Financial Markets - 203 - 2nd year of master's degree

Mehdi ABABOU

Vice-President – Senior Credit Officer, MOODY’S

Course: Credit Risk

Mehdi’s responsibilities include the analysis and monitoring of various long‑term securitisation transactions (ABS) in Europe, North Africa, and the Middle East.

He also covers the Middle East market as well as digital finance applications within structured finance. He has been with Moody’s for over 15 years. Prior to joining Moody’s, Mehdi worked at Bayerische Landesbank Girozentrale in Paris, in the Structured Finance – Securitisation Department, where he was responsible for structuring and originating various types of third‑party transactions.

Mehdi also worked at Crédit Commercial de France in Paris and London in the Structured Finance – Emerging Markets Department.

He holds a Master’s degree in Economics and Business Administration from Paris I – Sorbonne University, and a degree in Banking and Finance from Paris V – Descartes University. Mehdi has been teaching finance for 20 years, with a particular focus on credit risk and structured finance.

Hafid AGOUZOUL

Head of the model validation and risk methodologies team, National Bank of Abu Dhabi

Course : Fixed Income 2

Hafid is currently at National Bank of Abu Dhabi (NBAD), which he joined May 2014. He's heading the model validation and risk methodologies team (All asset classes).
Prior to that, Hafid spent 8 years at BNP Paribas London where his recent position was global head of IRFX valuation model validation team. He was also in charge of transversal IRFX market and model risk projects.
Prior to joinging BNP Paribas, he worked for Credit Agricole SA as quantitative risk analyst working on Interest Rates and Equity products.
Hafid graduated from Ecole Nationale des Ponts et Chaussées and holds a Master degree (DEA) in "Probability & Finance" from Pierre and Marie Curie University, Paris VI. 

Kaiza AMOUH

Head of Global Markets IT Quants, Natixis, Paris

Course : Numerical Finance

Graduated from Ecole Polytechnique, Kaiza holds a master's degree in Computational Finance from Lille 1 University and a DEA of Probability and Finance from Paris 6. He also holds a certificate of Data Science from the Massachusetts Institute of Technology.
After working as a Quant in the ALM department at Société Générale Insurance, he joined Natixis CIB in 2015 as a Quantitative Associate in charge of pricing models development for Interest Rate exotic derivatives.
Since 2019, he is the Head of Linear Rates & Credit Derivatives within the R&D department of Natixis CIB.

Arnaud ANGELO

Head of Internal Model team for Counterparty Credit Risk, Crédit Agricole CIB

Course: Risk Management

Arnaud ANGELO is currently Head of Internal Model team for Counterparty Credit Risk (CCR) at Credit Agricole CIB. His team is in charge of the regulatory and internal CCR methodologies.
Previously, he worked as Project Manager at La Banque Postale in charge of the development of Market Risk platform, and as Quantitative Analyst at Crédit Agricole CIB.
Arnaud holds an engineering degree from ESIEE Paris and has a Specialized Master in Finance from ESCP Europe.

Fabian ASTIC

Managing Director & Global Head – Digital Economy, Moody’s Ratings, New York

Course : Alternative Finance

Fabian Astic serves on Moody’s Ratings’ Senior Leadership Team as Managing Director, Global Head of Digital Economy, and Chair of the AI Oversight Working Group. He leads the rating agency’s preparedness efforts related to the digitalization of the global economy, including Digital Finance, AI Analytics, and Cyber Credit Risk. Prior to his current role, Fabian led quantitative analytics and innovation for the rating agency, and also held various roles in the Credit Strategy & Standards and Structured Finance groups.

Fabian’s academic credentials include a Ph.D. in Applied Mathematics with a focus on Mathematical Finance, and a Master’s Degree in Mathematics Applied to Economic Sciences from Université Paris Dauphine. He also graduated as an engineer from the Ecole des Mines de Paris, where he specialized in Quantitative Finance.

