Connecting Finance Professionals in the US and Greater China

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Chinese Finance Association of America (CFAA) is committed to promoting educational and cultural exchange among finance professionals between the United States and Greater China through facilitating communication and the exchange of ideas in the financial industry. Read More>

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Our members are professionals and academia of Finance, Economics, Accounting and other related fields.

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  • CFAA is an influential business organization in Chicago. I have been joining this organization for over one year. Through this platform, I found I can not only gain insights from business experts in different industries but also build my own network and make good friends. This is an association that share resources and connect dreams.

    Peter (Guodong) Xie, MS in Finance Student at DePaul University, President of Kellstadt Finance Community
  • I am happy to say having been CFAA member for more than one year and like it very much! It is a great platform to learn industry trend, day to day job of different diversion and career advices by CFAA events. Besides, CFAA provides numerous so awesome networking opportunities that I have not only built new professional connections but also had a lot fun with new friends. Hope more finance people will join our family to share ideas and enjoy life together..

    Ivanka (Yingchu) Zhao, MS in Computational Finance Student at DePaul University
  • CFAA is the best platform in town for Chinese professional in finance to network and develop a long-term career in investment management. Through attending past events, I have been amazed by the high-profile speakers and the engaging conversation they have with the audience.

    Alex Zhao
  • China Macro and Chinese Equity Markets

    Featuring Vivian Lin Thurston, CFA Partner, Portfolio Manager William Blair Investment Management Program Description: Join us for an in-depth discussion on the current state and prospects of China’s macro economy and equity markets, with […]

  • CFAA 2023 Holiday Happy Hour

    Come celebrate the holiday season and catch up with friends! Join us for Happy Hour on Dec 12, 2023 at Tradition Gastro Pub at 5 P.M. When; 5-7 P.M. on Tuesday, December 12, 2023Where: […]

  • CFAA Spotlight | Chinese telecom stocks’ delisting

    CFAA Spotlight | Chinese telecom stocks’ delisting

    US investors holding US$1 trillion of Chinese stocks in a spot of bother as Trump’s investment ban nears The cryptocurrency’s weekend volatility spikes owe to a couple of factors. Apple is moving forward with self-driving car technology […]

  • CFAA Shanghai Chairman Mr. Ray Chan, an legal expert on financial services industry, speaks on the role and impact of financial services industry and the related regulations on China economy

    CFAA Shanghai Chairman Mr. Ray Chan, an legal expert on financial services industry, speaks on the role and impact of financial services industry and the related regulations on China economy

