Center for Financial Stability

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Steven Lofchie
Senior Fellow / Legal Studies

In addition to serving as a part-time Senior Fellow at CFS, Steven Lofchie is Co-Chairman of the Financial Services Department at Cadwalader, Wickersham & Taft LLP. Mr. Lofchie concentrates his practice in advising financial institutions on regulatory issues and on derivatives and other financial instruments. He is the author of Lofchie's Guide to Broker-Dealer Regulation (3d ed. 2005), considered the leading treatise in the field. Chambers USA ranked Mr. Lofchie in its first band for financial services regulation and its second band for derivatives.

Mr. Lofchie counsels broker-dealers, banks, securities exchanges, private funds and registered investment companies regarding regulatory and transactional issues. His regulatory practice addresses virtually all the securities-law related statutory and regulatory requirements applicable to broker-dealers, other regulated institutions and their affiliates. He advises on registration requirements and exemptions, employee issues; cash market, sales, and trading; the development of compliance and supervisory procedures; satisfaction of margin, capital and recordkeeping requirements; the rules of the financial industry self-regulatory organizations; anti-money laundering; privacy; procedures for cross-border transactions; and insider trading issues.

Mr. Lofchie represents many of the largest hedge funds and their investment advisers on trading and derivatives regulation and documentation, as well as other regulatory issues, including those arising under the Advisers Act and the Commodity Exchange Act.

His transactional practice focuses on over-the-counter derivatives, securities financing, and trading agreements (from prime brokerage to the use of asset-backed structures for the financing of investments in hedge funds), and various types of licensing and membership agreements.

The securities industry associations and organizations for which Mr. Lofchie does work include the Securities Industry and Financial Markets Association, the Managed Funds Association, and the International Swaps and Derivatives Association.

Mr. Lofchie has been very active in developing web-based compliance tools, including his Guide to Broker Dealer Regulation, online compliance manuals, research tools and document analysis systems.

Mr. Lofchie received his M.B.A. from Columbia Business School, where he was a General Motors Fellow. He received his J.D. from Yale Law School, where he was a member of the Yale Law Journal.



Advisory Board

Randal K. Quarles

William R. Rhodes

Eduardo Aninat, Ph.D.

Sheila Bair

Senator Bill Bradley

Joyce Chang

M. Shafik Gabr

Charles Goodhart, CBE, FBA

Henry Kaufman, Ph.D.

Barbara G. Novick

Guillermo Ortiz, Ph.D.

Richard L. Sandor, Ph.D., Dr. Sc.h.c.

Myron S. Scholes, Ph.D.

The Honorable Carole L. Brookins (2010-20)

Judge Richard A. Posner (2010-20)


Sheila Bair
Advisory Board Member and Senior Fellow

William A. Barnett
Director / Advances in Monetary and Financial Measurement

David Beers
Senior Fellow / Sovereign Risk Analysis and Policy

Bradley J. Bondi
Senior Fellow / Legal Studies

Kevin R. Brock
Senior Fellow / Cybersecurity Strategy

Alvin Chua
Senior Advisor

Stephen Dizard
Special Counselor

John D. Feldmann
Senior Fellow

Kate Flanagan
Senior Fellow / Consumer Finance

Peter Flocos, Esq. (Trustee)
Managing Director, Policy and Regulation

Patricia Wilson Fridley
Senior Advisor

Diane B. Glossman
Senior Fellow / Financial Institutions

Lawrence Goodman
President and Founder

Steve H. Hanke
Special Counselor

Steven Lofchie
Senior Fellow / Legal Studies

Robin L. Lumsdaine
Senior Fellow / International Finance

Jack Malvey
Special Counselor

David X Martin
Special Counselor

Ryan Scott Mattson
Research Associate

Nicholas Sargen
Senior Fellow / Global Markets and Investment Management

Charles Schott
Senior Advisor

Kurt Schuler
Senior Fellow / Financial History

Liting Su
Research Associate

Jeff van den Noort
Chief Technology Officer

Yubo Wang
Senior Fellow / Financial Markets