Sergey Smirnov has made several achievements in financial engineering: 1) He authored a new method for margining portfolios of exchange traded derivatives that is robust under low liquidity conditions, which he presented at the Chicago Mercantile Exchange in 2002. 2) He developed a methodology for assessing the adequacy of Deposit Insurance Funds that was implemented by the Deposit Insurance Agency of Russia in 2005. 3) He authored a new method of constructing zero coupon yield curves for bonds of different credit qualities that was approved as a standard by the European Bond Commission in 2006.

1. Sergey Smirnov Achievements in Financial Engineering Author of a new method for the margining portfolio of exchange traded derivatives, robust under low liquidity market conditions (see www.riskmanager.ru/a.htm for a description in English), presented in 2002 at Department of Risk Management of Chicago Mercantile Exchange. Invention patented (2004) in Russian Federation. Coauthors: A. Zakharov, I. Polimatidi, A. Balabushkin.

2. Sergey Smirnov Achievements in Financial Engineering Author of methodology of assessing Deposit Insurance Fund adequacy Implemented (2005) in Deposit Insurance Agency (DIA) of Russian Federation; the econometric model of estimation of bank default probabilities developed for DIA is also implemented in Vnesheconombank (2006) by Prognoz IT company. Presented in 2006 in Toronto, see http://www.actuaries.ca/meetings/stochastic-investment/2006/stochastic_e.cfm , “Credit Risk Modeling for Assessing Deposit Insurance Fund Adequacy: the Case of Russia” – 2006 Stochastic Modeling Symposium and Investment Seminar, Paper #3109. Coathors: Daryin A., Rachkov R., Buzdalin A., Zdorovenin V., Goncharov A.

3. Sergey Smirnov Achievements in Financial Engineering Author of a new method of zero coupon yield curve construction for a set of bonds of different credit quality. Approved in 2006 as a standard of European Bond Commission (EFFAS-EBC) for construction of risk-free of zero coupon yield curve in Euro zone, based on quotes of government bond of 12 countries ( see www.effas-ebc.org , section “Projects”, “Methodology for Definition of Risk Free Zero-Coupon Yield Curve and Spreads in the Eurozone”, EFFAS-EBC Standardized Rules, June 2006). Coathors: Zakharov A. Rachkov R., Lapshin V., Zdorovenin V., Evstratov S.