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Mr. Gkatzimas specializes in complex financial markets disputes related to trading, valuing, and investing in securities and portfolios across asset classes – including digital assets.

He is an expert on derivative securities, structured finance products, and alternative investments, including their unique regulatory considerations, market structure, transactions, and valuation practices. Mr. Gkatzimas has significant experience with benchmark-related matters and actively consults on financial industry considerations related to the fallback framework of interbank-offered rates (IBORs). Recent digital asset consulting engagements include analyses of market structure and regulatory issues in the emerging cryptocurrency ecosystem, including cryptocurrency exchanges, the trading of digital assets and their derivatives, and the evolution of initial coin offerings (ICOs).

Clients engage Mr. Gkatzimas in a wide range of finance-related issues. He consults on disputes involving private equity and venture capital investments, valuation of illiquid securities, credit instruments, swaps, options and bespoke derivatives, mergers and acquisitions, and securities class actions. In his expert analysis work, he frequently addresses transaction and valuation disputes involving large and complex datasets.

Mr. Gkatzimas has led experts and consulting teams through all stages of regulatory investigations, litigations, arbitrations, and mediations. His case work spans numerous industries and company types, including banking and financial institutions, financial services and investment management, pharmaceuticals, energy, and technology. Notable engagements include a series of reports for the International Swaps and Derivatives Association (ISDA) on IBOR fallback rates in derivative markets, the Department of Justice’s investigation of S&P rating practices for CDOs and their collateral, and JDS Uniphase Corporation Securities Litigation

In addition to his consulting work, Mr. Gkatzimas is a member of the professional faculty at the UC Berkeley Haas School of Business, where he teaches an undergraduate course on financial engineering.

Publications
Report
Summary of Responses to the ISDA 2020 Consultation on How to Implement PreCessation Fallbacks in Derivatives
May 14, 2020
Prepared for International Swaps and Derivatives Association (ISDA)

In this report, Brattle summarized the responses to ISDA’s February 24, 2020 consultation, 2020 Consultation on How to Implement Pre-Cessation Fallbacks in Derivatives. Brattle’s report documented that a majority of respondents supported including pre-cessation and permanent cessation fallbacks without optionality or flexibility in the amended 2006 ISDA definitions for LIBOR. In explaining their responses, several market participant respondents, including from both those who answered “Yes” and those who answered “No”, cited the need for consistency across asset classes and between cleared and non-cleared derivative markets.

Report
Anonymized Summary of Responses to the ISDA Supplemental Consultation on Fallbacks in Derivatives Referencing EUR LIBOR and EURIBOR and Other Less Widely Used IBORs
March 5, 2020
Prepared for International Swaps and Derivatives Association (ISDA)

In this report, Brattle summarized the responses to ISDA’s December 18, 2019 consultation, Supplemental Consultation on Spread and Term Adjustments, including Final Parameters thereof, for Fallbacks in Derivatives Referencing EUR LIBOR and EURIBOR, as well as other less widely used IBORs. Brattle’s report documented that the majority of market participant respondents would be able to transact using definitions for EUR LIBOR and EURIBOR (as well as other less widely used IBOR benchmarks) that incorporate fallback rates based on the same methodologies as in other benchmarks.

Report
Summary of Responses to the ISDA Consultation on Final Parameters for the Spread and Term Adjustments
November 15, 2019
Prepared for International Swaps and Derivatives Association (ISDA)

In this report, Brattle summarized the responses to ISDA’s September 18, 2019 consultation, Consultation on Final Parameters for the Spread and Term Adjustments in Derivatives. The report documented that a majority of respondents preferred a historical median approach over a five-year lookback period, to not include a transitional period, and to not exclude outliers or negative spreads in the spread adjustment calculation.

Article
Bitcoin Futures Markets: A Year Later
March 15, 2019
Ioannis Gkatzimas and Marek Zapletal
Published in Mondaq
Article
Recent Outperformance of Passive Investment Funds Has Provided a Rationale for Some ERISA Retirement Investors to Cry Foul. Is There a Case for Active Management?
February 27, 2019
Published in Wolters Kluwer Dailies
Article
ICOs: What are they and what does the future hold?
June 22, 2018
Published in Securities Regulation Daily

Brattle Principal Ioannis Gkatzimas and Senior Associate Sujay Dave have written an article on initial coin offerings (ICOs).