Arthur BAGOURD

FX Algo Trading Quant, Barclays London

Course: Electronic Markets

Arthur Bagourd started as an eFX quant at Barclays in 2019. He is responsible for modeling and developing Market Making algorithms in the FX market.

Arthur is a graduate of Master 203 - Financial Markets from Paris Dauphine University - PSL.

Julien BAUDIN

Forecasting & Pricing - Energy Management, Plenitude

Course : Economics & Geopoliitcs of energy

Julien joined the energy supplier ENI Gas & Power France in 2021, within the Energy Management department, which oversees trading and portfolio management activities.

He works in the Pricing and Forecasting team. He is responsible for “Forecasting”, which involves monitoring and modeling the consumption of the portfolio, both over long-term and short-term horizons.

In 2021, Julien graduated with a Master’s degree in Financial Markets (Master 203) from Université Paris Dauphine – PSL.

Sylvain BENOIT

Associate Professor, Université Paris‑Dauphine – PSL

Course : Applied Time Series

Sylvain Benoit is Assistant Professor in Finance at Université Paris Dauphine - PSL since 2015. He obtained a PhD in Finance from Université d’Orléans in 2014 and received the SAB Trophy for the best thesis on Sustainable Finance in 2015 as well as the award of the best AFFi conference paper in financial and banking regulation in 2017. Sylvain was a visiting scholar at University of California Santa Cruz (2011) and Cass Business School (2014).

His research mainly focuses on systemic risk, both from a theoretical and an empirical point of view, and have been presented to highly selective conferences such as the European Finance Association, the Northern Finance Association or the European Meeting of the Econometric Society. Two of his research papers have been published in Review of Finance and one of his work is forthcoming in Journal of Financial Intermediation. More generally, his research interests are in financial regulation, monetary policy and financial stability, as well as financial econometrics. Sylvain shares systematically his code and data underlying his research papers to promote transparency and reproducibility.

Schlomy BOTBOL

Senior Portfolio Manager & Quantitative Analyst, Comgest

Course : Volatility trading strategies

Schlomy BOTBOL joined Comgest in 2016 as a Quantitative Portfolio Manager. Before joining, Schlomy worked as a Portfolio Manager in cross asset investments and alternative strategies, in particular for Société Générale Asset Management Alternative Investments in 2005 and UBP Alternative Investments in 2009. He is a derivatives expert who has considerable experience in portfolio management, execution and quantitative research of innovative investment solutions. Schlomy graduated from the French Grande Ecole Telecom SudParis and holds a Master’s degree from Université Paris – Dauphine (Master 203).

Constance BOUBLIL-GROH

Economist, Société Générale

Course : Financial Markets and the Economy

Constance Boublil-Groh is a Senior Economist at Société Générale.
She is responsible for macroeconomic forecasting, sovereign ratings, and ESG analysis.

Until 2012, she was an Economist at Coface, working on French State export guarantees. She also serves as a member of the economics examination jury at the École Nationale d’Administration (ENA).

She was educated at Sciences Po Paris and holds a Master’s degree in International Economics.

Mathieu CARLES

Corporate Restructuring Specialist, Serial Entrepreneur, and Private Investor, Financière et Immobilière Famille Carles

Course : Mergers & Acquisitions

Mathieu graduated from ESSEC Business School. He also holds a Master’s degree in Business Law and a private helicopter pilot license (PPL‑H). Recently, he completed a specialized culinary training at a prestigious French cooking school.

He has been teaching finance for over twenty years at the Conservatoire National des Arts et Métiers, Grenoble École de Management, ESSEC, CESI Nanterre and CESI Orléans, as well as for LEFEBVRE DALLOZ. His favorite subjects are financial modeling, company valuation, and strategic planning.

He spent more than ten years in investment banking and consultancy firms, optimizing the financial performance of corporate groups, advising on corporate restructurings, public offerings, and other capital markets operations.