    第十五届中国国际金融论坛于2018年12月15日-16日在上海召开,主题为:现代金融体系构建服务实体经济高质量发展,美国华人金融协会(CFAA)中国区主席詹锐出席并演讲。 詹锐称,从美国的监管可以得出启示,金融机构本身是服务机构,金融终究要回归实体。 他还指出,美国金融监管是一种放松的状态,因为随着百年来的历史,美国证券市场相对完善,系统性金融机构的认定标准相对较高。詹锐指出,这只有在信义责任基础上才能做到,例如你投资了我,我要对你负责,我作为你的投资顾问,我要给我的顾客,给你负什么责任?关于这一点,美国已经建立非常完善的系统。 以下为演讲实录: 詹锐:大家下午好!听了一下午,而且都是这么有技术含量的,难度很高的数位博士来讲的东西。我先说一下华人金融协会,我们这个华人金融协会,总部在芝加哥的美国机构。美国在1933年之前,在美国是没有联邦的证券法,是什么样的状况呢?大家如果看过《了不起的盖茨比》等就会知道,那是纸醉金迷的纽约黄金时代,欺诈、操纵股市、内幕交易、利益输送等,只要你胆子够大,脸皮够厚一定会赚到钱。这个导致什么后果?导致了股市大封盘,直接导致了30年代的大萧条情况,美国很多银行的行长,很多的金融机构老总、老板都失业了,被迫到街上卖苹果。而且有成千上万人自杀,失业的人数不尽其数,那是美国非常灰暗的一段历史。 后来美国终于下定决心打造完善的体系,1933年《证券法》,这个法规导致出现的一个结构叫SEC,从此之后,所有发行证券必须要遵循这个法规,这里就有一个东西来了,什么是证券?这个和我们后面的风险是非常有关系的,否则就是隐瞒生长,什么是证券?正很简单,就是在交易所或者银行、市场里面,在股票、债券等,其他的股市证券。 1993年《证券法》虽然做了很详细的定义,但是还没有讲什么是证券,后来一系列的案子,慢慢演变出来了证券市场。三个指标,一个以投资为目的,这个收益依赖于他人,这样的合作就是证券,美国你要想做金融创新,往往弄到这里面。除非是例外,除非是有例外的,你才免于被监管,什么是例外?私募,明确规定是例外或者在某一个州,可以免于进行注册登记。 这个就奠定了美国的基础,同时也是为什么刚才几位老师提到的,美国在金融创新这一块,并没有像其他的国家这么发达,这是很重要的支撑原因,还有一个很重要的法案,这个是和2008年有直接关系的。在1993年的《银行法》里面,投资银行,商业银行不准做投资银行的交易,这个规定在1999年的金融现代服务法法案里面取消掉了,为什么呢?因为在1999年之前这段时间,投资银行的收益非常好,传统的银行相反,商业银行收益率非常低。大家都知道美国联邦政府又一个称号,布兰特等,当时都是有千丝万缕的关系。导致1999年出台了《金融服务法案》,放松了金融衍生品的管制,直接造成了一个后果,我们讲到的后来导致2010年多德-弗兰克法案法案出台,CDO又是非常聪明的华尔街精英做出的产品,我们用的是一些非常低的信用这些产品。最后被世界级的评级机构打包到市场上销售。就在2008年之前,大概有数千支这种产品进入,形成非常庞大的资产包,最后资产包崩盘之后出现什么结果?包括高盛在内的一些大行,利用了AIG的措施,给自己的收益做担保,当投资人钱亏掉之后,他们可以通过AIG保险对冲,AIG提供的保险里面获益。当AIG也没钱,如果担保量太大,AIG也没钱了。联邦政府纾困,很不,包括保险基金在内的,都亏损非常严重,直接导致美国在30年代大萧条之后一次大的金融危机。 在这个背景之下,多德-弗兰克法案出台了,800多页,被美国同行称为这是真正的法案,创造就业机会的法案。为了多德-弗兰克法案的合规,美国的银行和金融界至今已经付出了超过,大概到2016年付出了超过400亿美金的合规。多德-弗兰克法案讲了什么东西?其实有一个法规又回到了1933年银行法,又回到了严监管的状态了。同时多德-弗兰克法案对于银行银行界还有券商的一些披露,提了很高的要求。到2012年的时候,按照披露的要求,290多条规则,大概超过90%已经被适用了。适用之后又回到强监管的状态,这个事刚好吻合了美国下一波的回暖,终于开始回南。回暖之后,美国人民非常有幸迎来了特朗普总统,在今年5月份的时候,特朗普推出了《经济增长、放松监管和消费者保护法案》的法案,这个法案刚刚出来的时候,又重新把多德-弗兰克法案里面一些对于金融机构监管的措施取消了,可以看到现在的金融集团在美国政府里面是非常有影响力的,可以看到原来花了差不多上百年慢慢取消这个东西,数年的时间就已经取消掉了。取消掉的后果是什么,待会儿会详细的讲一下。 首先提高了系统性金融机构的认定标准,原来标准是500亿美元,机构的净资产是500亿美元,纳入系统性金融机构名单里。纳入名单的话,会有很重的责任,首先第一个,每年美联储对这个机构进行压力测试,把整个机构监管,搞一个底朝天,摸底摸的非常清楚。现在把它变成了2500亿美金,目前只有12家金融机构是在这个名单里面,另外的话,很重要的一个信息,推动了网商银行、金融创新这一块的放松,是有利于美国的金融放松。同时对我们来说也是一个信号,美国的监管,实际上是以放松的状态。但是和我们是不是这样的?我们刚好不是这个样子的,不管是从证券还是证券市场、银行这一块,都是全力做紧缩的。 最后从美国的监管可以看出来,给我们一些什么样的启示,最终金融是要回归到实体的,中国是有提到很多的钱在金融机构里空转,空转的话,金融机构本身是服务机构,服务于实体企业,其中有一个很核心的东西,我个人觉得证券业,由于我们讲到了,刚才不管是杨老师还是朱老师都讲到了,我们怎么样让企业能够有效和投资方一起分担这个投资风险,这个怎么做到的? 只有在信义责任基础上做到的,这是比较专业的这个词。你投资了我,我要对你付什么样的责任,我作为你的投资顾问,我要给我的顾客,给您付什么责任,美国已经建立非常完善的系统。但是在中国没有,中国没有这样的系统,我们在《证券法》里面做了一些规定,但是非常可惜,我们在实操这个阶段的话,股东损害股民的利益,上市公司损害投资机构的利益,我们再回到大股东损害小股东的利益,公司的资产混合等等。监管这一块,我个人建议是适度监管,我们的优势是空间比较大,没有像美国那么严格的体系。但是我们的劣势是什么?这一块非常的薄弱,比如说评级机构,我们有银监会、证监会、银行体系,各个部门都有资格发评级机构的资格证书,在评级机构这一块,不见得比美国这一块做的更好。评级机构评级之后,很核心的指标,这一块,如何关注系统等风险,这是需要考虑的,提一点建议,谢谢大家!

