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).


Don Nisonoff, a partner with CMA for regulatory and business development, brings a wealth of experience across a broad range of capital markets practice areas gained at Wall Street investment banks, prominent law firms and the US Securities and Exchange Commission.  He has advised traders, bankers and compliance personnel on complex U.S. and cross-border transactions in equity and fixed income products, options and derivatives and in regulatory inquiries and investigations. His work with CMA focuses on advising and identifying opportunities for the company’s exceptional expertise in transaction systems and processing, clearing, prime brokerage, derivatives and risk management, with a focus on regulatory compliance.

Prior to joining CMA, Don was General Counsel of the Equity Division at Nomura Securities in its New York Office, covering trading, sales, banking, research and derivatives and as Deputy General Counsel of the company.  He has also had senior counsel and consulting roles with Bank of New York Mellon, advising their multi-service investment bank across trading, sales and investment banking and E*Trade as senior counsel to its clearing broker. Prior to his work on Wall Street, Donhad a senior regulatory practice for fifteen years with NYC law firms, Proskauer Rose, Rosenman & Colin (now Katten Muchin Rosenman) and Fried Frank advising major investment banks, mid-sized multi-service broker-dealers, US and foreign money managers, and equity, fixed income and options trading firms.  His preceding work with the SEC involved the oversight of the US Stock Exchanges in the Division of Trading and Markets.

Don has a B.A. in English and American Literature with high honors from Brandeis University and a J.D. from the Cardozo School of Law, with a focus on corporate and securities law.


David Carle has a long history providing operational and technical expertise for leading buy and sell side firms as well as broker-dealers.  As a data expert he has helped firms by meeting risk and regulatory requirements, turn-around underperforming and failing to perform projects and drive ideas and new data products to increase their competitive advantage.

The data solutions that David has created have helped firms accelerate their data transparency, analysis and governance as much as 80%.

David graduated from Lehigh University with a degree in Economics and Computer Science.


steve edelsteinSteven Edelstein is a Partner, Recruiting and Regional Head of Talent Acquisition for North America for CMA. He has been an executive recruiter with Capital Markets Advisors since its inception.

As the Regional Head of Talent Acquisition for North America, Steven manages the screening process and recruits consultants for various CMA clients. His sources include online job boards, social networking, internet research and cold calling. Steven reviews all resumes and qualifications to determine the suitability of perspective candidates, as well as pre-screening, including detailed phone screening and evaluating compatibility with specific job requirements. This ensures that prospective consultants are the right fit for the position prior to submission to a client, and oversees the placement process until on-boarding is complete. While at CMA, Steven has placed consultants, as well as full-time employees, at BMO, JPMorgan Chase, Societe Generale, DTCC and RBC. He has built a comprehensive network of candidates for upcoming positions and maintains a working professional relationship with all resources.

In addition, Steven has over 25 years of experience working as a Senior Business Analyst and Project Manager for various financial services institutions. His demonstrated accomplishments as a Senior Business Analyst include finding solutions for existing and new procedures within trade processing, money transfer, credit risk management, regulatory/compliance and migrating legacy applications. Steven has also worked as a Project Manager for the SDLC of several projects including implementation of a new Trading System for stocks and option trading, Order Transaction System (OTS), as mandated by the NYSE, NASD LOPR 2860 (large option reporting), and the migration of two legacy risk engines into a new credit risk engine. He was also one of the lead analysts in the design, analysis, development, coding, testing and conversion/implementation of a new Global Money Transfer System for a major U.S. bank.

Steven graduated from C.W. Post College with a B.A degree, and has a Masters of Public Administration (MPA) degree from New York University.

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