ABOUT USIndependent. Insightful. Globally connected.
About Flat98 Strategies
Flat98 Strategies exists to help institutions make high-stakes decisions with clarity, precision, and foresight. We operate at the intersection of regulation, finance, market structure, and international policy—advising clients whose success depends on anticipating change rather than reacting to it.
Our work is grounded in deep experience across banking, derivatives, securities regulation, capital markets policy, and cross-border trade. Clients rely on us when the issues are complex, the stakes are high, and discretion matters.
When it comes to Flat98 Strategies, the issues that we face and our dedication to offering a more effective solution are at the core of our business.
Our Approach
Independent Judgement
We provide unvarnished analysis and strategic guidance informed by regulatory knowledge and market experience.
Clarity in Complexity
We translate dense policies, evolving rules, and global developments into actionable insights for boards and executives.
Results with Discretion
Our work is confidential, impact-focused, and designed for long-term institutional advantage.
Team
Justin M. Underwood, Founder & Managing Principal
Justin is a policy strategist and capital markets advisor with deep experience in bank regulation, derivatives, market structure, and international financial policy. His career includes leadership roles across key financial institutions, regulatory affairs organizations, and cross-border business councils.
He has advised national policymakers, banks, investment managers, trade associations, and multinational companies navigating high-stakes regulatory and market issues. Justin’s background includes:
Designing policy strategies for complex capital markets issues, including derivatives risk, liquidity, collateral, and systemic market structure.
Leading regulatory advocacy and capital markets analysis for financial institutions and industry groups.
Supporting cross-border trade and investment strategies—including U.S.-Africa economic engagement.
Helping boards and senior executives interpret regulatory developments, model impacts, and communicate effectively with stakeholders.
Justin holds an MBA and an MA in Government from Johns Hopkins University. A commitment to clarity, precision, and global perspective shapes his advisory work.
John Yaros, Strategic Partner
John Yaros is a finance, technology, and national security expert and the founder of VirFin Solutions, a company focused on cybersecurity and artificial intelligence. Previously, John served as the chief of the Securities Bureau of the state of Idaho. He has also built his expertise in finance, technology, and national security through roles at Morgan Stanley, the Government Accountability Office, the U.S. Treasury Department, and the U.S. Senate Homeland Security Committee.
He has heralded many accomplishments, including the creation of Idaho’s Financial Crimes and Intelligence Unit, the Financial Innovation Lab, and the Senior Fraud and Financial Exploitation Prevention Working Group. These initiatives have positioned Idaho as a leader in emerging financial technology.
John earned his M.A. in Government and Politics, with a focus on international relations, from St. John’s University and holds a B.A. in Political Science and a minor in Italian from the University of Massachusetts-Lowell. He is a proud cancer survivor and former NCAA ice hockey player who was named to the Hockey East All-Star Academic Team.
Why us?
Our Vision
To lead with credibility and openness to bring about positive change and successful advocacy on a global scale.
Our Mission
At Flat98 Strategies, we use rigorous research, analysis, and communication to give our clients unmatched insights and advocacy. We adhere to the principles of integrity in negotiating regulatory and legislative landscapes to make every choice and action effective and right.
The four essential values of our organization are honesty, accuracy, credibility, and openness. We follow these standards to ensure our research and products are reliable and respected. We promote informed participation and effective advocacy by upholding the highest ethical standards and developing confidence through transparent processes. These beliefs help us make a difference for our clients and communities and bring about good change.
Our Values