RAJAT BHATIA

SUMMARY
Rajat Bhatia is an internationally renowned trainer & educator. He is also an
entrepreneur, senor advisor, philanthropist and former investment banker and hedge
fund manager. Rajat has taught courses on leadership, strategic thinking, financial
markets, derivatives, strategic risk management and financial engineering to bankers
and fund managers from AVP to Managing Director levels. Institutions where he has
taught include Credit Suisse, Deutsche Bank, Black Rock, Macquarie Bank, JP
Morgan, Citigroup, OCBC, CIMB, SAMBA Banking Group, CapGemini, Qatar
Development Bank, Lehman Brothers and Barclays. He has delivered seminars in
New York, London, Singapore, India, Middle East, and Kuala Lumpur. He has
delivered high-impact Strategic Management trainings for senior leaders at JP
Morgan, Citibank, Credit Suisse – Both to the India and global teams.

EDUCATION
COLUMBIAUNIVERSITY, NEW YORK CITY 1991 - 1992
 Master of International Affairs; Specialization in International Banking and Finance
 Dean’s Fellow – top 5% of the Class of 1992
 Advanced course work (8000 and 9000 level courses) in Investment &
Portfolio Management, Options Markets, Fixed Income and Computer
Models in the Securities Industry at Columbia Business School
 Teaching Assistant for the Options Markets course at Columbia Business
School
 Completed two year program in less than one year

INDIANINSTITUTE OF MANAGEMENT, AHMEDABAD 1985 - 1987

 MBA with a major in Finance and Information Systems Class of 1987
 Best student in Computers & Data Processing Systems 1986
 Best Student in International Banking & Finance 1987
ST.STEPHEN’S COLLEGE, UNIVERSITY OF DELHI 1982 - 1985
 B. A. Honors in Economics. Mathematics minor Class of 1985
 Graduated with a First class Honors degree

EXPERIENCE IN EDUCATION
Senior Consultant, INTUITION LEARNING, Asia Pacific 2013 – 2021
Senior Advisor & Faculty, THE NEW YORK INSTITUTE OF FINANCE 2020 – 2022
Visiting Faculty, ASIAN BANKING SCHOOL, Kuala Lumpur
Visiting Faculty at international banks, tech firms and fund managers in New York, India, Asia-Pacific and the Middle East
 Citigroup, Singapore OCBC Bank, Singapore
 JP Morgan, Jakarta CIMB Bank, Kuala Lumpur
 BlackRock, New York Macquaire Bank, India
 Deutsche Bank, India Barclays Technology Center, India
 Credit Suisse Center of Excellence, India CapGemini
 Saudi American Bank, Riyadh Qatar Development Bank

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ENTREPRENEURIAL EXPERIENCE
 Founder & CEO, NEURAL CAPITAL, USA and now India 2006 – to date
 Founder, Artificial Intelligence Capital, Delray Beach, Florida 2005 - 2006
 Business Partner & Manager, FINANCIAL ENGINEERING, Florida 12/2002-11/2005
 Founder and CEO, INDIAFX.com 06/1997-06/2001
 Expertise in Bitcoins, Crypto Currencies and Block Chain technologies
 Extensive network in Crypto currency and blockchain industry
 Taught a series of courses on AI/ML, BlockChain and Cryptos at Citigroup Singapores

ADVISORY / CONSULTING EXPERIENCE

Consulted to the following companies, banks and consulting firms directly or via the Gerson Lehrman Group’s
World Knowledge Marketplace platform:
 McKinsey & Company, New York City
 Oliver Wyman & Company, London
 Bain & Co, New York
 Morgan Stanley, New York City
 Deutsche Bank, Asia – Global Credit Trading
 Neuberger Berman, New York
 Alliance Bernstein, New York
 Schroeders Investment Management, Asia
 Susquehanna International Group, Philadelphia
 Sageview Capital, San Francisco
 Friess Associates, Delaware
 Liability Solutions, London
 Bernstein Litowitz Berger & Grossmann LLP, New York
 Senior Advisor, CogNext.AI, London
 Senior Advisor, TRaiCE, Chicago
 Senior Advisor, Invenzo Labs, Bangalore

INTERNATIONAL BANKING & CONSULTING WORK EXPERIENCE

Lead Portfolio Analyst, WILLIAMS ENERGY, Tulsa, Oklahoma 08/2001-11/2002
Vice President, CITIBANK GLOBALASSET MANAGEMENT, London
Alternative Investment Strategies Group 07/1996-11/1997
Derivatives Structurer, LEHMAN BROTHERS INTERNATIONAL, London
Global Derivative Products Group 01/1995-06/1997
Assistant Vice President, MERRILL LYNCH CAPITAL MARKETS, Hong
Kong 07/1993-12/1994
Asia Pacific Capital Markets and Derivative Products Group
Management Consultant, BOOZ ALLEN & HAMILTON, Sydney, Australia 05/1992-05/1993
Financial Markets Group
Manager, CITICORP INVESTMENT BANK,INDIA 06/1988-05/1991
Interbank Foreign Exchange Trading Group

