Paco Carballo


I lead the accounting support practice at JCRA and am involved in diverse initiatives targeting corporate clients. My role includes further developing the support services we provide for clients in various sectors with regards to derivatives and debt valuation and the always complex topic of hedge accounting to meet national and international accounting standards.

T: +44 (0)207 493 3310

Email Paco


  • Hedge Accounting
  • Commodity Hedging
  • Corporates
  • Dispute Resolution
  • FX Hedging
  • Inflation Hedging
  • Interest Rate Hedging
  • Private Equity
  • Project Finance & Infrastructure
  • Real Estate
  • Social Housing


  • BBA and MBA Business Administration, ESADE, Barcelona, Spain

About Paco

I have spent my whole career in derivatives and have led the derivatives sales desks at international banks in London (Sumitomo, Commerzbank and Credit Lyonnais) and Spain (Banco Sabadell and Banco Santander).

After realising that clients needed more help than banks could provide, I transferred to ‘the client side’, working for Deloitte, Chatham Financial, EY and, since 2016, JCRA, assisting clients directly, not with the aim of selling solutions but helping them understand their financial markets risks and how to hedge and account for them.

Having been on both sides of the business, I am in a unique position where – with the team at JCRA ­– I can contribute to making complex matters easier for our clients to understand. I can also take the most complex hedging issues off their hands so that they can focus on the relevant economic decisions for their businesses. 

I’m a keen technologist and enjoy following current tech trends and how they are shaping the financial world and our society.

I also love spending time with my family and two young children, helping them grow and become the best they can be.

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Published work

IFRS9 vs IAS39 hedge accounting: a look at the pros and cons

On 1 January 2018 IFRS9 replaced IAS39 in Europe and other jurisdictions around the world. Now, treasurers and financial controllers can sleep better knowing that their hedging activities are better aligned to the economics of their transactions, and that avoiding P&L volatility will not require as much effort as under the now defunct IAS39…or can they?

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Hedge accounting in the UK

This whitepaper will identify the key issues and impacts that may arise from the application of the new accounting rules to derivatives.

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