About the Division of Economic and Risk Analysis
The Division of Economic and Risk Analysis (DERA) advances the Commission’s statutory mission to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation through sound economic analysis and rigorous data analytics.
DERA engages across the entire range of the agency’s functions, including rulemaking, examination, and enforcement. Its multi-disciplinary analyses are informed by research insights, and they rely on the knowledge of institutions and practices when examining regulatory and risk-related matters. DERA assists the Commission in its efforts to identify, analyze, and respond to economic and market issues, including those related to new financial products, investment and trading strategies, systemic risk, and fraud. DERA’s data analytics work develops a variety of financial and market data-analysis tools, supplies economic statistics, and promotes data standards.
The activities of the Offices as a whole include:
- providing detailed, high-quality economic and statistical analyses, and specific subject-matter expertise to the Commission and other Divisions/Offices
- identifying and analyzing issues, trends, and innovations in the marketplace
- developing customized, analytic tools and analyses to proactively detect market risks indicative of possible violations of the Federal securities laws. Using data, DERA staff create analytic programs designed to detect patterns identifying risks, enabling Commission divisions and offices to deploy scarce resources targeting possible misconduct
- working with outside experts in academia and industry to strengthen the Commission’s foundation of market knowledge
- managing and analyzing public and private data to support relevant initiatives and projects
- creating knowledge through high-quality research and publication in peer-reviewed journals
- participating in, and contributing to, academic and industry conferences
DERA Offices
Learn more about the offices within the Division of Economic and Risk Analysis.
Office of Asset Management
Provides economic and other interdisciplinary analysis in support of the Commission on issues related to the regulation of investment advisers, investment companies, hedge funds and other institutional investors. This Office will also analyze proposals for new financial products, particularly involving exchange traded funds.
OAM Economists
Alexander Schiller, Assistant Director
Ross Askanazi, Branch Chief, Investment Advisers
Cindy Alexander, Senior Financial Economist
Ulas Alkan, Financial Economist Fellow
Dominique Brabant, Financial Economist Fellow
Dan Deli, Financial Economist
Daniel Hiltgen, Financial Economist
Qingqui Li, Financial Economist
Su Li, Financial Economist
Ricardo A. Lopez Rago, Financial Economist
James Mcloughlin, Financial Economist
Dasha Safonova, Financial Economist
Joseph Simmons, Financial Economist
Justin Vitanza, Financial Economist
Office of Chief Counsel
Provides guidance and counsel to the Chief Economist and other division staff regarding legal issues implicated by the Division's broad mandate. The office coordinates the integration of the Division's economic analyses into Commission rulemakings and other Commission action, collaborating with staff from divisions and offices across the agency. The office also counsels staff in the division working in areas such as structured disclosure, risk assessment, and data analytics.
OCC Staff
Lauren Moore, Chief Counsel
Charles Woodworth, Deputy Chief Counsel
Andrew Glickman, Senior Special Counsel
Samantha Croffie, Special Counsel
Robert Girouard, Special Counsel
Rebecca Orban, Special Counsel
Joseph Otchin, Special Counsel
Caroline Schulte, Attorney-Advisor
Office of Corporate Finance
Provides analysis in support of the Commission on issues related to the regulation and examination of issuers of securities with a duty to register under the 1933 Securities Act and make periodic disclosures pursuant to the 1934 Exchange Act. Topical areas include initial public offerings, seasoned equity offerings, corporate mergers and acquisitions, executive compensation, corporate governance and voting, corporate and municipal debt offerings, and disclosures related to asset-backed securities. Related areas frequently addressed include-cross border finance and unregistered offerings.
