Skip to main content


About the Division of Economic and Risk Analysis

May 3, 2024

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

Yashar Barardehi, Financial Economist

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

Landon Ross, Financial Economist

Thomas D. Shohfi, 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:

  1. The DERA Quarterly Economic and Risk Outlook, a quarterly publication on the status of the financial markets with a Research Spotlight.
  2. 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.
  3. 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

Chandler Lutz, 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.

Return to Top