In 2008, his experience enabled him to act both as a private investor and as an advisor, raising significant amounts of debt financing.

Today, Mathieu runs his own companies and advises project leaders and entrepreneurs. He also shares his experience by teaching bankers, financial analysts, CFOs, and the outstanding Master 203 students in the M&A Finance course at Université Paris‑Dauphine – PSL.

Julien CLAISSE

Associate Professor, Université Paris Dauphine-PSL

Course : Derivative Pricing and Stochastic calculus II

Graduated from ENS Lyon and Sorbonne University, Julien holds a PhD in Mathematics from Côte d’Azur University. He is currently an Associate Professor at Université Paris‑Dauphine and a member of the CEREMADE research unit.

His research focuses on stochastic analysis, stochastic control, and numerical probability, with a particular interest in population dynamics and financial applications.

Nathalie YAEL COHEN

Leadership Coach, Paris

Course : Soft skills

With a French education, Oriental heritage, and an Anglo-Saxon mindset, Nathalie Yaël Cohen has always been passionate about multicultural diversity, geopolitics, and international relations. She worked twenty years in financial markets, specializing in currency risk management.

After a sabbatical year dedicated to travel, cultural discovery, and volunteer work with sick and autistic children, she chose to reinvent her path and redefine the balance of her commitments.
A graduate of the Co-Active Training Institute, an ICF member, and certified in NLP, she has been working since 2020 as a leadership and communication coach.

She supports financial institutions, start-ups, and their teams through times of transformation, developing leaders who can inspire and bring out the best in their people.

Convinced that human potential is the true engine of sustainable success, she now shares with Dauphine students the essential soft skills of confidence, creativity, communication, and leadership.

Jacopo Maria D'ANDRIA

Risk Economist at Société Générale

Course : Financial Markets & the Economy

Jacopo Maria D’Andria works as an Economist in the Risk Division of Société Générale, where he is responsible for analyzing the banking sector, assessing the impact of financial regulation, and addressing financial stability issues.

Previously, he worked at the European Central Bank (ECB) in the Stress Modelling Division of the Macroprudential and Financial Stability Directorate, as well as in the Financial Research Division of the Research Directorate.

He holds a Master’s degree in Economics and Social Sciences from Bocconi University in Milan, as well as a Bachelor’s degree in Economics from the same institution.

Laurent DAHAN

FRM – Financing and Investment Advisor

Course : Risk Management

Laurent Dahan has been teaching the Risk Management course in the Master 203 “Financial Markets” program since he designed and launched it in 2008.

With over 20 years of experience in financial markets, he held senior risk management positions at Crédit Agricole CIB, including Head of Rates Risk and Head of Equity Risk Position Monitoring.

He led global teams overseeing complex exposures across structured products, interest rate derivatives, and strategic transactions.

A certified FRM, he brings both technical depth and strategic vision to market risk oversight.
After these enriching years in risk management, he moved into more business-oriented roles in trading and transformation, and now acts as an advisor in financing and investment for institutional and public-sector clients.

Marius-Cristian FRUNZA

Managing Partner, Schwarzthal Kapital

Course : Alternative Finance

Marius-Cristian Frunza is a Director with Schwarzthal Kapital, a financial advisory and research company. He is specialised in climate change and environmental finance.
Previously, he worked as a broker in the energy markets for a commodity broker. He has also a consulting experience hedging.
He graduated from Ecole Polythechnique and holds a PhD in mathematical finance and a HDR in economics from the reputed Paris Sorbonne University. He is the author of over 20 articles in various areas including carbon markets and risk management. He also published 4 books including Fraud on the carbon market, considered a reference work on the subject.

