Neal Johnson has over 30 years of experience in commodities and risk management. He currently works as an independent commodity consultant. Previously, he was Managing Director and Head of Physical Commodities Management Unit at Standard Bank, where he oversaw teams in London, Singapore, Shanghai, and Johannesburg managing physical commodity transactions. He has also held business manager roles overseeing commodity trading at Standard Bank and Credit Suisse.

1. NealJohnson
Positions held
Feb 2015 – Present
 Independent Commodity Consultant, specialising across multiple commodities Financial and
Physical.
2003 – Jan 2105 Standard Bank Plc
 Position, held from Nov 2011 – Managing Director, promoted March 2012 (now classified as
Executive) - Head of Physical Commodities Management Unit, part of the Risk function.
Main Responsibilities:
 To manage and oversee the daily operations of a team in providing high quality and reliable
support services for the Global commodity business with teams based in London, Singapore,
Shanghai and Johannesburg, The main business of which is to identify, understand and
manage the risks present when the business wish to enter into physical transactions.
 To ensure an effective control environment exists and appropriate operations controls &
processes are in place on trade administration, physical trade contracts, logistic
arrangements, settlements, storage control and reconciliation, VAT and other tax issues.
 Manage any issues, incidents that arise. Escalate as necessary
 To play a key role in engaging customers, suppliers and trading counterparties to create and
sustain a controllable logistic process.
 Engagement with metals warehouses and shipping brokers to facilitate safe storage and
movement of products
 Strong relationship management with counterparties and logistics providers
 Tracking of the Bank’s own inventory in various global storage warehouses
 Strong relationships with Insurance Brokers and Lead Underwriters
 To lead and manage changes in policies, procedures and system enhancements to meet
growing business needs (worked with Credit and Market Risk to create a Physical Notional
Inventory Risk Framework – Key tool to control counterparty and commodity appetite).
 Identify areas for improvement and sharing of best practices
 Manage headcount and budget process
 Develop the PCMU function, create a strong global PCMU brand. Ensure a consistent global
approach is adopted across all geographies.
 Ensure the interface between PCMU, the Business and the support areas is understood and
is effective.
 Create monthly global MI report that gives a clear overview of the “current” activities going on
in the Physical Commodities business, including, but not limited to, oversight of all KRI’s and
KPI’s.
Team management responsibilities
 Overall and day to day management of PCMU
 Work closely with senior management team within PCMU
 Ensure team members have the required knowledge and skills to perform their role
 Communicating strategy, updates and other information to the team
 Set team objectives, and provide continual review and feedback of performance throughout
the year.
 Perform Annual Appraisal of all team members and provide input into remuneration and
promotion processes.

2. Risk responsibilities
 As a member of the Risk Exco Team work on strategic key initiatives as and when required.
 Communicate and contribute at the monthly Exco meetings
 Work with other areas of the Risk Function to ensure risks are understood and properly
represented when it comes to physical transactions.
 Business manager - Global Commodities business 2006 – 2011 (Director level)
 Commodities covered – Precious and Base metals, Energy (oil), UK Power (although we are not
trading currently), Carbon (primary CER’s and EUA’s) various Physical Commodities.
 Work with global business head and product / regional heads to help define strategy. Then prioritise
before working on plans, budgets and delivery. Where necessary work on presentations to help with
messaging to FO team and Support groups.
 Work with the Support groups to ensure:
 They understand and support the strategy and can support it.
 An open dialogue is maintained at all times.
 Issues are raised and can be addressed (2-way).
 The very strong sense of “one team” within the commodities group is maintained.
 Manage Budgets – costs, headcount. Reviewing cost both direct and indirect to ensure front to back
ratios are kept at a reasonable level and within budget. Create reporting with the Finance team to
help identify potential issues and make it easy for the global head and heads of each business area to
review. Identify areas where cost savings can be made, e.g. electronic data.
 Built reporting to ensure PNL estimates are provided daily and position sign offs are complete.
 Work closely with Desk Compliance Officer to ensure training, documentation (dealer mandates) etc,
is maintained to a satisfactory level across all desks globally.