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EXPERIENCE IN PROPRIETARY TRADING & FUNDS MANAGEMENT

At Financial Engineering in Florida, developed the “Neural Trader” an Artificial Intelligence and Neural
Network based trading system to trade a portfolio of futures contracts on several markets in the USA,
Europe and Asia
These trading strategies are highly scalable and applicable across all liquid markets around the world.
Portfolio Performance in Futures Markets in the United States: Achieved an annualized return of more
than 60% and a Sharpe Ratio of 1.60 from Aug 2004 to March 2005 during live trading through
Susquehanna International Group, Philadelphia, a major player in exchange traded derivatives
Markets Traded as part of a larger portfolio:
 Currencies – Australian $, Swiss Franc and British Pound
 Commodities – Gold, Silver, Platinum, Wheat, Corn and Coffee
 Energy – Crude Oil, Natural Gas, Heating Oil
 Stock Indices – S&P 500, NASDAQ 100 and Nikkei 225
 Interest Rates – 10-year US Treasury Note futures.
Winning trades constituted 70% of all trades. Full trade logs available for due diligence.
Outperformed all major hedge fund indices and managed futures indices by a very wide margin. The
“Neural Trader” was the second best performing hedge fund strategy in 2004-2005

At Citibank, India, traded Spot Foreign Exchange in the following:

 Major currencies – Dollar-Yen, Cable and Dollar-Mark
 Major crosses – Sterling-Yen, Sterling-Mark and Mark/Yen
Made markets to other major banks in India and also supported the business of the Corporate
Foreign Exchange desk by providing them with market information, prices, liquidity and trade
execution.
Established and ran the Strategic Positioning Desk to trade currencies using algorithmic models and
computerized technical analysis tools.
Worked closely with the Asia-Pacific Analytics Group to create trading models, which incorporated
multiple trading techniques.
Optimized trading strategies using historical data and fine-tuned trading techniques to achieve higher
trading profits in a very tight stop loss environment.
Quantitative Trading Strategies: Used a quantitative approach to financial markets ranging from simple
techniques like moving averages and Relative Strength Index to sophisticated models such as Parabolic
Stop-And-Reverse. All trading models were continuously optimised using historical data and
Computrac software to arrive at the best possible trading results.
Trading Track Record: My personal contribution to the revenues of Citibank were around US$ 1.25
million per annum achieved with a maximum day-light stop loss of US$ 10,000 and position sizes that
averaged US$ 5 million to US$ 10 million in the FX markets at any given time. My track record was
very consistent and I touched my day-light stop loss limit on only five occasions in three years.
Asia Pacific Bourse Game: In 1988, I represented Citibank India at the Citibank Asia-Pacific Bourse
Game in Singapore. Over the one week, simulated foreign exchange trading game, my team made the
highest trading profits and I was elected the “Best Dealer” from amongst the 40 traders who came from
our Tokyo, HK, Singapore, Sydney and other Asian offices.
Currently on the Board of Advisors of STELIOS – a quantitative algorithmic trading firm

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EXPERIENCE IN INVESTMENT BANKING and PRIVATE EQUITY / VENTURE CAPITAL

CLIENT DEAL SIZE TYPEOFDEAL DEAL STRUCTURE

TELSTRA Australia US$ 1 billion Cross BorderM&A in Advised TELSTRA on the valuation of VSNL– India’s sole
Telecommunications International Telecom operator. Negotiated a cross-border M&A deal
and VSNL, India
Industry with VSNL and the Foreign Investment Promotion Board of India on behalf of
Telstra. Deal was not consummated because the Foreign Investment Promotion
Board refused permission for a foreign entity to take a majority stake in
VSNL. Performed cash flow modeling and valuation of VSNL and worked
closely with the senior management.
US$ 2-5 million Venture Capital Currently working on raising capital for an internet based reading and
lending library

US$ 5 million Venture Capital Product development, corporate structuring and raising funds from VCs and
PEs for a Telecom Services Company providing smart apps based
International Roaming Services.
US$ 5 million Venture Capital Currently raising capital for an internet based anti-piracy application

VIGOVEA Media US$ 1 million Venture Capital Raising capital for an internet based interactive video network

US$ 5 million Venture Capital Raising capital for an internet based electronic retail company

US$ 5 million Venture Capital Raising capital for Mobile Based App Discovery Platform
Keytreat
US$ 1 million Venture Capital Private placement with private equity and/or High Net Worth investors for
Fund Raising a HT Media Limited company.

