Richard Bookstaber

Bookstaber received a B.A. in Economics from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology.

He held academic positions at Boston University, Brigham Young University, and the Hebrew University of Jerusalem, the last as a Fulbright Scholar. His research focused on option pricing theory, and he wrote an early book in the field.{{cite book|last=Bookstaber|first=Richard|title=Option Pricing and Strategies in Investing|year=1981|publisher=Addison Wesley Longman Publishing Co|isbn=9780201001235|url-access=registration|url=https://archive.org/details/optionpricingstr00book}}

He has also authored scores of articles on finance topics ranging from option theory to risk management.{{cite web|url=http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470393750,descCd-authorInfo.html|title=Author Information|accessdate=2009-04-22|author=Wiley|date=2009-04-22|publisher=Wiley}}

Bookstaber joined Morgan Stanley in 1984, where he held positions in research and proprietary trading, and was appointed to be the firm's first market risk manager.

In 1994 he moved to Salomon Brothers where he was the Managing Director in charge of firmwide risk.

Following the purchase of Salomon Brothers by Citigroup he took on risk manager roles in a number of hedge funds, including Moore Capital Management and Bridgewater Associates; and also founded the FrontPoint Partners Quantitative Equities Fund.{{cite book|last=Bookstaber|first=Richard|title=A Demon Of Our Own Design|year=2007|publisher=John Wiley & Sons|location=United States|isbn=978-0-471-22727-4}}

He also worked at Ziff Brothers Investments doing both risk management and running a quantitative equity portfolio.

Bookstaber is the co-founder and head of risk at [https://fabricrisk.com/ Fabric], which provides risk management applications for the wealth management and asset owner community.{{cite news |title=Transcript: Richard Bookstaber on the big structural risk in the market right now |url=https://www.bloomberg.com/news/articles/2021-12-06/transcript-richard-bookstaber-on-the-big-structural-risk-in-the-market-right-now |access-date=10 January 2022 |date=6 December 2021}}

Following the publication of A Demon Of Our Own Design, Bookstaber testified a number of times to Congress on issues related to the 2008 financial crisis on topics including derivatives,[http://bookstaber.com/rick/Testimony_of_Richard_Bookstaber_to_Agriculture.pdf Testimony of Richard Bookstaber (4 June 2009), Submitted to the Senate of the United States, Committee on Agriculture, Nutrition, and Forestry; For the Hearing: Regulatory Reform and the Derivatives Markets] hedge funds,[http://bookstaber.com/rick/SenateBankingCommitteeTestimony20090715.pdf Testimony of Richard Bookstaber (15 July 2009), Submitted to the Senate of the United States, Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment; For the Hearing: Regulating Hedge Funds and Other Private Investment Pools] systemic risk,[http://bookstaber.com/rick/SenateBankingCommitteeTestimony.pdf Testimony of Richard Bookstaber (19 June 2008), Submitted to the Senate of the United States, Senate Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investment; For the Hearing: Risk Management and Its Implications for Systematic Risk] and risk management.[http://bookstaber.com/rick/Testimony_of_Richard_Bookstaber_to_House_20090910.pdf Testimony of Richard Bookstaber (10 September 2009), Submitted to the U. S. House of Representatives, Committee on Science and Technology Subcommittee on Investigations and Oversight; For the Hearing: The Risks of Financial Modeling: VaR and the Economic Meltdown]

Beginning in 2009 he took on various number of roles in the U.S. financial regulatory system. Bookstaber worked at the U.S. Securities and Exchange Commission during formulation of the Volcker Rule.{{cite news|last=Goldfarb|first=Zachary|title=SEC is hiring more experts to assess complex financial systems|url=https://www.washingtonpost.com/wp-dyn/content/article/2010/06/14/AR2010061404757.html|accessdate=17 January 2014|newspaper=Washington Post|date=15 June 2010}}

From 2010-2013 he worked at the United States Department of the Treasury as a Senior Policy Advisory to the Financial Stability Oversight Council, and Research Principal at the Office of Financial Research.{{cite news|last=Norris|first=Floyd|title=Clouds Seen in Regulators’ Crystal Ball for Banks|url=https://www.nytimes.com/2013/01/11/business/economy/models-for-financial-risk-are-still-seen-as-flawed.html?pagewanted=1&_r=2&|accessdate=17 January 2014|newspaper=New York Times|date=10 January 2013}} His research focused on applying agent-based models to assess systemic financial vulnerabilities.Bookstaber, Richard (21 December 2012). [http://www.treasury.gov/initiatives/ofr/research/Documents/OFR_Working_Paper_No3_ABM_Bookstaber_Final.pdf Using Agent-Based Models for Analyzing Threats to Financial Stability]. Office of Financial Research Working Paper #0003

He subsequently served as the Chief Risk Officer in University of California's Office of the CIO, overseeing its $180 billion investment portfolio.

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Category:1950 births

Category:Living people

Category:American financial economists

Category:Financial risk management

Category:American financial writers

Category:Brigham Young University alumni

Category:Massachusetts Institute of Technology alumni