Manuel Vasconcelos specializes in complex matters that affect large financial institutions and other participants in capital markets. He focuses on market manipulation and trading conduct; valuation (including damages); and entrepreneurial finance and venture capital (VC).
Dr. Vasconcelos works on matters across a range of cash and derivatives markets, including fixed-income, equities, natural gas, and credit, and has analyzed both over-the-counter (OTC) and public markets. 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. He has consulted 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 U.S. Department of Justice (DOJ). He has presented to the staffs of FERC and the CFTC on behalf of clients. Dr. Vasconcelos has also consulted on international arbitration matters.
Market manipulation, trading conduct, and market microstructure
- Extensive experience in matters involving alleged manipulation of benchmarks, such as interest rate benchmarks (e.g., Bank Bill Swap Rate, or BBSW), natural gas indices, and interdealer broker screens
- Researched issues related to LIBOR transition and its potential impact on derivative and cash markets
- Analyzed internal bank and market trading data in the context of collusion and spoofing allegations; experienced in assessing links between trading conduct and trader communications
- Evaluated 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) and agency bond markets
- Analyzed issues related to design and risk management of interest rate and equity derivatives
Valuation and damages assessment
- Extensive experience in financial modeling and in the valuation of companies across a range of industries
- Valued a wide range of interest rate, equity, commodity, and FX derivatives
- Estimated damages in connection with alleged trading misconduct in market and benchmark manipulation matters
Entrepreneurial finance and venture capital
- Experienced in valuation and analysis of securities issued by VC-backed firms, including convertible notes, convertible preferred stock, and common stock
- Consulted on matters requiring in-depth understanding of entrepreneurial finance and the role and practices of VC funds
- Worked on Section 10b-5 and Section 11 matters affecting common stock, preferred stock, and bonds
- Led teams analyzing market efficiency, loss causation, and damages at 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 & Co.
Counterfactual Models: A Key Tool in Energy Price Disputes
Alleged Market Manipulation and the Pre-hedging of Large Trades
Patent Infringement and Trade Secret Misappropriation Claims in Venture Capital
Why Private VC-Backed Cos. Need A New Valuation Method
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
Pro Bono: Booth et al. v. Galveston County et al.
European Commission Enquiry of Credit Default Swaps Market