TTF France Ambassadors

Xavier Porterfield,

Head of Reseach,



Xavier Porterfield is Head of Research at NewChangeFX an independent data and analytics firm that provides the world’s first regulated and independent real-time Foreign Exchange mid-rate benchmarks.


Xavier’s research work at NewChange FX focuses on market micro structure and benchmarks, providing  price transparency and Transaction Cost Analysis services to FX market participants. Xavier has over 20 years experience in FX Markets, working in a variety of research advisory and sales roles, most notably for  11 years with FX Concepts, a New York based  currency investment and research firm which closed in 2013. When Xavier joined FX Concepts (in 1998) the institutional FX market was still dominated by FX dealer banks that retained exclusive rights to market rates. Non bank (buyside) firms had no access to identify the market clearing price either to check the fairness of the prices being quoted them, or the ability to trade on interdealer rates.


Technology and credit innovation have gone a long way to diminish the disadvantes that FX consumers face when coming to the FX market, but there is still a long way to go to establish a fair and effiicient FX market.


Xavier became involved with Transparency Task Force at an early stage as the mission of TTF - promoting transparency and fairness in Financial Markets aligns perfectly with Xavier’s personal and business values. Xavier is a CFA charter holder and is a member of CFA France’s advocacy committee as the product specialist for FX.

Raphael Douady

Specializing in Data Science, Financial Mathematics & Chaos Theory,

University of Paris I-Panthéon-Sorbonne


Raphael Douady is a French mathematician and economist specializing in data science, financial mathematics and chaos theory at the University of Paris I-Panthéon-Sorbonne. 


He formerly held the Frey Chair of quantitative finance at Stony Brook University and was academic director of the French Laboratory of Excellence on Financial Regulation. 


He earned his PhD in Hamiltonian dynamics and has more than 20 years of experience in the financial industry. He has particular interest in researching portfolio risks, for which he has developed especially suited powerful nonlinear statistical and data science models, as well as macroeconomics and systemic risk. 


Raphael founded fin tech firms Riskdata (risk management for the buyside) and Datacore (quantitative portfolio of ETFs) and is Chief Science Officer of Matrics (AI for the buy-side). Douady is a member of the Praxis Club, a New York-based think tank advising the French government on its economic policy and sits on the board and the investment committee of Friends of IHES, a foundation supporting the Institut des Hautes Etudes Scientifiques (the French brother of Princeton IAS). 


He is an alumni of Ecole Normale Supérieure in Paris and was awarded a gold medal at the International Mathematical Olympiads.

Mariann Györke,

Freelance Contributor,

Mazars - Finance Transformation Lab


With over 20 years of experience gained internationally, Mariann has worked mainly at large multinational corporations. She began as a trainee chartered accountant at KPMG Hungary, before embarking on a career in industry. At first, she worked in various internal audit roles of increasing responsibility, bringing process improvement solutions to senior management while ensuring compliance with accounting regulations, laws, as well as company policies.


She then progressed into regional finance, starting with internal control and management oversight of increasingly extensive portfolios of companies. Her responsibilities included championing an ethics-based culture, providing advice on complex accounting issues, compliance, financial reporting, and supporting various organizational change projects. Most recently, she moved into a financial advisory role on integrating large acquisitions, driving cultural as well as operational change. Currently a freelance consultant, facilitator, and researcher with a special interest in the role of accountants and the finance profession in corporate governance and ethics, as well as on how conversational leadership can nurture integrity and earning trust.  


Mariann has a Mastère Spécialisé (Consulting and Coaching for Change) at HEC Paris and Said Business School, University of Oxford and is a Certified Chartered Accountant (ACCA). She also hold Certificates in Training, Action Learning, Digital Training Courses, Design Thinking, and soon in Ethics. 


Professional Experience Highlights:


Independent Contributor -  Mazars Finance Transformation Lab; The Change Leaders; Mom’ Frenay


Business Unit Controller; Integration Lead; Regional Controller; Senior Financial and Operations Auditor;  ­- United Technologies Corporation (Corporate, Climate Controls, and Security Divisions)


Corporate Auditor – Coca-Cola HBC


Senior Auditor – The Open Society Foundation


Auditor – KPMG Hungary

The Great Divide

You can read the speech by  Andrew G. Haldane, FAcSS (the Bank of England's Chief Economist and Executive Director of Monetary Analysis and Statistics) that he gave on 18th May 2016 at the New City Agenda Annual dinner.


The speech is entitled The Great Divide and it is a first class explanation of why the trust deficit really matters and why it makes sense to try to do something about it.


Please click on the green button to access it; if you're not convinced of its relevance to our initiative, here's part of it:


..."The most important and compelling message the Bank received at the Open Forum came in the first session. The Bank had conducted some polling of perceptions of the financial sector – for example, by asking people what one word best described the future of financial markets. Among the Bank’s usual contacts, including those in the financial sector, the most used word was “regulated”. Many of us will have heard that message from financial insiders concerned about the perils of over-zealous regulators.


For me, the more revealing responses came from the general public, from the customers, rather than the producers, of financial services. The word most used by them when describing financial markets was a rather different one: it was “corrupt”. Not far behind were words like “manipulated”, “self-serving”, “destructive” and “greedy”. I am sure many of you have heard those messages too. They are certainly ones I have encountered frequently on my visits around the country."...


Please click the green button  below to access the full speech. If you need to read another piece first, here it is:


..."At least until recently many economists like me, when faced with this evidence, might have shrugged our shoulders. Social capital had no real role in our models of economic growth, unlike physical capital and human capital. Trust did not butter our parsnips and nor did it enter our production functions.


Recently, however, that orthodoxy has changed and the importance of trust has become clearer.


Evidence has emerged, both micro and macro, to suggest trust may play a crucial role in value creation. At the micro level, there is now ample evidence the degree of trust or social capital within a company contributes positively to its value creation capacity. 


At the macro level, there is now a strong body of evidence, looking across a large range of countries and over long periods of time, that high levels of trust and co-operation are associated with higher economic growth.


Put differently, a lack of trust jeopardises one of finance’s key societal functions – higher growth.


Those social capital effects appear to be particularly potent when it comes to financial decisions. Evidence suggests that a lack of trust leads people to retreat from the stock market and banks and to move towards cash holdings and informal sources of credit, such as payday lenders and loan sharks. That jeopardises the second key benefit of finance to society – improved risk-sharing by households and companies.


So a lack of trust in finance potentially hobbles both economic growth and financial stability.


That lack of trust is the mirror-image of the perception gap between the financial sector and wider society, the Great Divide.


The Great Divide matters because it signals a pronounced and protracted erosion of social capital. It puts finance on notice for losing its social licence. And, unaddressed, that jeopardises future wealth and well-being."...


Please click on the green button to access the full speech. If you're not yet convinced you should, here's a final snippet:


..." As a survey in 2013 of financial professionals found, rather remarkably, that over half believed their competitors engaged in illegal or unethical behaviour.  A smaller, but still high, fraction of 24% believed their own company engaged in such practices. Similar percentages believed their industry did not fulfil its fiduciary function of putting clients’ interests first.

The significance of these findings is not the precise percentages, as striking as these are.


More fundamentally, it is because of what they reveal about finance’s perception of itself, the mirror it holds to the social identity of finance."...


Click onto the button below to access the full speech; you'll be glad you did, it's profoundly thought-provoking for anybody interested in the future of the financial services industry:

If you are not already on the right page and want to read about our major international project to help rebuild trustworthiness and confidence in financial services, click on the orange button below:

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