Publication
Target Date Funds: Economic, Regulatory And Legal Trends
December 08, 2017
Published in Law360
Report
Target Date Funds: Economic Regulatory, and Legal Trends
September 26, 2017
Published by The Brattle Group, Inc.

In the first of a series of papers examining key economic, regulatory, and legal issues related to target date funds (TDFs), Brattle experts Chris Laursen, Ioannis Gkatzimas, and Branko Jovanovic provide an overview of TDFs, report on significant market trends, and summarize recent related litigation.

Article
Securities Class Actions: Trading Models to Estimate Individual Investor Trading Activity and Aggregate Damages
May 2017
Published by The Brattle Group, Inc.
News & Events
July 29, 2020
ISDA Publishes Brattle-Prepared Report on Bloomberg/ISDA IBOR Fallback Rate Adjustments Rule Book

In a July 2020 report, “Report on Bloomberg/ISDA IBOR Fallback Rate Adjustments Rule Book,” a team of Brattle consultants assessed whether Bloomberg’s implementation of the calculations and the definitions of the different terms and concepts discussed in the Rule Book are consistent with the information provided in a series of ISDA consultations and the preferences of market participants summarized by Brattle for ISDA in a series of reports.

July 27, 2020
ISDA Publishes Brattle-Prepared Summary Reports on IBOR Benchmark Fallback Rates

On May 14, 2020 the International Swaps and Derivatives Association (ISDA) published the sixth in a series of reports independently prepared for ISDA by Brattle consultants. Each of these six reports followed an associated consultation starting with the first ISDA consultation on July 12, 2018.

July 10, 2020
Brattle Economists Author Article on the Potential for Collateralized Loan Obligation Litigation amid the COVID-19 Pandemic

Brattle Principal Ioannis Gkatzimas and Associate John Anthony have co-authored an article for Law360 titled “Crisis May Trigger Collateralized Loan Obligation Litigation.” The article explores litigation risks for the various parties involved in collateralized loan obligation (CLO) funds due to the economic downturn triggered by COVID-19.

October 24, 2019
ISDA Publishes Brattle-Prepared Summary Report on IBOR Benchmark Fallbacks

To prepare for a permanent discontinuation of certain key interbank offered rates (IBORs), the International Swaps and Derivatives Association (ISDA) is in the process of amending its standard documentation to implement fallback rates for derivatives.

June 22, 2018
Article by Brattle Economists Makes Sense of Initial Coin Offerings

Brattle Principal Ioannis Gkatzimas and Senior Associate Sujay Dave have written an article on initial coin offerings (ICOs) published in Securities Regulations Daily.

September 26, 2017
Brattle Experts Examine Target Date Funds in New Publication

In the first of a series of papers examining key economic, regulatory, and legal issues related to target date funds (TDFs), Brattle experts Chris Laursen, Ioannis Gkatzimas, and Branko Jovanovic provide an overview of TDFs, report on significant market trends, and summarize recent related litigation.

June 13, 2017
Brattle Consultants to Present on Case Studies in Securities Litigation at BASF CLE Event

Brattle Principals Torben Voetmann and Ioannis Gkatzimas, and Senior Associate Pavitra Kumar will present at the Bar Association of San Francisco (BASF) Securities Litigation Section’s Continuing Legal Education (CLE) event, “Case Studies in Securities Litigation: What Works After Halliburton,” taking place June 13, 2017 in San Francisco, CA and via webcast.

October 02, 2014
Rich Goldberg and Ioannis Gkatzimas to Present at DataLead 2014 Conference

Brattle principals Rich Goldberg and Ioannis Gkatzimas will be presenting at the upcoming DataLead 2014 Conference, taking place September 30 to October 2, 2014 in Berkeley, CA.

July 24, 2014
Securities and Commercial Litigation Expert Ioannis Gkatzimas Joins The Brattle Group

Securities and commercial litigation expert Ioannis Gkatzimas has joined the firm’s San Francisco office as a principal. Mr. Gkatzimas has significant experience in a wide range of finance and securities litigation matters.