OCF Economists
Lyndon Orton, Assistant Director
Evan Avila, Financial Economist
Tara Bhandari, Financial Economist
Sam Dannels, Financial Economist
Maclean Gaulin, Financial Economist
Olga Itenberg, Financial Economist
Vladimir Ivanov, Financial Economist
Mengxin McLean, Financial Economist
Mahdi Mohseni, Financial Economist Fellow
Mattias Nilsson, Financial Economist
Michael Pessin, Financial Economist
Mikhail Pevzner, Financial Economist
Albert W. Sheen, Financial Economist
Phillip Sporrer, Financial Economist
Ruoke Yang, Financial Economist
Office of Data Science
The Office of Data Science leads initiatives to develop and support cutting-edge data analytics powered by artificial intelligence to support the needs of clients across the SEC. These analytical solutions can support a variety of use cases, including the extraction of valuable information from unstructured data resources to expand analytical capabilities, or improving operating efficiencies by automating certain manual tasks. Our solutions enable senior leaders to make data-driven, evidence-based decisions and enhance data accessibility and usability, including by less technical or non-technical staff.
ODS Staff
Jim Mayo, Assistant Director
David Bobillot, Senior Data Scientist
Charles Burton, Data Scientist
Marco Enriquez, Principal Data Scientist
Aixia Guo, Data Scientist
John Qiang Lu, Data Scientist
Dwi Sianto Mansjur, Data Scientist
Christopher Tran, Data Scientist
Daniel Vial, Data Scientist
Office of Economic Statistics
Provides data analyses in rulemaking economic analyses in corporate finance, financial intermediaries, and asset management, produces statistical reports and provides statistical consulting services to stakeholders across the agency, and serves as a centralized statistics repository to ensure quality and consistency in statistical production.
Office of Financial Intermediaries
Provides economic analysis on issues related to the regulation and examination of broker-dealers, financial institutions, analysts affiliated with broker-dealers or financial institutions, clearing agencies, and National Recognized Statistical Rating Organizations (NRSROs).
OFI Economists
Juan Echeverri, Assistant Director
Aysa Dordzhieva, Financial Economist
Robert Garrison, Financial Economist
Samim Ghamami, Financial Economist
Woodrow T. Johnson, Senior Financial Economist
Diana Knyazeva, Financial Economist
Charles H. Lin, Financial Economist
Y.C. Loon, Financial Economist
Burt Porter, Senior Financial Economist
Gregory Price, Financial Economist
Sai Rao, Financial Economist
S. Lucretia Zinnen, Financial Economist
Office of Litigation Economics
Provides support in all aspects of SEC enforcement and litigation, such as identifying evidence of liability, analyzing materiality, estimating ill-gotten gains and damages, providing and responding to expert testimony in the context of negotiations and litigation, and supporting the distribution of recovered funds to harmed investors.
OLE Economists
Chyhe K. Becker, Associate Director
Thomas Dunn, Assistant Director (CHRO)
Eugene P. Canjels, Assistant Director (HQ)
Erin E. Smith, Assistant Director (SLRO)
Jan Jindra, Assistant Director (SFRO)
Carmen A. Taveras, Assistant Director (HQ)
Michael P. Barnes, Senior Financial Economist
Frank Brown, Financial Economist
Carina Chambarry, Financial Economist (NYRO)
Max Clarke, Financial Economist
Ryan Erhard, Financial Economist
Jennifer Ferris, Financial Economist
Ignacio Franceschelli, Financial Economist
Henry Friedman, Financial Economist
Ross Goetz, Financial Economist
Stephen Graham, Senior Financial Economist (FWRO)
Rachita Gullapalli, Financial Economist (SFRO)
Nathaniel J. Harris, Financial Economist
Donald Hong, Financial Economist
Connor Hurley, Financial Economist
Stuart Jackson, Senior Financial Economist (BRO)
Jake Kantor, Financial Economist
Qiao Kapadia, Financial Economist
Jason J. Lee, Financial Economist
Nicholas Lopez, Financial Economist
Elizabeth Luh, Financial Economist
Joshua Mallett, Financial Economist
Marina Martynova, Financial Economist
Diana Mikhail, Financial Economist
Artur Minkin, Financial Economist
Irina Murtzashvili, Financial Economist
Plamen Nikolov, Financial Economist
Eugene Orlov, Financial Economist (LARO)
Katy Paige, Financial Economist (CHRO)
Steven Rapkin, Financial Economist
Sugata Ray, Financial Economist
Tyler Remick, Financial Economist
Kathryn Schumann-Foster, Financial Economist
Daniel Siever, Research Associate
Jake Smith, Financial Economist
Judy Tran, Financial Economist
Heidi Verheggen, Financial Economist
Raymond A. Wolff, Senior Financial Economist
Adam Yonce, Financial Economist
Bill Young, Financial Economist (CHRO)
Office of Markets
Analyzes issues relating to the structure and regulation of markets including equity, bond, option, securities lending, securities-based swaps, and other OTC derivative markets. Provides assistance in such areas as Commission rulemaking, oversight of SRO rulemaking and surveillance, review of proposals for new financial products and services, responding to requests from market participants for interpretive guidance or rule exemptions, and monitoring and surveillance of markets.
