Dr Alexis Stenfors is an economist and author of ‘Barometer of Fear: An Insider’s Account of Rogue Trading and the Greatest Banking Scandal in History’ (Zed Books, 2017). Before returning to academia in 2009, Alexis spent 15 years as a foreign exchange and interest rate derivatives trader at HSBC, Citi, Crédit Agricole and Merrill Lynch. His trading career ended with a ‘mismarking’ scandal that would eventually result in him being described as one of the ‘world’s most infamous rogue traders’. He received a prohibition order by the FSA in March 2010 for mismarking during January and February 2009. The Irish Financial Regulator subsequently fined Merrill Lynch €2.75m for, amongst other things, failing to supervise and manage his risk limits effectively. The FCA revoked Alexis’ prohibition order in May 2015.

Alexis Stenfors started his doctoral research on LIBOR in 2009, almost three years before the LIBOR manipulation scandal broke, and completed his thesis ‘Determining the LIBOR: A Study of Power and Deception’ in 2013. Alexis’ recent research includes money market risk premia, anti-competitive behaviour in foreign exchange markets, liquidity issues on electronic trading platforms and unethical trading practices among human and algorithmic traders. He is currently Senior Lecturer in Economics and Finance at the University of Portsmouth and has also held academic positions at SOAS University of London, the University of Leeds, Washington University in St. Louis (London programme) and Meiji University in Tokyo. He holds a Civilekonom degree and an MSc in Financial Economics from the Stockholm School of Economics, a CEMS Master, as well as a PhD in Economics from SOAS University of London.

Alexis Stenfors is also a public speaker and consults on issues related to financial markets, risk, compliance and ethics. He has served as an expert advisor on legal cases involving financial benchmarks, cash and derivatives markets in both Europe and North America.