 Working on trader surveillance tools with Compliance and Product Control.
 Help with New Product Process, coordinate with Support, IT, FO to ensure progress versus deadlines
are in line with expectations. Play an active role in the booking schema’s and support where
necessary.
 Work with procurement team on all new and existing contracts as and when required.
 Business sponsor for all commodity projects. I have set up a Governance Board to drive, deliver and
manage cross project dependencies and ensure the architecture team. Projects delivered and still in
progress are.
 PIMS – Physical Inventory Management System – In-house
 CAM (2) – Client Accounting and Payments
 Alloy – Multi Asset class Front Office Trading and Risk Management system
 Trading Tools – STP trading on exchanges and client e-commerce offering – Precious and
Base flow, touch screen trade and order capture system.
 Work with Operational Risk team to review operational incidents and KRI / KPI indicators.
 Arrange bi-weekly meeting for all senior members of the Commodities team to ensure information
about opportunities, ideas, balance sheet initiatives (e.g. optimisation = capital, tax) and any other
relevant market news.
 Support the Global Head of Commodities with any day to day issues or requests that require
attention.
 Build very strong relationships within FO and Support areas, globally.
 Work with FO and Coverage teams to ensure Client Revenues are recorded and reported accurately.
 Put monthly Exco report together with business heads.
2003 – 2006 – I managed the Global Commodities Operations team before being offered the
Resource Banking Business Manager Role. This was for all Sales and Trading plus the Financing
and Advisory areas.
 Reorganised the global support model
 Built strong relationships with the FO
 Built a strong team with low staff turn over
 Put an IT roadmap together and delivered into a target model, component based architecture. Many
of the components are now live and are either in-house built or vendor based solutions and used by
more than just the Commodities business.

3.  Margin – Algorithmics – leverage CSA margin/collateral tool and create processes to support
Base and Precious margin trading requirements.
 Trinity – Base Metals FO and support
 CAM – in-house cash account and payment system
 Metalsweb – in-house e-client offering
 Eclipse – Exchange Traded reconciliation tool, position and margin.
 SMART – LME matching
1988 – 2003 - Credit Suisse First Boston
 14 years, Position - Vice President, Head of Front Office Support Groups
 During this period I had a very close association with anything relating to Commodities until January 2002
when the businesses were closed. I also had responsibilities for managing other areas /products within
Operations and the Middle Office throughout this period. My main duties were:
September 2002 – March 2003
Plan and implement new Middle Office for the Fund Linked Derivatives Front Office. Project Manage,
provide MI, progress reporting, escalation, implement procedures, training (matrix), improve control, assist
with new system design and implementation and data migration and Manage newly formed team.
March 2001 – September 2002
Simultaneously managed 6 departments within OTC Operations (80+ staff in my area of
responsibility)
 Equity Derivatives (13 staff) – March 2001 – June 2002
 Note Issuance (10 staff) March 2001 – October 2002
 Fund Linked Derivatives (10 staff) October 2001 – October 2002
 Trader Operations (30 staff) – March 2001 – October 2002
 Commodities / Vault (21 staff) - until final wind down and vault closure January 2002.
 FX & Money Market (4 staff ) – Sept 1999 – October 2001
This involved 7 direct reports (one VP & 6 AVP’s) over a one and a half year period.
 Equity Derivatives
 Note Issuance
 Fund Linked Derivatives
 Trader Operations
Scope of my role was to:
 Look at processes, procedures with the department heads and identify weaknesses, assess risk,
implement improvements and leverage off other departments where possible.
 Identify technology improvements / synergies across departments
 Develop the team leaders (succession planning)
 Monition Key Risk Indicators (e.g. Nostros, Depots, Confirmations) across groups and ensure all
items were validated and in the process of being cleared / actioned.
 Sign off Client Money returns as and when required.
 Attend New Business meetings to provide input and feedback issues to my senior management.
 Monitor volumes versus FO business plans versus back office resource (i.e. if FO trade heavily
controls could be compromised in where processes are manually intensive)
 Full involvement with Budget process, salary reviews, bonuses and appraisals.
