Philip M Halperin

Curriculum Vitae

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August 1999-Present AlfaBank, Moscow

Director of Risk Management

Employed by Alfa Bank August 1999 to develop Risk Management which then consisted solely of Credit application review function. Established Division of Risk Management, implementing departments for Credit Risk, Credit Methodologies, Market Risk, and Operational Risk Management. Established modern risk management practice in Russia.

Credit Risk: Implemented quantitative credit portfolio management. Bears primary responsibility for Alfa Bank Lending Policy, Credit portfolio quality, Loan transaction approval. Implemented Internal Ratings system and validated system with regressions. Sets interest-rate premia for commercial lending and retail bank operations.

Market Risk: Implemented VAR, disaster scenario analysis, distribution and concentration limits for the brokerage, market-making, trading books for the Bank, and investment books for the several Alfa investment, pension, and hedge funds. Defines, implements, and allows waivers of counterpart limits for both settlement and pre-settlement risk, with personal signature for exceptions up to 7.5% of the capital of the Bank.

Operational Risk: Implemented internal data collection, key risk Indicators, self-assessment, operations risk audits, technological risk assurance. Designs insurance policy coverage. Winner: Operational Risk Magazine 2004: 'Best Operational Risk Framework at a Bank Based in an Emerging Market.'

Member of Management Committee, Asset and Liabilities Committee, Senior Credit Committee, and Capital Markets Counterparts Subcommittee of the Bank, and serves as Chairman of the Market Risk Subcommittee of Alfa Bank.

Reports to the Executive Managing Director of Alfa Bank, and manages a staff of twenty in Moscow, one in London, two in Kiev, Ukraine, two in Almaty, Kazakhstan.

Has spoken at seminars in Operational Risk Management for Risk/Waters and Market Risk Management and Options for Euromoney. Co-authored Worldly Wisdom, a derivatives advice column in Futures and OTC World. .

1996-1999 Refco Overseas Ltd., London

Head of Risk Management

Seconded to London in December 1995, with the purpose of obtaining options model approval from the SFA and accomplished this in March 1996. In the summer of 1996, integrated the company's proprietary back-office system, the Cortex LME matching system, and the Halperin Portfolio Management System, producing the first firmwide risk- and client-credit- monitoring system, an aid in obtaining SFA approval for our ACMP (adequate credit management policy). Total reduction in regulatory capital requirements --- $180 million.

Risk managed all risk positions and operations taken on by the firm, set limits, and analysed trader performance with proprietary returns analysis methodology and house and client risk with personally developed risk management software. Products covered included LME futures and options market-making and proprietary trading, LIFFE options floor-trading, IPE options floor-trading, LIFFE Euro futures screen trading.

Member of the LME TAPO contract modelling working group, the SFA CAD2 commodity practitioner's working group. Has given seminars in Options for the LME.

1986-1995 Refco Group Ltd., New York

Risk Manager    Skills Set

Risk manager for the Refco London Metals Options trading operations since 1987, twice taking over the portfolio personally following a chief dealer personnel change, in market crisis periods, such as the summer 1990 copper squeeze.

Took on various other risk positions following client bankruptcies, most notably in the spring-summer of 1991, running a large position in short currency OTC options.

Ran hedges for corporate treasury borrowing operations, designed cash-and-carry deals in Aluminium, structured OTC hedges against jet fuel (January 1991) for a French client, and trained Copper traders in Poland.

Reported directly to one of the three shareholders.

Trading Manager

Ran two proprietary futures and options trading operations in New York, one for Refco Group Ltd., and one for Westminster Trading (subsidiary of Refco group). Hired and fired traders, taken and approved positions, set limits, and managed the desk.


Proprietary trader in physicals, futures, and options in the following commodities: Comex metals, Chicago Board of Trade agriculturals, Chicago Mercantile Exchange Bonds, Treasury Notes, Municipals, OTC currencies including Dollar Mark, Sterling, Swiss Franc, Mark/French Franc, Mark/Finnish Mark, Lira, Australian Dollar/Japanese Yen, Singapore Dollar, Malaysian Ringgit, S&P 500 futures and options, Silver and Gold Bullion and options, LME copper, aluminium, and zinc futures, options, and OTC Asian options. Traded short volatility profitably through the 1992 EMS crisis, short bond options profitably following the October 1987 market crash.

System Designer

Hired by Refco in 1986 to manage the Management Information Systems area and specifically the construction of a new front- and backoffice computer system to handle futures, physicals, and options thereon. Ultimately, migrated to the trading group area and designed and wrote the entire system needed. Modestly called the Halperin Portfolio Management System, it was deployed for 11 years at Refco, and has seen service at Winchester Trading, Marc Rich, Haydan, and Manro-Haydan.

1984-1986 Banque Indosuez, New York

Head of Trading Support

Wrote trader support programs for treasury, money market, and foreign exchange trading. Contracted large software purchases, including the Devon System, and installed the first local area network (possibly the first for a financial institution in New York). Advised traders and the assistant treasurer on matters of financial theory and spent a few weeks with senior management in Paris, advising them on the planning and installation of a worldwide PC network for management of futures trading.

1983-1984 Odd Jobs, Statistical and Computer Consulting
1979-1980 Black Forest Builders, Gainesville, Florida

General Contractor

Built a 35 unit multifamily housing project in Williston, Florida.

1974-1977 General Contractor, Gainesville, Florida

Developed six single-family houses for the lower-middle price range.

1982-1983 Columbia University, Ph. D. program in Business Administration. Major in marketing with emphasis on quantitative methods and multivariate statistics.
1980-1982 Yale University School of Organization and Management, Master of Public and Private Management. Concentration in Finance and Statistics.
1978-1980 University of Florida School of Building Construction, Master of Science in Building Construction.
1970-1974 Yale College, Bachelor of Arts. Concentration in Islamic History.
Personal Data Born December 1951, Cleveland, Ohio, USA.     photo    photo2

Two children, ages 22 and 25 photo. Married.

Dual National - Citizen of both US and UK.

Good health. 5'9", 13 stone (175 cm, 82 kg).

Play piano, speak English, Russian, Hebrew, French, Arabic, in descending order of proficiency.

Contact Data
    London Moscow

138 The Colonnades,

34 Porchester Square,

London W2 6AP

United Kingdom




+44 (0) 20 7 727 09 23

+7 095 783 51 85


+44 (0) 7803 905 063

+7 903 136 41 71

E-mail: (primary) or (secondary)


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