Thibault GODBILLON

Policy expert , European Banking Authority

Course : Regulation and Financial Markets

Thibault Godbillon is a policy expert in the supervisory review, recovery and resolution unit at the European Banking Authority (EBA). He focuses on matters relating to resolution planning - MREL and resolvability assessment in particular.
Prior to joining the EBA, Thibault was a manager within the resolution directorate of the Bank of England where he contributed to the execution of the Bank’s MREL policy (MREL setting, MREL reporting and monitoring), led resolution planning for a Global Systemic Important Institution, contributed to active contingency planning and to developing the resolvability assessment framework.
Before joining the regulatory side, Thibault was Assistant Vice President at DBRS in London after having gained experience in financial auditing, M&A and economic research in Paris.

Pierre GRUET

Senior research engineer at EDF R&D

Course : Energy Derivatives


Dr Pierre Gruet, senior research engineer at EDF R&D, has many years of experience in the energy sector. He works mainly on price models for trading, valuation and risk management, especially concerning electricity. Pierre has written several scientific publications related to stochastic optimization and statistics of processes, with an application to energy markets.

He holds a PhD in applied mathematics from Paris Diderot University, and he is also a fully-qualified actuary, member of French National Actuarial Association.

In addition, he is also a developer of the Debian GNU/Linux operating system.

Vincent GUSDORF

Associate Managing Director at Moody's

Course : Alternative Finance

Vincent Gusdorf is an Associate Managing Director at Moody's, leading the AI Analytics team.

He oversees a group of data scientists and data engineers who design AI-powered tools for the rating agency and coordinates Moody’s AI research. He also supervises Moody’s digital asset research.

Before this role, Vincent spent 15 years as a credit analyst.

He is a self-taught programmer and data scientist, a CFA Charter holder and a certified Scrum Master.

Karen HERRGOTT

Collaborative Communication facilitator, Paris

Course : Soft skills

Master 203 alumni from year 2000, Karen Herrgott holds a Master in Business Administration from University of South Florida.
Financial consultant at Murex for 17 years, Karen Herrgott specialised on Market Risk Management area and now works as free-lancer on Basel 3 software implementation.
Passionated with NonViolent Communication since 2010, Karen Herrgott shares her know-how with companies willing to enhance collaboration within their teams.

Juan Imbet

Assistant Professor

Course: Python Programming

Juan Imbet is an Associate Professor of Finance at Université Paris‑Dauphine. He holds a PhD in Finance from Universitat Pompeu Fabra and the Barcelona Graduate School of Economics.

His research lies at the intersection of asset pricing, corporate finance, and computational finance. He holds an M.Sc. in Finance from the Barcelona Graduate School of Economics, and a double B.Sc. in Industrial Engineering and in Economics with a minor in Mathematics from Universidad de los Andes in Bogotá.

His current work focuses on the impact of uncertainty on corporate decisions and financial markets, information disclosure, market liquidity, and large‑scale optimization. Juan is an expert in textual analysis and machine learning for building and processing large datasets to study financial markets and corporations.

Ashwin JOSHI

Vice President, Fixed Income ESG Investment team, BlackRock, New York

Courses : Sustainable Finance

Ashwin works with BlackRock's Fixed Income team to provide ESG investing solutions to our clients by integrating ESG and climate risk integration tools and strategies to the investment process.

Ashwin earned a BA from Vanderbilt University in 2015, majoring in Mathematics and Economics with a minor in Computer Science and has been a CFA charterholder since 2019.

Aymeric KALIFE

CEO, iDigital Partners, Adjunct Professor, Université Paris Dauphine - PSL

Courses : Financial Derivatives & Sustainable Finance

Graduate from HEC, Science-Po and ENSAE, Aymeric holds a mathematical finance Ph.D from Dauphine University & ESSEC. Rates derivatives quant at ABN AMRO then on commodities derivaties at EDF, he has worked as an hybrids derivatives structurer at Merrill Lynch, then as a volatility strategist at Deutsche Bank. He then joined AXA for 11 years where he subsequently held the positions of Deputy Chief Risk Officer at AXA Hedging Services, “Head of "Structuring, Hedging, Modelling", "Global Head of Unit-Linked Guaranteed Products" and “Global Head of Savings & Group Deputy Life Chief Actuary” at AXA Group. He is now the founder and CEO of iDigital Partners, specialized in Investments advisory while leveraging on digital technologies. He is also adjunct professor at Université Paris - Dauphine since 2012.