 Design and roll out of any systems or new “shared service” IT developments (implemented a Note
Issuance system, Equity Swaps system, Bullion Clearing system (included rolling into a new
Entity (CSFB to CSFBi), web link for Bullion Clearing clients (built and released in 3 months)
1988 to 2001

4. design of new Margin Trading System (prototype) and currently working on a new Fund Linked
system)
 Ensure teams had adequate cross training to mitigate risk during holiday / sickness (monitor
Holidays across teams)
 Key contact person during any Disaster Recovery situation.
 Key point of escalation for any issues.
 Key member of the OTC Global Operations Management Team.
Precious Metals Role (more detail)
 Manage the Commodities area (Precious Metals and Energy (Oil/Power)) for the CSFBi and CSFB London
Branch Entities. (Oil trades were mainly Caps, Floors, Collars & some structured transactions. This
business was also closed in 2002). Team of 21
Responsibilities included:
 Settlements, documentation, Clearing, Physical (Vault), new business, structured trades, procedure
reviews, pre / post audit reviews, balance sheet account ownership, front office liaison (global), Operations
Strategy Team + other internal committees (e.g. projects), key contact for other FA&O internal departments,
budget review and management for department, system design, testing and implementation, process and
system reviews / recommendations for improvements, automation, design FOBO reconciliation tools and
test, STP,
 Ensure regular management team meetings were held and documented.
 Ensure all teams hold regular, documented meetings
 Ensure regular meetings with ORM dept (Ops Risk Management)
 Ensure quarterly Vault Audits were performed and documented
 Ensure monthly Insurance returns submitted (regular correspondence with global head of CS Group
Insurance)
 Arrange Bank of England gold auction cover/process with Front Office
 Provide support to my Peers (Management Team)
 Business Continuity representative for Commodities / FXMM group
 Meet new / existing clients with FO to market clearing and vaulting services
 Involved in various E-commerce initiatives
 Monitor all Key Risk Indicators (management tool)
 Develop future strategy for Clearing (location and procedures of new Vault facilities (these were in the
process of going live when CSFB decided to withdraw from the business (I did the business plan for this,
potential to [triple] previous revenues)
 Relocated bullion vault from Bishopsgate to Vauxhall
 Played an instrumental role in the project to build new gold vault in Canary Wharf
 Located and in process on closing on large silver vault facility in Crayford when CSFB made the
decision to withdraw from commodities
External Committee Membership
 London Bullion Market Association Physical Committee Representative – Currently still a member of this
committee, I was invited back once I moved to SB Pcl.
 Chairman of the LBMA Automated Matching System Project Committee – Market Initiative – The system,
Aurum, was eventually delivered after CSFB’s departure from the market.
 Prior Commodity related roles (some are still current)
 Manage a team of 14 personnel on Bullion Clearing & Settlement area/Currency Options/Bullion Global
Options settlement/Bullion Vault (includes settlement and confirmation processes)
 Global Head of Precious Metal Branch Operations (pre CSFBi integration project)

5.  Hold regular meetings with the overseas Bullion Operations sites. Discuss inter regional issues, local
issues, local projects, global projects, staffing issues, etc.
 Monitor the Control functions across Sites, ensure there are no potential risk areas, standardise processing
 Ensure procedures are updated and work flows are efficient as systems and functions change.
 Produce monthly MIS
 Hold regular meetings with team and maintain a good atmosphere/team spirit.
 Audit Bullion Vault/keep in close contact with 5 personnel
 Liase with Clients / Branches, offering advice and solutions.
 Liase with traders, London, Zurich, New York, Singapore and Sydney
 Ensure spot, forward, lease and swap deals are processed ahead of any deadlines
 Ensure dealers positions are checked and agreed throughout the day, provide a snapshot P&L at the COB.
 Monitor margin clients throughout the day, liase directly with the clients calling for margin when necessary.
Correctly administer their accounts i.e. interest rates, settlement of interest, statements etc.
 Marketing - prospective clients and arrange for terms and conditions to be forwarded
 Ensure Invoices are settled and VAT issues have been addressed, prepare detailed quarterly MIS for
traders to review revenues from Clearing.
