Personal profile
Summary
I am a financial economist, ex-trader and Reader in the Economics and Finance.
I started my doctoral research on LIBOR in 2009 (almost three years before the LIBOR manipulation scandal broke) and I am also the author of ‘Barometer of Fear: An Insider’s Account of Rogue Trading and the Greatest Banking Scandal in History’.
I do teaching, as well as impact-related research on controversies in financial markets. To raise general awareness of the problems and the need for change, I have actively engaged with media through op-eds and interviews (e.g. Financial Times, Wall Street Journal, The Guardian, The Times, USA Today, Süddeutsche Zeitung). I have also discussed and explained issues on TV/radio and given keynotes and public talks.
Since 2010, I have also consulted on issues related to financial markets, risk, compliance and ethics, and have served as an expert advisor on legal cases involving financial benchmarks, cash and derivatives markets in both Europe and North America.
Biography
I am a Reader in Economics and Finance and have been at the University of Portsmouth since 2014. I obtained a Civilekonom degree, an MSc in Financial Economics and a CEMS Master from the Stockholm School of Economics. After that, I spent 15 years as a foreign exchange and interest rate derivatives trader at HSBC, Citi, Crédit Agricole and Merrill Lynch. In 2009, I returned to academia to complete a PhD in Economics from SOAS University of London. I have also held academic positions at SOAS, the University of Leeds, Washington University in St. Louis (London programme) and Meiji University in Tokyo.
Research Interests
I am interested in research on deception and perceptions in financial markets. My research is primarily focused on monetary policy and over-the-counter (OTC) markets, and current projects include:
- Unethical trading practices among human and algorithmic traders
- Social norms and anti-competitive behaviour in OTC markets
- Monetary policy in the absence of liquid interbank money markets
- Connectedness and spillovers in fixed income and interest rate derivatives markets
Teaching Responsibilities
Since joining the University of Portsmouth, I have taught courses related to Behavioural Finance and International Financial Markets at undergraduate and postgraduate levels. I have also been invited to give guest lectures or lecture series internally and externally (Centria University of Applied Sciences, City University London, Hanken School of Economics, Meiji University, Nagasaki University, Peking University HSBC Business School, Queen Mary University of London, SOAS University of London, University of Iowa, University of Tampere, University of Tennessee, Washington University in St. Louis).
Media Availability
I am happy to take calls and emails from the media on my research, and am aware of the needs to respond to journalists in a timely manner. Please contact me directly at [email protected]
Expertise related to UN Sustainable Development Goals
In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person’s work contributes towards the following SDG(s):
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SDG 17 Partnerships for the Goals
Fingerprint
- 1 Similar Profiles
Collaborations and top research areas from the last five years
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Decomposing the rate of inflation: price-setting and monetary policy
Stenfors, A., Shabani, M., Gabauer, D. & Toporowski, J., 3 Jun 2025, Social Science Research Network, p. 1-23.Research output: Working paper
Open Access -
Shadow trading detection: a graph-based surveillance approach
Stenfors, A., Li, B., Guo, T., Hewage, K., Mere, P. & Chen, F., 1 Dec 2025, In: Finance Research Letters. 86, Part D, 8 p., 108524.Research output: Contribution to journal › Article › peer-review
Open AccessFile75 Downloads (Pure) -
Shadow trading detection: A graph-based surveillance approach
Stenfors, A., Guo, A., Li, B., Hewage, K., Mere, P. & Chen, F., 12 Jun 2025, Social Science Research Network, p. 1-17, 17 p.Research output: Working paper
Open Access -
US sectoral stock market volatility and geopolitical risk categories
Chatziantoniou, I., Gabauer, D. & Stenfors, A., 30 Apr 2025, In: Finance Research Letters. 76, p. 1-6 6 p., 106916.Research output: Contribution to journal › Article › peer-review
Open AccessFile124 Downloads (Pure) -
Connectedness and spillovers between Japanese money market instruments
Muchimba, L. & Stenfors, A., 1 Mar 2024, In: Ritsumeikan Economic Review. 72, 4, p. 343-356 14 p.Research output: Contribution to journal › Article › peer-review
Open Access
Thesis
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Determining the LIBOR: a study of power and deception
Stenfors, A. (Author), Lapavitsas, C. (Supervisor), Jun 2013Student thesis: Doctoral Thesis
File
Datasets
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Dataset for 'LIBOR, foreign exchange and the illusion of liquidity'.
Stenfors, A. (Creator), Henry Stewart Publications, 15 Dec 2018
DOI: 10.17029/7e20abb0-b955-4116-a3d8-c272b1e8757e
Dataset
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Data for ‘Bid-ask spread determination in the FX swap market: competition, collusion or a convention?’
Stenfors, A. (Creator), Elsevier BV, 1 Oct 2018
DOI: 10.17029/074d65ad-1c56-4203-aec7-4df6247adea0
Dataset
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Data availability statement for 'Liquidity withdrawal in the FX spot market: a cross-country study using high-frequency data'.
Stenfors, A. (Creator) & Susai, M. (Creator), Elsevier BV, 25 Jul 2018
Dataset
Projects
- 4 Finished
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Fintech as a fence for the shock and fuel for the recovery? Lessons from the war
Lu, J. (PI), Stenfors, A. (CoI), Vergos, K. (CoI), Filippidis, M. (CoI) & Zhang, J. (CoI)
1/03/23 → 31/12/23
Project: Research
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The relationship between the serotonin transporter gene, stress, risk-taking behaviour, herding and market volatility
Stenfors, A. (PI)
1/08/18 → 31/07/19
Project: Research
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The Relationship between Emotion and Market Volatility
Stenfors, A. (CoI) & Susai, M. (PI)
1/04/18 → 31/12/22
Project: Other
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The Impact of Collective Behaviour on FX Market Volatility
Stenfors, A. (CoI) & Susai, M. (PI)
1/04/14 → 31/03/18
Project: Other
Activities
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11th Annual Conference on Financial Market Regulation, SEC, Washington, D.C.
Stenfors, A. (Presented paper)
9 May 2024Activity: Participating in or organising an event types › Participation in workshop, seminar, course
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ICAPE
Stenfors, A. (Presented paper)
Jan 2024Activity: Participating in or organising an event types › Participation in conference
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International Conference on Economic Theory and Policy
Stenfors, A. (Presented paper)
Sept 2023Activity: Participating in or organising an event types › Participation in conference
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12th Counter Fraud, Cybercrime and Forensic Accounting Conference
Gilmour, P. (Organiser), Stenfors, A. (Presented paper) & Reid, I. (Chair)
14 Jun 2023 → 15 Jun 2023Activity: Participating in or organising an event types › Participation in conference
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BaL R&I Conference
Stenfors, A. (Presented paper)
Jun 2023Activity: Participating in or organising an event types › Participation in conference
Press/Media
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Effects of the raft of new data legislation on aspects of the financial services industry
14/05/18
1 Media contribution
Press/Media: Expert comment
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Not LIBOR but LIE-BOR
28/10/12 → 1/04/18
4 items of Media coverage, 1 Media contribution
Press/Media: Research cited
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Rogue trading and Financial Crises
3/03/17 → 16/10/17
3 items of Media coverage, 10 Media contributions
Press/Media: Expert comment
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BBC’s secret recording on the Bank of England and Libor
10/04/17
1 Media contribution
Press/Media: Expert comment