Nicole M. Moran


  • Washington
  • 202.912.8963

Nicole Moran provides financial and economic analysis in complex commercial litigation and regulatory proceedings, and supports experts in preparing for deposition and trial testimony. Dr. Moran has extensive expertise in derivative markets for both exchange-traded and over-the-counter products that involve trading activity, order book data, and the evaluation of market designs that affect market participant behavior. She leads Cornerstone Research’s FinTech group on cryptocurrency exchanges, derivative contracts, blockchain, and initial coin offerings.

In cases related to market manipulation and antitrust, Dr. Moran has:

  • Analyzed trading in foreign exchange products by one of the top foreign exchange broker-dealers facing multinational investigations of collusion and manipulation of foreign exchange markets
  • Analyzed trading in interest rate derivatives by a major multinational bank under investigation in several countries for possible manipulation of LIBOR and similar financial benchmarks
  • Analyzed allegations of manipulative trading on cryptocurrency exchanges, including trading of Bitcoin and Ether
  • Assessed Section 11 allegations using allocation of crypto tokens in the genesis block
  • On behalf of numerous crude oil trading companies, analyzed physical and financial product trading activity in response to government trading investigation
  • On behalf of a futures exchange, investigated trading and positions in response to a government investigation
  • On behalf of a large food company, investigated purchasing, production, and hedging behavior in response to government and civil proceedings
  • On behalf of a joint defense, investigated price-fixing allegations for indirect purchasers of optical disk drives
  • Analyzed valuation of municipal bonds
  • Analyzed and developed rebuttal arguments regarding antitrust claims and market manipulation claims brought in civil cases

In additional to leading Cornerstone Research’s FinTech group, Dr. Moran leads the firm’s research related to analysis of U.S. natural gas transactions from FERC Form 552 submissions. She has published chapters in various books, including “Agriculture” in Commodities: Markets, Performance, and Strategies, Oxford University Press and “Bubbles, Food Prices, and Speculation: Evidence from the CFTC’s Daily Large Trader Data Files” in The Economics of Food Price Volatility, University of Chicago Press. Her research has also been published in leading journals, including the Journal of Futures and the Journal of Agricultural and Applied Economics.

Prior to joining Cornerstone Research, Dr. Moran was a research economist at the CTFC, where she conducted statistical and econometric analyses on derivative markets and agricultural futures.