Darrell Duffie

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford's Graduate School of Business. His research spans dynamic asset pricing theory, credit risk (particularly the "Duffie-Singleton" credit risk model), OTC derivatives market structure, and financial market design. He contributed to the intellectual foundation for the clearing and margin requirements under the Dodd-Frank Act. Duffie chairs the Systemic Risk Council and has advised the Federal Reserve, IOSCO, and other regulatory bodies on financial stability issues. His research on the structural fragilities of the US Treasury market — including the March 2020 episode when even the most liquid fixed income market in the world experienced extreme dysfunction — has been widely read by regulators and market participants. He has argued for reforms to Treasury market infrastructure, including improved access to central clearing, to reduce the risk of future liquidity crises in the government bond market that anchors global finance.