Summary

I am Professor of Economics and Financial Markets at the University of Portsmouth. My research focuses on financial markets, monetary policy, market microstructure, market manipulation and AI-driven market surveillance.

Before returning to academia, I spent 15 years as a foreign exchange and interest rate derivatives trader in Stockholm, London and Tokyo. I began my doctoral research on LIBOR in 2009, almost three years before the LIBOR manipulation scandal broke, and later wrote Barometer of Fear: An Insider’s Account of Rogue Trading and the Greatest Banking Scandal in History.

My research combines academic work with questions arising from financial-market practice. I have worked with exchanges, financial institutions and technology providers, and have served as an expert adviser in legal cases involving financial benchmarks, cash and derivatives markets in Europe and North America.

I am also Faculty Research Impact Lead for Business and Law, with responsibility for supporting the development and evaluation of impact case studies for REF2029.

Biography

I have been at the University of Portsmouth since 2014 and became Professor of Economics and Financial Markets in 2026.

I obtained a Civilekonom degree, an MSc in Financial Economics and a CEMS Master from the Stockholm School of Economics. I subsequently spent 15 years trading foreign exchange and interest rate derivatives at HSBC, Citi, Crédit Agricole and Merrill Lynch, including running trading desks in London and Tokyo.

In 2009, I returned to academia and completed a PhD in Economics at SOAS University of London. I have since held academic positions at SOAS, Leeds University Business School, UC Berkeley Haas, Meiji University, Peking University HSBC Business School and the University of Doha for Science and Technology.

My research and external work have led to collaborations with academics, exchanges, financial institutions, technology providers and other organisations internationally.

Research interests

My research examines how financial markets function, how information and expectations are transmitted through them, and how market behaviour can be monitored and regulated.

Current research interests include:

• Financial market microstructure, liquidity and price formation
• Monetary policy, interest rate expectations and derivatives markets
• Market manipulation, collusion and market abuse
• AI, machine learning and financial market surveillance
• Algorithmic trading and cross-market behaviour
• Financial market connectedness, geopolitical risk and economic inequality
• Japanese financial markets and monetary policy
• Application of financial market surveillance methods to electricity and other markets

Recent projects include AI-driven detection of shadow insider trading, manipulation in government bond futures markets, TONA futures and Bank of Japan monetary policy, and the detection of potentially manipulative algorithmic behaviour in electricity markets.

Teaching responsibilities

My teaching focuses on financial markets, trading and investment, drawing on both academic research and my previous experience in financial markets. I am particularly interested in experiential approaches to financial market education, including the use of trading labs and market simulation to reproduce market dynamics, decision-making and trader behaviour.

Media availability

I am happy to take calls and emails from the media on my research, and am aware of the needs to respond to journalists in a timely manner. Please contact me directly at [email protected]