Daniel J. Rudd is Vice President, Client Services for the Quantitative Risk Management Group (QRM), a hedge consulting firm specializing in the development and application of modern option theory to Mortgage Pipeline Risk Management, Servicing Valuation and Hedging, and Asset/Liability Management. QRM is noted for its pioneering work in the option-based approach to pricing and hedging mortgage-related assets, and for developing a variable-quantity option model to determine the value and interest rate sensitivity of a mortgage pipeline. Mr. Rudd manages the client support activities for QRM's mortgage clients.

Prior to joining QRM, Mr. Rudd spent ten years in various positions at the Chicago Board of Trade, most recently as a Senior Manager of Market and Product Development. His responsibilities there included work in the development of various interest rate risk management products including futures and options on 5-year U.S. Treasury securities. He was also responsible for institutional business development worldwide, and served over 3 years in the exchange's Office of Investigations and Audits.

Mr. Rudd has been a frequent speaker on the subject of hedging and risk management, including presentations to the Mortgage Bankers Association, the MBA School of Mortgage Banking, the Savings and Community Bankers Association and the Illinois Mortgage Bankers Association. Mr. Rudd received a Master Faculty Fellow Award from the Mortgage Bankers Association in July 2002.

Mr. Rudd holds a Masters of Management degree in Finance and Marketing from the Kellogg Graduate School of Management at Northwestern University, and a Bachelor of Science Degree in Finance from the University of Illinois.