  • CFAA Spotlight | Will Interest Rates Surge?

    CFAA Spotlight | Will Interest Rates Surge?

    Will Interest Rates Surge? Evidence from Options Markets How a Biden presidency would transform the U.S. energy landscape The suspension of Ant Group’s debut is likely to cost a cadre of the world’s largest investment banks nearly […]

  • CFAA Spotlight | This Bull Market Isn’t as Big as You Think

    CFAA Spotlight | This Bull Market Isn’t as Big as You Think

    This Bull Market Isn’t as Big as You Think Fidelity International is seeking approval from Chinese regulators to establish a wholly owned mutual fund company on mainland China. Even if SpaceX isn’t publicly traded, there are some […]

  • CFAA Spotlight | Meatless Meat Reaching More Plates?

    CFAA Spotlight | Meatless Meat Reaching More Plates?

    Direct lending strategies are in for a rough ride, with bleaker prospects for fundraising, new launches delayed, and fewer chances to deploy capital, market watchers say Now is the chance for faux meat companies to hook these […]

  • CFAA Shanghai Chapter Co-Host: 2020中国企业赴美上市高峰论坛

    CFAA Shanghai Chapter Co-Host: 2020中国企业赴美上市高峰论坛

    Conference covered: 上市决定和上市选择 中国企业美国上市流程概述 IPO顾问及IR服务-海外融资的机遇与挑战 中国企业赴美上市最新考量及趋势 中国企业赴美上市的资本市场环境及问题 中国企业赴美上市监管政策与法律问题解析 在美国IPO中的法律问题 在美国IPO中的审计问题 IPO过程中的品牌故事

  • CFAA Spotlight | Inverted Yield Curve

    CFAA Spotlight | Inverted Yield Curve

    Despite the Fed’s silence, the mortgage-backed securities (MBS) to-be-announced (TBA) market may be indicating that a new round of MBS purchases is coming 5 things investors need to know about an inverted yield curve Wall Street […]

  • CFAA Spotlight | CFAA 2019 Summer BBQ Is Coming!

    CFAA Spotlight | CFAA 2019 Summer BBQ Is Coming!

    n the next credit downturn, could leveraged loans pose systemic risk in the way subprime mortgages did during the last crisis, as some commentators have warned? Facebook is launching a subsidiary company also called Calibra that […]

  • CFAA Spotlight | Spring Is Coming!

    CFAA Spotlight | Spring Is Coming!

