Manuel Vasconcelos specializes in complex matters that affect large financial institutions and other participants in financial and commodity markets. He focuses on market manipulation, financial benchmarks, and market microstructure, as well as valuation and assessment of economic damages. Dr. Vasconcelos has worked in matters across a range of cash and derivatives markets, including fixed-income, equities, natural gas, and credit. He also has significant experience with Section 10b-5 and Section 11 securities matters.
Dr. Vasconcelos supports academic and industry experts at all stages of litigation and leads teams working on internal and regulatory investigations. In particular, he has worked on investigations and proceedings initiated by the Federal Energy Regulatory Commission (FERC), the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), the Federal Reserve Bank of New York (FRBNY), the Australian Securities and Investments Commission (ASIC), the European Commission (EC), and the Department of Justice (DOJ). He has presented to the staff of FERC and the CFTC on behalf of clients.
Market manipulation, financial benchmarks, and market microstructure
- Conducted research on issues related to LIBOR transition and its potential impact on derivative and cash markets
- Experienced in matters involving alleged manipulation of interest rate benchmarks (e.g., Bank Bill Swap Rate, or BBSW) and of swap rates reported in broker screens
- Conducted in-depth analyses of internal bank and market trading data in the context of collusion and spoofing allegations; experienced in analyzing links between trading conduct and trader communications
- Analyzed transportation contracts and trading patterns in the context of regulatory inquiries into alleged manipulation of natural gas indices
- Assessed and benchmarked execution quality in equity markets and investigated issues related to payment for order flow
- Worked on antitrust investigations of the credit default swap (CDS) market
Valuation and assessment of economic damages
- Experienced in financial modeling and in the valuation of companies, including of financial institutions and venture capital–backed firms
- Analyzed issues related to valuation, risk management, and design of financial derivatives, with an emphasis on interest rate derivatives
- Calculated damages in the power and mining industries
- Estimated damages in connection with alleged trading misconduct in market and benchmark manipulation matters
- Worked on Section 10b-5 and Section 11 matters affecting common stock, preferred stock, and bonds
- Led teams analyzing market efficiency and loss causation at the class certification and merits stages, including on IBEW Local 90 Pension Fund et al. v. Deutsche Bank AG et al., in which the court denied class certification
Dr. Vasconcelos has published academic research on corporate finance in the Review of Financial Studies and in the International Review of Financial Analysis. Previously, he worked at McKinsey & Company.
Cornerstone Research Promotes Six to Vice President and Principal in London, Los Angeles, New York, Silicon Valley, and Washington, DC
Collateralized Loan Obligations in the Age of COVID-19
European Commission Enquiry of Credit Default Swaps Market
IBEW Local 90 Pension Fund et al. v. Deutsche Bank AG et al.