Jessica M. Harris
Managing Director

Former CFTC; Market Manipulation, Disruptive Trading, & Fraud Expertise

Jessica M. Harris is a Managing Director at Ankura with more than 15 years of experience in derivatives, financial regulation, and compliance, including matters involving market manipulation, disruptive trading, and fraud. She spent ten years in derivatives regulation for both the Commodity Futures Trading Commission and the National Futures Association and provided complex trading and statistical analyses about CFTC enforcement actions against firms and individuals alleged to have engaged in large-scale manipulation and spoofing. She is based in Washington, DC.

  • Experience

    Jessica’s professional experience includes:

    • CFTC v. (Nav Sarao, Citigroup, Eric Moncada and Ecoval) cases: Served as the principal analyst in matters involving market manipulation, disruptive trading practices, and fraud. In this role, Jessica identified patterns of trading behavior through data mining and statistical analyses of large exchange and trader trading data and calculated a series of summary and descriptive statistics on the trading data, which were used to populate commission memos and court/legal papers. She took investigative testimony, crafted document requests for data and documents to intermediaries and traders and developed a price impact model and developed spoofing models and attempted/manipulation models based on legal framework/theory. She data mined large financial data sets, provided analytics, and developed statistical models to collect and evaluate evidence and facts to determine if there are violations of the Commodity Exchange Act. Significant cases include CFTC v. Nav Sarao Futures Limited Plc and Navinder Singh Sarao (“2010 Flash Crash”); CFTC v. Eric Moncada; and CFTC v. Ecoval Dairy Trade, Inc. In the Ecoval proceeding, she calculated a trader’s impact on his P/L and position based on his manipulative (attempted) scheme.
    • Trading fraud: Internal investigation into a trader’s fraudulent manipulation of the company’s trading book to misrepresent positions and profit and loss.
    • Risk models: Developed a risk model to identify instances of insider trading of a hedge fund.
    • Fraud-related matters:
      • Performed a detailed accounting of the bank statements.
      • Identified victims from bank, trading, and corporate records.
      • Interviewed fraud victims.
      • Took investigative testimony of subjects of interest, controlling persons, and defendants.
      • Traced funds to/from bank records to trading accounts.
      • Calculating performance, P/L, and fees to determine whether they agree with offering documents and solicitations.

    Jessica received her BA in business administration degree from Western Michigan University. She holds a ME degree in systems engineering from the University of Virginia, and is pursuing her post-master’s certificate in financial risk engineering at Stevens Institute of Technology.

  • News & events