Richard Lindsey

Dr. Richard Lindsey is a Senior Consultant with Compass Lexecon. Dr. Lindsey is a financial markets, market structure, and regulatory expert with extensive experience involving securities and digital asset markets, exchange governance, broker-dealer operations, derivatives markets, clearing and settlement systems, institutional trading practices, and quantitative finance. He provides expert witness services, litigation consulting, and strategic advisory services in matters involving financial market structure, trading practices, exchange operations, market regulation, institutional investment activities, and risk management.

Dr. Lindsey previously served as Director of the Division of Market Regulation (now the Division of Trading and Markets) and Chief Economist of the U.S. Securities and Exchange Commission, where he directed oversight of U.S. securities markets, exchanges, broker-dealers, derivatives markets, and clearing systems, and participated in major regulatory and market oversight matters involving trading practices, systemic risk, and financial stability. During his tenure at the SEC, he worked extensively with domestic and international regulatory organizations and provided congressional testimony regarding securities markets, market structure, and financial regulation. Including the first regulatory scheme for electronic exchanges; the establishment of for-profit exchanges in the US; and a comprehensive reformulation and simplification of the rules governing stock transactions following public offerings. 

He also served as President of Bear Stearns Securities Corp., overseeing a global broker-dealer providing prime brokerage, clearing, custody, financing, and execution services to more than 3,500 hedge fund, broker-dealer, and investment advisor clients in 73 countries. His experience includes executive leadership involving broker-dealer operations, institutional trading, operational controls, regulatory compliance, and market infrastructure.

In addition to his regulatory and operational experience, Dr. Lindsey has held senior investment management roles including Chief Investment Strategist and Portfolio Manager at Janus Capital Management and Managing Partner and Chief Investment Officer at Windham Capital Management, where his work focused on quantitative investment strategies, derivatives, portfolio construction, and risk management.

Dr. Lindsey has served as an expert witness in securities litigation, FINRA arbitrations, exchange governance disputes, institutional trading matters, class action litigation, and matters involving broker-dealer operations and fiduciary responsibilities. He has prepared expert reports and provided testimony in matters involving major financial institutions, exchanges, and market participants, including matters involving digital asset exchange operations and market structure.

He is currently Principal of Callcott Group LLC and Co-Founder and Managing Partner of Market Revealed Preference LLC, where his current work includes quantitative finance, machine learning applications in financial markets, and analysis of market-implied probability distributions and market regimes.

Dr. Lindsey is also Courant Fellow and Adjunct Professor at New York University’s Courant Institute, where he teaches and advises students in mathematical and computational finance. Earlier in his academic career, he served as Assistant Professor of Finance at Yale University School of Management.

He has served on numerous boards and advisory bodies involving financial market infrastructure, risk management, and quantitative finance, including as Public Director and Vice Chairman of the Options Clearing Corporation, where he chaired the Risk, Audit, Compensation, and Regulatory Committees. He currently serves as Chair of both the International Association for Quantitative Finance, and the Institute for Quantitative Research in Finance.

Dr. Lindsey holds a PhD in Finance from the University of California, Berkeley, an MBA in Finance from the University of Dallas, an MS in Bio-Chemical Engineering from the University of California, Berkeley, and a BS in Chemical Engineering from the Illinois Institute of Technology.