Dr. Marcelle Arak is an expert on financial and commodity market risk. She was formerly Professor of Risk Management and Finance at the University of Colorado Denver where she taught courses on financial and commodity derivatives. Dr. Arak serves as an advisor to money managers in Denver, and to Finance Ministries and Central Banks abroad. Before joining the University, Dr. Arak headed Citibank’s Structured Interest Rates Options and Guarantees Department. Her group was one of Wall Street’s major providers of over-the-counter interest rate options, interest rate locks, and “swaptions.” Prior to building that new business for Citibank, Dr. Arak headed the Capital Markets Analysis Department, the group of bond quants that provided advice to institutional customers of Citibank as well as for the Bank’s own risk management. Still earlier, she was Vice President and Head of the US economic and financial research group at the Federal Reserve Bank of New York. Dr. Arak earned her Ph.D. in Economics at MIT and her BA at the University of Rochester. She has published extensively on financial market issues, including derivatives such as options, futures, and interest rate swaps.