He teaches finance at Dauphine University and HEC Paris, and his research interests are in hedging market liquidity risk for flow and structured products, Variable Annuities product design and hedging strategies, and the modelling of insurance products policyholders’ behaviour.

Gaëlle LE FOL

Professor in Finance, Université Paris Dauphine - PSL

Courses : Introduction to financial econometrics & Electronic Markets

Gaëlle Le Fol is Professor of Finance at Paris Dauphine - PSL and Resarch Fellow at the CREST (Centre de Recherche en Economie et Statistique). She is an economics and econometrics graduate from the University of Paris 1 Panthéon – Sorbonne and holds a Ph.D in Economics from Paris 1 University. Before joining the Université Paris-Dauphine, Gaëlle Le Fol was an Assistant Professor (Maîtres de Conférence) at the University of Paris 1 Panthéon – Sorbonne (1999-2002) and a Professor of Economics at the University of Angers (2002-2006) and the University of Evry (2006-2010).

Her research interests are in financial market microstructure and financial econometrics. Her recent research has included investors behaviors and their impact on the trading characteristics, market liquidity, contagion and systemic risk as well as high frequency algorithmic trading. She teaches financial econometrics and electronic markets.  

She was the Director of the Master 203 program from March 2011 to September 2023, and she also serves as the QTEM Dean for Dauphine.

Mourad LOUKID

Course : C++

Alberto MANCONI

Associate Professor of Finance, Bocconi University

Course : Behavioral Finance

Alberto Manconi is Assistant Professor of Finance at Bocconi University. Alberto joined Bocconi University in September 2016, after working for six years in the Finance Department at Tilburg University (Netherlands). 
Alberto's research interests revolve around financial intermediation and corporate finance.
Alberto's research has been presented at all major international conferences in the field of financial economics (AFA, WFA, EFA, FIRS), and it has been published in leading journals such as the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and the Review of Finance. 

Guillaume MONARCHA

Head of Quantitative Research, Orion Financial Partners

Courses : Financial Econometrics II & Advanced Asset Management

Guillaume Monarcha is partner at orion financial partners, since 2009. As head of research, his role consists in developping quantitative investment solutions (cross asset / global macro strategies) and active risk management tools (systematic overlays).
He started his carreer at Natixis CIB as Quantitative Economist, before leading a team of Quant Strategists in charge of hedge fund research and market analysis.
Guillaume holds a Ph.D in Economics. His research activity is focused on hedge funds, asset allocation, risk premia, and nowcasting.
His research activity is focused on hedge funds, asset allocation, risk premia, and nowcasting.

Ardoin de MASIN

Independant Consultant

Course: Commodities

Ardoin spent the last 18 years at BNP Paribas, both in Paris and London offices, holding various Front Office positions in the Global Markets Division, with a strong focus on commodity markets.

Most recently and until June 2024, he was Deputy Global Head of Commodity Derivative Trading at BNP Paribas. Prior to joining BNP Paribas, he worked as a strategy consultant at A.T. Kearney.

Ardoin holds an engineering degree from Ecole Polytechnique and a Master of Science from Massachusetts Institute of Technology.

Brice PERIN

Head of Convertible Bonds and Volatility Funds, LBPAM

Course : Volatility trading strategies

Brice Perin is responsible for Convertible Bonds and Volatility Management at LBPAM.
Brice has over 20 years of experience in volatility and convertible management. He began his career at DWS as a convertible arbitrage manager, then was responsible for the management of several directional or arbitrage funds - based on volatility or convertible strategies -, at DWS then at La Française. AM, Acropole Am, at Generali Investment and now at LBPAM.
Brice graduated from ENSAE.