OM Economists
Paul Barton, Assistant Director
Amy K. Edwards, Assistant Director
Kali Prasun Chowdhury, Financial Economist
Claude Courbois, Financial Economist
Louis Craig, Financial Economist
Peter Dixon, Financial Economist
Erika Frost, Financial Economist
Hans G. Heidle, Senior Financial Economist
Paul Hughes, Financial Economist
Paul Hutchens, Financial Economist
Zachary Kiefer, Financial Economist
Benjamin Liebman, Financial Economist
Qiyu Liu, Financial Economist
Ariel Lohr, Financial Economist
Benjamin Miller, Financial Economist
Parisa Mofakham, Financial Economist
Abdul Munasib, Financial Economist
Anastasia Polkovnichenko, Research Associate, Statistician
Ilia Rainer, Financial Economist
Julia Reynolds, Financial Economist
John Ritter, Financial Economist
Kevin Roshak, Financial Economist
Desmond Toohey, Financial Economist
Laura A. Tuttle, Senior Financial Economist
Michael Walz, Financial Economist
Seung Won Woo, Financial Economist
Sherry Wu, Financial Economist
Office of the Managing Executive
Robert Gunning, Managing Executive
Directs DERA’s business, operational, administrative, and support programs and activities. Its span of responsibilities reflects the mission support functions at the enterprise level including: human resources, financial management, contracting, information technology, and infrastructure support.
Office of Risk Assessment
Provides financial and risk modeling expertise to other offices and divisions to support supervisory, surveillance, and investigative programs related to corporate issuers, broker-dealers, investment advisers, OTCs, exchanges, and trading platforms. ORA also supports agency staff with examination planning, including providing guidance on the collection and analysis of data to help promote market risk and risk-based examination programs. Some of ORA deliverables include:
- The DERA Quarterly Economic and Risk Outlook, a quarterly publication on the status of the financial markets with a Research Spotlight.
- Supporting DERA and the SEC in international work, including in international bodies such as the FSB and IOSCO. ORA Financial Economists provide technical analyses to the Office of International Affairs that further the interests of the SEC.
- Empowering colleagues across the SEC in the Divisions of Enforcement, Trading and Markets, and Corporation Finance, and the Office of Compliance Inspections and Examinations in achieving the SEC’s mission using the latest empirical analyses and techniques.
ORA Economists
Christopher Arnold, Assistant Director (NYRO)
Giulio Girardi, Senior Financial Economist
Sherman Boone, Senior Policy Adviser
Gregory Allen, Financial Economist
Tolga Ergun, Financial Economist
Igor Kozhanov, Senior Financial Economist
Minyoung Pyo, Financial Economist
Jovan Stojkovic, Financial Economist
Nadia Winn, Financial Economist
Office of Structured Disclosure
The Office of Structured Disclosure (OSD), within the Division of Economic and Risk Analysis, supports the SEC's efforts to make data accessible and easy to use. OSD works closely with other SEC Divisions and Offices to design data structuring approaches for required disclosures, and supports the SEC’s data collections and data usage by designing taxonomies, validation rules, data quality assessments, and tools for conducting data analyses. OSD also works with investors, regulated entities, and the public to support the submission and use of structured data.
Last Reviewed or Updated: Aug. 26, 2024