Commonwealth Bank of Strategic Business Restructuring Re structuring of the bank’s domestic retail branch network prior to
Australia Advisory prior to Privatization privatization as part of a team of management consultants from
Booz.Allen & Hamilton, Sydney.

Green Construction US$ 20 million Private Equity Growth Stage private equity investment in an American firm looking to
Technologies enter the Indian market for green construction materials
GREENTECH

Advanced Solar US$ 20 million Venture Capital Stage1Venture Capital for an advanced solar technology form specializing in
Technologies multi junction solar cells
Company

US$ 1 million Investment in start-up India FX.com was a pioneer in providing Internet based real time prices and
India FX .com
Internet company analytics on the Foreign Exchange markets

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EXPERIENCE IN RAISING CAPITAL FROM GLOBAL

MARKETS

Worked with Merrill Lynch Capital Markets and Lehman Brothers on several debt capital markets
deals in Asia Pacific, Europe and India:

CLIENT DEAL SIZE TYPEOFDEAL DEAL STRUCTURE

Republicof Italy US$ 1 billion Global Bond Issue Global bond issue and simultaneous re-structuring of liability portfolio
which included international bonds issued in US Dollars, Sterling,,
Yen, Deutsche Marks and French Franc. Identified potential savings of
US$ 30 million for the Republic of Italy.

Kingdom of Belgium US$ 500 Global Bond Issue Global bond issue including bond-buy backs through tender
million offers.

European Investment US$ 500 Global Bond Issue Global bond issue along with simultaneous re-structuring of their
Bank million liability portfolio involving bond-buy backs through tender-offers.

Indian Oil US$ 250 Eurobond issue Two-tranche,5 year and 7yearmaturity
Corporation million

Korea Electric US$ 450 Eurobond issue US$450 million Eurobond issue along with the exercise of put options
Power Corporation million on their outstanding bonds which resulted in cheaper re-financing.

Industrial Credit& US$ 25 million Euro Bond issue (Co- 7-yearEuro bond issue pricesat150overT-Bond curve
Investment Corp of Managers)
India

Industrial Development US$ 25 million FRN issue (Co- 7-yearFRN issue priced at6-month US$Libor+82.5 bp
Bank of India Managers)

Asian Development US$ 650 Hybrid bond issue The bonds had a principal guarantee from the ADB (rated AAA)and
Bank and ONGC million Yankee and Euro a coupon guarantee from ONGC (rated BB+). This reduced the new
issue spread on this structured 12- year bond issue from 350 basis
pointsover10-yearUS Treasuries to 170 basis points

Republic of China US$ 1 billion Global bond issue 10-year maturity

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EXPERIENCE IN STRUCTURED DERIVATIVES

(for Institutional Investors)

Worked on several derivatives transactions for buy side clients at Lehman Brothers in London:

CLIENT DEAL SIZE TYPEOFDEAL DEAL STRUCTURE

Baring Asset Mgt, US$ 10 million Option embedded Structured investments linked to Italian Lira swap rates
London MTNs

Springfield Asia, US$ 5 million FX Coupon = IDR 27% or 10% or 0.00% depending upon
Hong Kong Digital/Pyramid IDR/US$ range
Note

Nissho Iwai, Japan US$70million Diff. Swap Unwind of structured and leveraged deal indexed to the spread between10-
yearSwedish Kroner swap rates and 10- year Danish Kroner swap rates.

PT Ispat Indo, US$ 50 million Portfolio Hedge Hedging of US Treasury Bond portfolio through structured swaps and
Jakarta options on US long bond.

Overseas China US$ 8 million Re-structuring of * 10 times leveraged swap indexed to DEM, FRF and GBP
Bank, Taiwan US$ 9 million structured interest rate swap rates
US$ 16 million swaps
(4deals) * 10 times leveraged swap indexed to 3 month CAD
US$ 8 million
* 15 times leveraged swap indexed to 3 month ECU and GBP
* 10 times leveraged swap indexed to DEM, FRF and GBP
swap rates

KS Global Fund, US$ 200 Structured notes Coupon = 12 months Yen Libor+ 101.80 US$ put, Yen
Tokyo million call K/O102.80, Hurdle 91.80

Toshoku, Japan US$ 49 million Structured notes Coupon =12 month YenLibor+102.30 US$ put, Yen
call K/O104.30, Hurdle 92.30

Fuji Oil, Japan US$ 50 million Inverse Floaters Coupon =strike -6 month ITL Libor

Nippon Sanso ,Japan US$ 58 million Inverse Floaters Coupon =strike -6 month ITL Libor

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EXPERIENCE IN STRUCTURED DERIVATIVES

(for Liability Management)

CLIENT DEAL SIZE TYPEOFDEAL DEAL

STRUCTURE
British Aerospace US$ 400 Structured interest rate Re-structuring of debt portfolio using interest rate options and swaps at a
million swap time when US interest rates were very low and the yield curve was very flat.