Jiang PU

Teacher-Researcher, ESILV

Course : Electronic Markets

Jiang Pu is a teacher-researcher at ESILV in the finance department. He works in close collaboration with university researchers and actors of the financial sector. A graduate of Ecole Polytechnique and ENSAE, he obtained a doctorate in applied mathematics from the University of Paris-Diderot on stochastic optimization applied to mathematical finance.

His research interests are: stochastic optimization, statistical learning, market microstructure.

Louise RAYNAUD

Research Engineer at EDF Lab

Course: Energy derivatives

Louise Raynaud is a research engineer at EDF R&D within the Valuation and Risk Management team, working for the EDF Trading Optimization division. Her work focuses on modeling electricity and commodity prices, as well as on the design and evaluation of hedging strategies for energy portfolios.

Marc RINGEISEN

Deputy Director of the Market Production Operations Center, EDF

Course : Energy Derivatives

After starting his career at EDF in a nuclear power plant, Marc Ringeisen focused on the professions of optimizing the supply-demand balance for electricity and EDF's portfolio of physical assets in interaction with the markets. He held various operational and management positions within the Upstream Downstream and Trading Optimization Department. He was also head of an EDF R&D department which develops the calculation codes used by EDF for the operational management of its assets and market risks. He is now Deputy Director of the entity in charge of optimizing EDF's asset portfolio in France on market horizons. He graduated from the Ecole Centrale de Lyon.

Olivier TOUTAIN

Executive Director, Scope Ratings, Adjunct Professor, Université Paris Dauphine-PSL

Courses : Credit Risk & Sustainable Finance

Olivier Toutain hold a diploma in engineering, with a major in applied mathematics, and graduated from the University Paris-Dauphine with a post master’s qualification. He is currently Executive Director at Scope Ratings, in charge of rating transactions or defining credit risk assessment methodologies in Structured Finance. Previously, he held different roles at Banque de France and Moody's; at Banque de France as Head of the Risk Modelling Unit within the Risk Management Directorate at Banque de France, and as Head of the ABS Purchase Program for France, Ireland and Portugal; at Moody's responsible for the quantitative methodologies in the European Structured Finance Group. He spent approximately the last 20 years working on Securitisation either analysing their credit risk or purchasing those transactions. He is also adjunct professor at Université Paris - Dauphine since 2013.

Mathieu VAISSIÉ

Associate, GINJER AM

Course: Advanced Asset Management

Mathieu Vaissié is a Partner at GINJER AM, an entrepreneurial investment firm specializing in European public markets.

He began his career in investment banking as an M&A Analyst at SGCIB before moving into asset management: first as a researcher at the EDHEC Risk Institute, which he helped launch in 2001, and then as a Portfolio Manager in the Alternative Investments division of LYXOR AM, where he contributed to the development of active management.

Mathieu is an expert in designing and managing both traditional and alternative beta and alpha strategies across multiple asset classes. His current research focuses on the complexity of modern financial markets.

He holds a PhD in Finance from Université Paris‑Dauphine – PSL and is a graduate of EDHEC Business School.

Redouane ZAD

Founding Executive Director, Cristalys

Course : Exotic Options & Structured Products

Redouane is currently Executive Director at Cristalys, which he founded on 2018. Cristalys develop investment tools using Quantitative models and Machine Learning.
Prior to that, Redouane spent 12 years at Amundi Asset Management where his recent position was head of Fixed Income Structured Fund Managers.
Prior to joinging Amundi, he worked for MUREX as developer on Interest Rates products.
Redouane graduated from Ecole Nationale Supérieure d’Informatique et de Mathématiques Appliquées de Grenoble and holds a Master degree in " Financial Modelling and Engineering " from Evry University, and an Applied Master in Data Science and Artificial intelligence from Data ScienceTech Institute, and a Certificate in Financial Risk Management given by GARP Association.