Capital Markets Advisors

Turning Change Into Opportunity



MichaudPaul Michaud is a Toronto based Partner and Regional Head of Canada for CMA. Paul has expertise in all aspects of Trading, Transaction Processing and Risk Management from both the business and technology perspectives. Prior to joining CMA, Paul was responsible for Financial Market Industry Solutions at IBM and has held senior executive and consulting roles at IBM and PwC as well as directly for various Banks, Asset Managers and Energy Companies in both North America and Europe. Paul has extensive knowledge of all traded financial and energy products with particular expertise in complex OTC Financial and Energy transactions. Paul is recognized as a leading Subject Matter Expert for both the Financial Markets and Energy Sectors and has been an invited speaker and author on a wide range of issues facing these sectors over the years.

In addition to his deep product and business knowledge in the Financial Markets and Energy sectors, he also has deep technical knowledge in the areas of Enterprise and Application Architecture, Service Oriented Architecture and High Performance Computing as well as a wide array of other technologies. He has designed large trading and risk systems for a number of exchanges as well as Buy and Sell side Financial Institutions and various Energy companies. Paul continues to advise Investment Banks, Assets Managers, Hedge Funds, Brokerages, Exchanges, Energy Companies and other large enterprises around the world on a wide range of business and technology issues.

Paul has a BA in Economics and Mathematics, and MA in Economics and an MSc in International Securities, Investments and Banking.


Steven Goune heads CMA’s Finance, Regulatory & Compliance Practice. He has over 15 years of experience in banking and capital markets including broker-dealers, asset/wealth managers, custodians, exchanges, FinTech and market data providers. His expertise covers digitally enabled finance and operations transformation leveraging AI, Blockchain, Machine Learning, RPA, NLG and NLP; business process re-engineering; and regulatory compliance and reporting.

Prior to joining CMA, Steven was Managing Director at Genpact and Managing Principal at Capco where he was responsible for compliance and risk assessment for various banks, broker-dealers, ECNs and a Bitcoin Exchange. He has prepared reports and completed assessments and audits for various regulatory agencies including Basel, CFTC, DFA, Federal Reserve, FINRA, NFA, OCC and SEC. He also served as CFO at Broadridge Financial Solutions, Financial Controller for North America at BNP Paribas, Chief Financial Officer for SG Americas Securities, and Division Finance Officer at Bloomberg Tradebook ECN.  Steven is Six Sigma greenbelt certified with FINRA licenses series 4, 7, 24, 27, 53, 55, 63 and 65. He advises CMA clients on analytics, change management, process optimization, risk management, systems and technology transformation to ensure adherence to existing and new regulations, and manage their impact on business models including front, middle and back-office platforms.

Steven holds an MBA in financial engineering and technology innovation from the Sloan School of Management of the Massachusetts Institute of Technology (MIT).

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