Air India US$ 350 Jet Fuel Linked Bond issue with embedded jet fuel oil put options to finance the purchase of new
million Financing Boeing 747sundera partial guarantee from the US Exim Bank.

Industrial Finance Yen 40 billion Cross-currency interest Swap unwind.

Corporation of India rate swap

General Electric US$ 10 million Emerging market 1 year deal indexed to non-deliverable Indian Rupee forwards. This deal was
Capital Corp. hedge designed to hedge General Electric’s exposure to investments to India.

Hanil Bank, Korea US$ 100 Eurobond issue with Structured financing swap with embedded digital FX options to reduce their
million financing swap cost of funding from 50 basis points over 6-month US$ Libor to 35 basis
points.

EGAT, Thailand Yen 50 billion Cross-currency Yen fixed rate swapped into US$ floating rate
Interest RateSwap

Air India US$ 650 Structured interest rate Structured deal to swap a portfolio floating rate loans into one fixed rate
million swap liability to hedge US$ interest rate risk.

PT Sinar Mas Group US$ 25 million Various structured Unwinding of US$/Yen and US$/DEM knock-out Options
Treasury, Jakarta deals
US$ 90 million Structuring of US$ floating rate liabilities into Yen Floaters through
structured swaps

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EXPERIENCE IN ALTERNATIVEINVESTMENTSTRATEGIES
CBOs / CLOs,CREDITDERIVATIVESANDFUND-OF-HEDGEFUNDS

CLIENT DEAL SIZE TYPEOFDEAL DEAL STRUCTURE

Postipankki Bank US$ 450 Mortgage Backed Re-structuring and hedging of the Mortgage Backed
Finland million Securities Securities Portfolio using caps, floors and swaptions.

Various Investors US$ 150 Participating Collateralised Bond Obligation with Principal and
million Obligations Without Contractual Coupon ratedA2 by Moody’s.
Residuals
Unrated Contingent coupon that isdependent upon cash flows from High
Yield Bond Portfolio with average rating of B1

Various Investors US$ 350 Captiva CBO - I Collateralised Bond Obligation with Senior Tranche rated
million A2 by Moody’s and wrapped with a CAPMAC guarantee
Equity tranche unrated with a targeted return of 14%.
*
Various Investors US$ 300 Captiva CLO - I Collateralised Loan Obligation with Senior and Junior
million Tranches

Various Investors US$ 500 Legion Fund and The Legion Funds and Alpine Select were fund-of-hedge funds that were
million Alpine Select created byCitibank Global Asset Management out of theSan Fransisco
office and marketed to institutional investors in Europe, the Middle East
and Asia.

Banque Brussels US$ 1 billion Asset Backed Tax Portfolio of Loans made to China, India and the Philippines re-packaged
Lambert Driven Credit and sold to Banque Brussels Lambert with a credit derivative to back the
Derivative transaction. The deal was driven by tax considerations.

Asea Brown Boveri, CHF13 Hedging of Credit Derivative for electricity projects in India
Switzerland million Credit/Default Risk

Sumitomo Bank, US$ 150 Hedging of Credit Credit Derivative for hedging their loan portfolio in Indonesia
Singapore million risk

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AWARDS, HONOURS and INTERESTS

Academic:
 Founder’s Gold Medal at La Martiniere for Boys, Calcutta in 1980 for ranking first in ICSE Examinations
 Dean’s Fellow at Columbia University, New York for ranking in the top 5% of the Class of 1992
 Best student in the Computers & Data Processing Systems course at the Indian Institute of Management
 Best student in the International Banking & Finance course at the Indian Institute of Management
Professional:
 Winner (most profitable bank) of the November 1988 Citibank Asia-Pacific Bourse Game in Singapore
 Elected Best Trader in Asia-Pacific at the 1988 Citibank Asia-Pacific Bourse Game
Literary:
 Cambridge Essay Prize at St. Stephen’s College, 1985
 Editor of “Synergy” a monthly student magazine at IIM Ahmedabad, 1985-87
 Editor of the student “Yearbook” at IIM Ahmedabad, 1985-87
 Author of the book “One Man’s Dream – A Million Kids’ Beneficence”, 2006