A pioneer in the U.S. inflation derivatives market. Traded the first interbank U.S. CPI swaps in 2003 and as a dealer was a primary liquidity-provider in that market during his tenures at Barclays and Natixis. Invented and was the sole market-maker for the CME CPI Futures contract. Has written and spoken extensively about the use of inflation-indexed products, including commodities and commodity indices, for hedging real exposures.