About Swap Financial Group

Swap Financial Group is the nation’s leading independent bond and swap advisor. We serve as a trusted provider of neutral expert advice to more municipal entities, non-profit organizations and corporations than any other firm.

Our business is quite straightforward: we sit exclusively on the end user’s and issuer’s side of the table to develop and implement strategy, to assist in the evaluation of proposals from banks, investment houses, and other swap dealers, to make sure our clients get the best pricing and the best terms from the swap dealers and underwriters, and to provide on-going support in managing derivative products such as interest rate, commodity, credit, currency and equity swaps and options. We are a specialized financial advisor, solely focused on assisting our clients in the prudent use of the capital markets and derivative products.

SFG is a totally independent firm, with its own base of capital and no outside financing of any kind. Peter Shapiro started the first swap advisory practice in the U.S. in 1993 and is considered one of the most seasoned professionals in the swap advisory business in the U.S., with decades of experience in the swap marketplace, including service on key committees of the International Swaps and Derivatives Association (ISDA), the Government Accounting Standards Board (GASB), the faculty of the National Association of Bond Lawyers (NABL), and the Securities Industry and Financial Markets Association (SIFMA) in helping devise the SIFMA Index (formerly known as the BMA Index), the benchmark for today’s municipal swap market. Nat Singer joined the firm after serving more than two decades as a senior member of the derivatives and municipal finance departments of one of Wall Street’s largest investment banks. He has frequently been asked to serve on advisory committees such as SIFMA’s Municipal Financial Products Committee and the International Swaps and Derivatives Association. Nat is currently the Chairperson of the Municipal Securities Rulemaking Board (MSRB).

We serve four categories of clients: Governments and government agencies, non-profit organizations, for-profit corporations, and institutional investors. Our clients range from the largest and most prestigious organizations in their fields to many smaller entities with fewer resources.

SFG is registered with the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Municipal Securities Rulemaking Board (MSRB). SFG is a registered Commodity Trading Advisor and member of the National Futures Association. SFG also serves its municipal issuer clients as a Qualified Independent Representative (QIR) as defined in the Dodd-Frank Act.

The Team

Peter Shapiro, Senior Managing Director – View Profile
Nathaniel R. Singer, Senior Managing Director – View Profile
James Murphy, Managing Director – View Profile
Lillian Chern Managing Director – View Profile
Gerri Magie, Managing Director – View Profile
Peter Clerc, Managing Director – View Profile
David Wheeler, Analyst – View Profile

Current and Past Clients
Government and
Government Agencies

• Baltimore
• Bay Area Toll Authority
• Brownsville, TX
• Buffalo (NY) School District
• California
• Charleston, SC
• Chicago
• Cleveland
• Colorado
• Detroit
• Detroit Metro Airport
• East Bay Municipal Utility District
• Eastern North Carolina Municipal
• Finance Agency
• Fayetteville, NC
• Florida Municipal Power Agency
• Golden State Tobacco Securitization Corporation
• Houston
• Indiana
• Indianapolis Convention Center
• Indianapolis Stadium Authority
• Irvine Ranch Water District
• Kentucky
• KeySpan Energy
• Lee County
• Los Angeles
• Louisville, KY
• Massachusetts
• Metropolitan Transportation Authority of New York
• Metropolitan Water District of Southern California
• Miami-Dade County
• Miami-Dade County Public Schools
• Michigan
• Nassau County
• Nebraska Investment Finance Authority
• Nevada
• New Jersey
• New Jersey Economic Development Authority
• New Orleans
• New Orleans Aviation Board
• New York
• New York City Water Authority
• New York Environmental Facilities Corporation
• New York Power Authority
• New York State Power Authority
• New York Tobacco Settlement Financing Corporation
• North Carolina
• North Carolina Municipal Power Agency
• North Dakota
• Ohio
• Orlando
• Pasco County School District
• Pasco County, FL
• Pembroke Pines Charter School
• Pennsylvania Intergovernmental Cooperation Authority
• Philadelphia
• Port Authority of New York and New Jersey
• Prairie States Generating Company
• Puerto Rico
• Puerto Rico Electric Power Authority
• Sacramento Suburban Water District
• San Francisco
• Santa Clara
• Texas
• Washington State Tobacco Settlement Authority
• West Palm Beach Utilities
• West Palm Beach, FL
• Wisconsin
• California Housing Finance Agency
• Colorado Housing & Finance Authority
• Indiana Housing and Community Development Authority
• Kentucky Housing Corporation
• MassHousing
• Michigan State Housing Development Authority
• Nebraska Investment Finance Authority
• Nevada Housing Division
• New York State Housing Finance Agency
• North Carolina Housing Finance Agency
• North Dakota Housing Finance Agency
• Ohio Housing Finance Agency
• State of New York Mortgage Agency
• Texas Department of Housing and Community Affairs
• Utah Housing Corporation
• Vermont Housing Finance Agency
• Virginia Housing Development Authority
• Washington State Housing Finance Commission
• Wisconsin Housing and Economic Development Authority


Non-Profit Organizations

• American Museum of Natural History
• Amherst College
• Asian Art Museum of San Francisco
• Atlantic Health Systems
• Baystate Healthcare
• Biola University
• Boston University
• Bowdoin College
• Brigham & Women’s Hospital
• Carnegie Endowment for International Peace
• Catholic Healthcare West
• CentraState
• Central Florida Health Alliance
• Cold Spring Harbor Laboratory
• College of St. Rose
• Council on Foreign Relations
• Dana Farber Cancer Institute
• Gemological Institute of America
• Georgetown University
• Harvard University
• Health Alliance (Ohio)
• Holy Cross
• Indiana University Health
• Jackson Laboratory
• Juilliard School
• Lehigh University
• Los Angeles County Museum of Art
• Maimonides Medical Center
• Massachusetts General Hospital
• Massachusetts Institute of Technology
• Memorial Sloan-Kettering Cancer Center
• Mount Holyoke College
• Museum of Modern Art
• New England College of Optometry
• New York-Presbyterian Hospital
• North Shore-LIJ Health System
• Northeastern University
• Northwestern Memorial Hospital
• OSF Healthcare System
• Olin College
• Partners Healthcare
• Seattle Pacific University
• Simmons College
• St. Joseph’s University
• State University of New York
• The J. Paul Getty Museum and Trust
• The Phillips Collection
• University of California
• University of Pittsburgh
• University of Puerto Rico
• WellSpan Health
• Wesleyan University
• Worcester Polytechnic Institute
• Xavier University

For-Profit Corporations and Institutional Investors

• Cohen & Company
• Deerfield Capital
• Duration Capital Management
• Fannie Mae
• Federal Home Loan Bank of New York
• Freddie Mac
• Jackson Labs
• Lincoln Properties
• Moses Lake Industries
• Municipal Funding Company of America
• PIMCO
• SCANA Corp.
• SunAmerica