The Division was created in September to enhance the agency's capabilities and help identify developing risks and trends in the financial markets.

The Division's new senior officials are:

Richard Bookstaber has been appointed a Senior Policy Advisor to the Director. Dr. Bookstaber served as the managing director in charge of firm-wide risk management at Salomon Brothers, director of risk management at Moore Capital Management, and Morgan Stanley's first market risk manager. He is the author of three books and a number of articles on finance topics ranging from option theory to risk management, and has received various awards for his research. He holds a Ph.D. in Economics from the Massachusetts Institute of Technology.

Adam Glass has been appointed a Counsel to the Director. Mr. Glass comes to the SEC from Linklaters LLP, where he founded its Structured Finance and Derivatives Practice. During his tenure at Linklaters, he represented banks, investment banks, monoline insurance companies, and hedge funds. Previously he was a partner at Sidley Austin Brown & Wood. Mr. Glass earned an A.B. in Economics from Harvard College in 1978, where he was Phi Beta Kappa, and a J.D. from Stanford Law School in 1981, where he was editor-in-chief of the Stanford Law Review.

Bruce Kraus has been appointed a Counsel to the Director. Mr. Kraus comes to the SEC from Willkie Farr & Gallagher LLP, where he practiced corporate and securities law for more than 20 years. His practice included mergers and acquisitions transactions and other corporate finance work. He earned an A.B. in Economics from Harvard College in 1975, where he was Phi Beta Kappa, and in 1979 graduated from Yale Law School, where he was an editor on the Yale Law Journal. Following law school, he clerked for the Chief Judge of the Second Circuit.

"I am pleased that Adam, Bruce, and Rick have agreed to come to the Commission," said Henry Hu, Director of the SEC's Division of Risk, Strategy, and Financial Innovation. "The role of the SEC has never been more critical. How modern capital markets, derivatives and structured products, and systemic risk are addressed today may well affect the nation for generations to come. Adam, Bruce, and Rick bring energy, expertise, and creativity. They will be important in this Division's efforts to offer analysis that integrates economic, finance, and legal disciplines, with full appreciation of the complexities of today's world. They will add to the new Division's growing roster and give us a deeper bench to draw from as we fulfill our mission of protecting investors."

Dr. Bookstaber said, "These times present a rare opportunity for fundamental financial reform. I am honored to be counted as part of this great team and am committed to the goals of investor protection and control of systemic risk."

Mr. Glass said, "I feel privileged to have been asked by Professor Hu to join this new Division. The SEC's work could not be more important at this critical time. I much look forward to playing a role in identifying and responding to new risks and trends in today's financial markets."

Mr. Kraus said, "I am honored by Professor Hu's invitation to join him alongside experts in economics and finance in these unprecedented times. The challenges present new mandates and fresh opportunities for positive change, and I look forward to assisting him and all the Risk Fin professionals in every way I can."

The Division of Risk, Strategy, and Financial Innovation combines the Office of Economic Analysis, the Office of Risk Assessment, and other functions to provide the Commission with sophisticated analysis that integrates economic, financial, and legal disciplines. The Division's responsibilities cover three broad areas: risk and economic analysis; strategic research; and financial innovation.