Stephen Nurse

Exploring Risk, Systems and Better Decision-Making

I spent nearly three decades at JPMorgan working in derivatives, collateral and counterparty risk, helping build many of the frameworks and market practices that now underpin modern XVA, clearing and collateralised trading.

My work sat at the intersection of pricing, funding, capital and market structure, alongside extensive interaction with ISDA, CCPs, regulators and industry working groups during a period when the derivatives market was evolving rapidly in response to the financial crisis. A significant part of that work involved helping make the system safer, more transparent and more robust from both a risk and infrastructure perspective.

After nearly three decades at JPMorgan, I wanted the freedom to work across a broader range of businesses, projects and ideas.

Alongside my specialist derivatives advisory work through Positive Sum, I now build and advise businesses across technology, operations and practical service industries. Some remain highly quantitative and institutional in nature; others are practical operational businesses focused on solving everyday problems more efficiently through better systems and decision-making.

Over the years I have found that many industries suffer from the same underlying issue: decisions are often made in isolation, without considering how the wider system behaves. My interest has always been in understanding those interactions — and designing structures that work in practice rather than simply looking good on paper.

What I Work On

My work typically involves situations where relatively small structural decisions can create materially better outcomes. This includes:

Derivatives, collateral and XVA advisory - Positive Sum
Board-level positions - Strategy and governance - Hyperglance, Whizz and previously Alpinexpress
Technology platforms - workflow automation, operational systems. Current projects range from booking systems, transport logistics and operational software tools.

Outside Work

Outside work, I spend much of my time in Cyprus and enjoy tennis, cycling and flying.

About This Site

This site brings together professional experience, ongoing projects, business interests and personal pursuits in one place.

Whether you are looking for advisory support, exploring a business idea, considering collaboration, or simply interested in how finance, technology and systems thinking intersect, feel free to explore further.