NERA Economic Consulting
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Dr. Sharon Brown-Hruska

Vice President

Contact

Washington, DC
Tel: +1 202 466 9222
Fax: +1 202 466 3605

Email: sharon.brown.hruska@nera.com
vCard: Download

Education

PhD and MA in economics,
BA in economics and international studies,
Virginia Polytechnic Institute

Experience

Dr. Brown-Hruska is a Vice President in NERA's Global Securities and Finance Practice and Visiting Professor of Finance in the A.B. Freeman School of Business at Tulane University. She is a leading expert in securities, derivatives, regulatory economics, and risk management. Prior to joining NERA, she served as Commissioner (2002-2006) and Acting Chairman (2004-2005) of the US Commodity Futures Trading Commission (CFTC).

Dr. Brown-Hruska provides consulting and expert witness testimony in cases alleging fraud or manipulation in securities and derivatives markets and various enforcement and regulatory matters.  She has testified as an expert in FINRA arbitrations and is an arbitrator for the National Futures Association. She was appointed to and serves on the Panel of Recognized International Market Experts in Finance ("P.R.I.M.E. Finance"). She is an expert in the valuation of complex derivatives and securities portfolios, and has advised on risk policies and procedures in securities and energy trading entities.

Dr. Brown-Hruska provides expert consulting support to exchanges, businesses, and governments regarding regulatory enforcement and compliance. She served as a member of the President's Working Group on Financial Markets, with the Secretary of the Treasury, Chairman of the Federal Reserve Board, and the Chairman of the Securities and Exchange Commission. She also represented the CFTC on the President's Corporate Fraud Task Force, and played a leadership role at the agency in cooperative enforcement with national and international authorities. Designated to take the lead on energy enforcement matters as Commissioner, she worked closely with staff attorneys and the CFTC Office of Cooperative Enforcement to facilitate interagency actions in enforcement and litigation.
 
Dr. Brown-Hruska provides consulting, analysis, and advisory services to various industries, associations, and entities regarding market design and the implications for credit and financial risk management. She has evaluated and advised on the auction rules and processes for the valuation and allocation of reference entity securities underlying Credit Default Swaps. She has analyzed techniques and innovations in clearing mechanisms for operational and counterparty risk management in the over-the-counter (OTC) derivatives markets. As an expert for the largest swap-trading facility in interest rate and credit default swaps, Dr. Brown-Hruska analyzed the cost of using different approaches to calculate collateral for margin and regulatory capital requirements for buy-side users of cleared swap contracts. She has also compared and evaluated various markets (exchange and OTC) and auction mechanisms for differences in market quality and their susceptibility to manipulation.
 
Dr. Brown-Hruska has been engaged by exchanges, trade associations, investment funds, banks and broker-dealers, commercial firms, and end-users for advice and analysis of regulatory requirements and their implications. She has advised on the treatment of customer funds by brokers and exchanges in clearing and settlement, as well as their disposition in bankruptcy. She has testified in US District court on matters involving investments in a securities lending collateral pool, including mortgage-backed securities, collateralized debt obligations, and other structured investment vehicles.

Dr. Brown-Hruska has testified and spoken to US House and Senate Committees and Congressional staff on commodities and securities law and economics, with a recent focus on the Dodd-Frank Wall Street Reform and Consumer Protection Act and its implications. Recent work includes a report, Cost-Benefit Analysis of the Swap Dealer Definition, written with NERA Vice President Kurt Strunk, for the Working Group of Commercial Energy Firms. She has addressed numerous governmental bodies, financial organizations, and associations, including the International Monetary Fund, International Organization of Securities Commissioners, Managed Funds Association, Futures Industry Association, Structured Products Association, and the International Swaps and Derivatives Association.

Dr. Brown-Hruska is a Visiting Professor of Finance in the A.B. Freeman School of Business at Tulane University, where she teaches portfolio and risk management. She was previously an Assistant Professor of Finance at George Mason University (1998-2002) and Tulane University (1995-1998). She has also served as Associate Editor for Accounting and Finance at the Journal of Business Research. Her articles have appeared in Capital Markets Law Review, Barron's, Regulation, and the Journal of Futures Markets. She holds a PhD and MA in economics and a BA in economics and international studies from Virginia Polytechnic Institute and State University in Blacksburg, Virginia.

Title Type Author
Don't Regulate Asset Managers as If They Were Banks Published Article By Dr. Sharon Brown-Hruska et al.
Energy Policy Briefing Note: The Real Costs of Eliminating Unsecured Credit Lines and... Regulatory Filing By Dr. Sharon Brown-Hruska and Kurt Strunk
Cost-Benefit Analysis of the CFTC's Proposed Swap Dealer Definition Report By Dr. Sharon Brown-Hruska and Kurt Strunk
De-Mystifying Interconnectedness: Assessing 'Too Interconnected to Fail' and the Fall... Report By Dr. Sharon Brown-Hruska, Dr. Robert Mackay, and Dr. John Bovenzi of Oliver Wyman Group, et al.
Why 'Too Big to Fail' is Too Short-Sighted to Succeed: Problems with Reliance on Firm... Report By Dr. Sharon Brown-Hruska, Dr. Robert Mackay, and Dr. John Bovenzi of Oliver Wyman Group, et al.
Financial Disclosure and SFAS 157: Seeking Transparency in a Perfect Storm Published Article By Dr. Sharon Brown-Hruska with former NERA Vice President Shuchi Satwah
The CFTC & FERC vs Amaranth: Doing the Sister Regulator Act Published Article By Dr. Sharon Brown-Hruska with Robert Zwirb of Cadwaladar, Wickersham, and Taft
Legal Clarity and Regulatory Discretion -- Exploring the Law and Economics of Insider... Published Article Dr. Sharon Brown-Hruska with Robert S. Zwirb of Cadwalader, Wickersham & Taft, LLC
Verbesserung der Transparenz auf dem Stromgroßhandelsmarkt aus ökonomischer sowie ene... Report Graham Shuttleworth and Dr. Sharon Brown-Hruska with White & Case LLP and Dr. Michael Kraus