Darrell Duffie

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford Graduate School of Business and a leading theorist of financial markets. His research spans credit risk modeling, OTC derivatives market structure, dynamic asset pricing, and financial market design. Duffie co-developed the Duffie-Singleton model for credit risk, which became foundational for pricing credit derivatives and modeling default correlation. After the 2008 financial crisis, his expertise in OTC derivatives market structure made him a central voice in the regulatory reform debate — he served as an advisor to the CFTC, Federal Reserve, and international regulatory bodies on central clearing mandates, which became the cornerstone of Dodd-Frank derivatives reform. His 2011 book "How Big Banks Fail and What to Do About It" influenced resolution planning for systemically important financial institutions. Duffie also serves on the Financial Stability Board's advisory bodies and the Systemic Risk Council, bridging academic research and global financial policy.