Tony MacFarlane – Associate Director
 Tony is a derivatives specialist with a wealth of experience in policy and infrastructure management. After a wide-ranging career in wholesale capital markets, he has more recently managed a derivative-based equity volatility fund.
In addition, Tony is considered an authority on the precious metals (notably gold) market, and has studied its evolution and development for many years.
An extract from Tony’s CV includes:
1984-1995: James Capel (now HSBC Securities) – Senior Executive, Global Derivatives.
1999-2002: Scottish Widows Investment Partnership – Partner, Derivatives Director
2002-2005: Argyle Investment Advisors – Manager, Theta Fund
Tony has also provided execution and compliance-related derivatives consultancy to major UK companies, including IAS39 fuel hedging validation to the airline sector.
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