices in years past by providing false information about supply levels to regulators at the FERC or to the Platts data and pricing service.  Platt’s is the leading source of information about energy market conditions.The bogus Platts and FERC reports served to send false signals to other market participants that supplies were significantly tighter than expected, and prices rose (sharply, but briefly) as a result.

Several energy companies, not just Enron, have admitted to “gaming” the energy and electrical power marketing system, most notably in California, exacerbating price increases and perceived shortages. The illegal strategies include deceptive reporting of energy supplies on hand (to create the impression of shortages to drive up prices), disguising the source of electricity (to take advantage of variable pricing for in-state and out-of-state power), and in some cases actually shutting down power plants during times of tight supplies to drive up prices.Again, where is the CFTC in all of this?

c. 2008 Phil Green

Philip Green, London

Chicago London


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Dealers set value for Fannie Mae and Freddie Mac Debt

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Dealers earlier this week set values for bonds of Washington-based Fannie Mae and Freddie Mac of McLean, Virginia. Sellers who signed up for the auction will pay 8.5 cents on the dollar at most because the government is backing the debt of the two largest mortgage-finance companies.

Collateralized debt obligations that sold Credit Default Swaps protection may lose money as defaults erode their ability to withstand losses.

Lehman debt and CDO’s 

The CDOs pool the swaps and then sell off pieces with varying risk.

Standard & Poor’s has rankings on 1,889 CDOs that sold credit-default swap protection on Lehman, the New York-based ratings firm said last month. Pieces of 1,526 CDOs sold protection on Washington Mutual, S&P said. More than 1,200 made bets on both Fannie and Freddie.

October 15, 2008

c. Phil Green

Credit Default Swaps and Mortgage-Backed Securities




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CREDIT DEFAULT SWAP – Mortgage-Backed Security with Reference entity Fannie Mae   FNMA               Date: 12 August, 2008     Name: Fannie Mae     Maturity: Five (5) Years     Bid: 270 bp     Offer: 300 bp     CDS Spread: $300,000     Start Date of CDS: T+3 (Start of protection)     Notional (USD):  $5,000,000 $5,000,000*$300,000/300 = 5000000 Face Amount of Reference Bonds * Initial Price/USD Basis Points Frequency: Quarterly     Day count convention: Actual/360     Reference Entity: Fannie Mae     Reference Asset: FNMA MBS 30-year $5,000,000   Buyer of Protection: JP Morgan, Asset Management       Phillip Green, Portfolio Mgr.             Seller of Protection: Goldman Sachs                     Payment Schedule: 12-Nov-08 $75,000     12-Feb-09 $75,000     12-May-09 $75,000     12-Aug-09 $75,000   Bloomberg TBA       Bloomberg CUSIP                       Buyer of protection pays $300k per annum.  Receives $5mm in event of default   The 30-Year MBS for FNMA is trading at 300bp P. Green, March 2008
CDS play…with potential Fed and Bank of England purchase of mortgage-backed securities, make a play in CDS 30 year FNMA MBS for August 2008.
Phil Green, March 2008
Next articles…. will look at Crack Spread heating oil/natural gas play on NYMEX.
Crush spread soybeans/oil…I like Bunge Capital and their footprint in Brazil.
Petrobras…look at Openlink Endur play in Commodity XL for weather derivatives…I’d like to see some volumetric exposure and volatility in those grids out of ERCOT .
WTI sweet and sour out of Midland, TX for delivery in NY Harbor.
-Phil Green, March 27, 2008

Philip Green

Phil at CME Phil


Philip Green 312.731.0965
London   Chicago

Derivatives Trading Desk