Retained by counsel in capital markets and market-conduct matters as an independent expert on interest rate trading, derivatives, treasury and risk.
Mark McKendry is Managing Director, Digital Assets and Capital Markets at SEDA Experts, and is retained as an independent expert in regulatory and market-conduct matters involving major financial institutions. His opinions draw on more than twenty-five years trading and managing risk inside the institutions whose conduct these matters examine, which is what allows him to speak to market convention and practice, not just theory.
SEDA Experts · Sydney and New York
Managing Director, Digital Assets and Capital Markets. Expertise across fixed income trading in the UK, Europe and Australasia, treasury and liquidity risk management, and bank governance. View SEDA profile →
Among the most significant interest rate trading and market-conduct matters in recent Australian market history, resolved in 2025.
Regulatory proceeding · A major Australian bank
The case
A major Australian bank came under regulatory investigation into its capital markets practices, centred on the management of a large government bond issuance and the associated risk management. The matter raised broader questions about transparency and conduct in the sovereign bond market, and involved the bank, the national securities regulator and the sovereign debt management office.
The role
Retained to advise counsel on the mechanics of the Australian bond market and the hedge and duration management role in large syndications, assessed against regulatory standards, market convention and internal risk management frameworks.
The result
The analysis helped counsel contextualise the trading conduct at issue. The charge of market manipulation was ultimately withdrawn, and the matter was resolved by settlement on mutually acceptable terms.
Opinions grounded in first-hand market experience, across the areas where capital markets disputes most often turn.
Trading practice and market convention across rates and fixed income in the UK, Europe and Australasia, including primary issuance and duration management.
Hedge construction and the management of large risk positions, valuation and pricing, and the risk frameworks that govern them.
What market convention permits and what it does not, assessed against regulatory standards, in conduct and manipulation matters.
Treasury and liquidity risk management, and the governance and internal control frameworks expected of a regulated institution.
An expert's first duty is to the court or tribunal. The opinion goes where the evidence goes, which is precisely what makes it useful.
Written expert reports, responses to opposing experts, and oral evidence, delivered in language a court can follow.
Often most valuable early: helping counsel understand the market mechanics before a position is set.
Instructions are handled discreetly and in confidence. The first conversation is exploratory and without obligation.
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