Dr. Sharon Brown-Hruska



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

Email: sharon.brown.hruska@nera.com
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PhD and MA in economics, BA in economics and international studies, Virginia Polytechnic Institute


Dr. Sharon Brown-Hruska is a Director in NERA's Securities and Finance Practice and the White Collar, Investigations and Enforcement Practice. Prior to joining NERA, she served as Commissioner (2002-2006) and Acting Chairman (2004-2005) of the U.S. 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, as well as numerous regulatory enforcement, litigation, and compliance matters. She has analyzed and testified before regulatory authorities on high frequency and algorithmic trading strategies. She has served as a damages and liability expert in various matters, including cases involving regulatory requirements and compliance, proper treatment of customer funds, and losses arising from a broker-dealer and futures commission merchant ("FCM") bankruptcy.  She has testified as an expert in arbitrations before the Financial Industry Regulatory Authority (FINRA) on securities regulatory requirements and industry practices in cases involving fund and asset management of portfolios and structures including CDS, MBS, CMBS, and CDOs, subordination and asset structure, disclosure requirements, rating standards, and valuation of complex securities and derivatives. She has served as an arbitrator for the National Futures Association and serves on the Panel of Recognized International Market Experts in Finance (P.R.I.M.E. Finance), specializing in dispute resolution and international arbitration concerning derivatives and complex transactions.

Dr. Brown-Hruska also advises clients in valuation and modeling and has conducted valuation of derivatives contracts, the trading book, and multi-asset portfolios of physical and financial assets, and the entities that use them. She has evaluated contract settlement procedures and pricing mechanisms for over-the-counter (OTC) transactions and derivatives contracts in credit, interest rates, currency, and commodities markets.  She has consulted on swap close-out and valued settlement amounts and damages in bankruptcy disputes and litigation. She has consulted on disputes relating to the valuation of affiliate guarantees, supply and marketing arrangements, and margins and fees in physical and structured deals in disputes in transfer pricing and tax cases.

While at the CFTC, Dr. Brown-Hruska served as a member of the President's Working Group on Financial Markets, the President's Corporate Fraud Task Force, and played a leadership role in cooperative enforcement with national and international authorities. She worked closely with staff attorneys and the CFTC Office of Cooperative Enforcement to facilitate interagency actions, including the prosecution of manipulation and fraudulent Ponzi schemes in foreign currency, energy, and other commodities. Working with other agencies, she led the agency's efforts in development of anti-money laundering (AML) and "Know Your Customer" requirements, and was a leading member of the Financial Literacy and Education Commission.

Dr. Brown-Hruska currently serves on the Working Group on Financial Markets of the Federal Reserve Bank of Chicago and the CFTC Energy and Environmental Markets Advisory Committee (EEMAC). She is a Professor in Tulane University's Energy Institute and served as Visiting Professor of Finance in Tulane University's A.B. Freeman School of Business. She has lectured widely on investments and regulation and published in applied and scholarly publications including the Capital Markets Law Review, Barron's, Regulation, and Journal of Futures Markets. Dr. Brown-Hruska is also the lead author of “New Regulations for Securitizations and Asset-Backed Securities” in The Handbook of Mortgage-Backed Securities (Frank J. Fabozzi, ed., 2016).

Title Type Author
The Handbook of Mortgage-Backed Securities, 7th Edition Book Edited by Dr. Frank J. Fabozzi
Market Manipulation & Spoofing (From Pit Trading to Big Data) Published Article By Dr. Sharon Brown-Hruska
Developments in Bank Secrecy Act and Anti-Money Laundering Enforcement and Litigation White Paper Dr. Sharon Brown-Hruska
On Retail Forex, Regulators Have Failed To Reach Far Enough Published Article By Dr. Sharon Brown-Hruska
Cost-Benefit Analysis of the CFTC's Proposed Margin Requirements for Uncleared Swaps Study By Dr. Sharon Brown-Hruska and Trevor Wagener
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.