 Officiate fee structure
 Monitor Liquidity and related issues, Credit Risk Management, Market Risk Management (provide reports to
relevant areas)
 Monitor Physical Liquidity - Vault & Bank of England
 Arrange Physical Shipments
 Represent CSFB at the monthly London Bullion Market Association meetings
 Assist “New Business” with any Commodity related issues.
 Assist Legal and Compliance with any documentation relevant to Precious Metals.
 Monitor all investigations and ensure they are resolved in a timely manner
 Ensure trades are confirmed in an acceptable time frame.
 Monitor limits and overdrafts
 Monitor Loco Zurich accounts and agree them daily
 Monitor all suspense and commission accounts
 Ensure Options systems are updated correctly - rates (Vols, forwards, futures, spots, currency interest rates,
etc.)
 Ensure Exchange Traded Futures and Options Clearer’s statement is reconciled daily.
 Ensure all Currency options cash positions are rolled by forward traders
 Assist to resolve option related problems - systems
 Produce daily P&L indications from option systems
 Ensure all outstanding items identified by reconciliation area relating to the Bullion area are investigated and
resolved in a timely manner
 Ensure all Reconciliation’s are performed, both internal and external accounts i.e. premium accounts, inter
company accounts, nostros, realised p&l.
 Ensure Standing instruction and static data file are update correctly
 Ensure the appraisal process is completed successfully
 Assist with projects, prepare documentation / recommendations i.e. migration from one system to another,
integrate new front office system with settlement system, netting and compensation s ystem, auto
reconciliation and position system, developed current Bullion Transfer system, on the current project team
for the LBMA to develop spec for the proposed Electronic Bullion Loco London Clearing System.
 I was on 4 Project Steering Committees concerning major global developments within the Bullion
environment. This was in conjunction with my Global responsibility.
 Monitor the integrity of Budget allocations, monthly, globally.

6. Past positions which included managing the Bullion Ops area
 Managed Currency Clearing area - responsible for making all currency payments on behalf of Clients,
Branches and other areas of the bank.
 Ensure correct interest rates are applied to current accounts
 Investigate all queries
 Install the XEU (3) Clearing system, involved visiting Belgium (SWIFT) and Luxembourg.
 Put forward as the Credit Suisse Clearing Representative for XEU Clearing to the ECU Banking Association
in Paris
 Attended monthly meetings with the other London ECU Clearing Banks to discuss related issues including
EMU.
 Liase with our CHAPS clearer re costs, level of service, penalty claims and other related issues.
 Provide Money Market Desk with daily GBP position, circa 3:00 PM.
 Monitor Nostro accounts between London and Zurich and agree daily settlement figure
 Ensured Terms and Conditions were updated
 Initiate additional controls to reduce risk and errors. I also managed the Trade verification area who were
responsible for the final check of all Foreign Exchange and Money Market trades, the main duties were as
follows:
 Ensure all payment details were correct before payment.
 Verify the counterpart and other trade details were correct to the dealers ticket.
 Check Brokerage and arrange for payment to be made.
 Send out confirmations
 Work out the Interest amounts on deals with Discount Houses transacted throughout the corresponding
month and advise the dealers of the net figures for each.
 At this time we also checked all Bullion futures positions the clearer’s statement, initiating close outs and
payment of any margin, this role has since been automated and is performed by the futures area.
 N M Rothschild & Sons – 1983 - 1988
Newcourt, St. Swithens Lane, London
 Communications area for approx 1 and a half years.
 Two and a half years working in the Limits/Credit area. During this time I was responsible for advising the
Forex, Bullion and Money Market desks of the trading limits available to them in the different periods with
various clients.
 Position keeping – FX, coins and precious metals
 Prepared a weekly report and sent to senior management for review. It detailed all limit excesses, along
with proposals for resolution, the reason for the break and the period the break will be outstanding for.
 I left in January 1988 due to the position that arose at Credit Suisse to further my career and broaden my
knowledge.
1983 – 1988 -