    But “investing in what you know” doesn’t mean buying Uber because you request a ride every other day. Dow Stock Is Falling Because It Has Its First Big Bear After the DowDuPont Split That […]

  • CFAA Spotlight | Women’s History Month #BalanceforBetter

    CFAA Spotlight | Women’s History Month #BalanceforBetter

    What innovative companies and women on boards have in common – Strong female presence on the board was a defining feature of these companies compared to others in their industries. Should You Buy Boeing Stock Amid Turbulence? One […]

  • CFAA Spotlight | 2019 CFAA Chinese New Year Reception

    CFAA Spotlight | 2019 CFAA Chinese New Year Reception

    New round of trade talks between U.S, China to begin tomorrow – Washington could agree to extend the deadline without a deal if talks are progressing.  Looking ahead, the Fed theoretically could still raise interest rates […]

  • CFAA Partnership with Chicago Council on Global Affairs

    CFAA Partnership with Chicago Council on Global Affairs

    It’s our great honor to partner with Chicago Council on Global Affairs on the event “China’s Economy and China’S Consumers: The Long-Term Outlook event”. The economic shift in China from a manufacturing-led economy to […]

  • CFAA Spotlight | The Future Of Banking: Fintech Or Techfin?

    CFAA Spotlight | The Future Of Banking: Fintech Or Techfin?

    Most successful fintech firms have focused on narrow functions or segments with high friction levels or those underserved by traditional financial institutions The deal gives Coke a large brick-and-mortar retail presence and puts it […]

  • CFAA Spotlight | Brewing US-China trade war spooks asset managers

    CFAA Spotlight | Brewing US-China trade war spooks asset managers

    Brewing US-China trade war spooks asset managers. China’s world-class tech giants, Alibaba and Tencent, have market values of around $500bn, rivalling Facebook’s. China has the largest online-payments market. Its equipment is being exported across the world. It […]

  • CFAA Spotlight | CFAA Honors Women’s History Month

    CFAA Spotlight | CFAA Honors Women’s History Month

    China’s crackdown on debt has slammed the country’s nascent hedge fund industry The argument in favor of the tariffs is that they are a counterweight against foreign producers of aluminum and steel that have flooded the […]

  • CFAA Spotlight | Happy Chinese New Year!

    CFAA Spotlight | Happy Chinese New Year!

    Despite the upheaval, some investors say the stock rally is merely pausing after a strong run whose scale and pace has taken many by surprise. Investors believe size of correction will depend on interest rate pain. The Market’s […]

  • CFAA Spotlight | CFAA Chinese New Year Reception

    CFAA Spotlight | CFAA Chinese New Year Reception

    Emerging Markets Gain From US Tax Cuts Will the bull market for stocks finally end in 2018? And that upside looks particularly big in India and East Asia, where newly minted middle-class consumers are helping companies generate […]

  • CFAA Spotlight | Happy Holidays!

    CFAA Spotlight | Happy Holidays!

    2018 may not rival 2017 as one of the most peaceful in market history. Some strategists warn that the regular pullbacks that create volatility could resume. The MSCI Emerging Markets (EM) Index has rallied […]

  • CFAA Spotlight | 2017 CFAA China Investment Forum

    CFAA Spotlight | 2017 CFAA China Investment Forum

    In order to better understand the opportunities and challenges of China’s capital markets and to identify effective ways to invest in China, Chinese Finance Association of America (CFAA) will be hosting 2017 CFAA China […]

  • CFAA Spotlight | China’s A shares Forecast

    CFAA Spotlight | China’s A shares Forecast

    UBS launches yuan hedge fund amid bullish forecast for China’s A shares The impact between $10 billion and $20 billion, something they believe insurers can pay out of current earnings, avoiding the need for […]

  • CFAA Spotlight | Making sense of Chinese outbound M&A

    CFAA Spotlight | Making sense of Chinese outbound M&A

    The past year saw Chinese companies spend $227 billion on acquiring foreign companies—six times what foreign companies spent acquiring Chinese firms. Shanghai-based MegaTrust Investments is launching its first offshore fund to help foreign investors […]

  • CFAA 2017 Summer BBQ

    CFAA 2017 Summer BBQ

    Summer is finally here! BBQ season is in full swing! Time to get out of your home and soak up the sun! Let us gather in the cool breeze and warm sunshine by Lake […]

  • CFAA Spotlight | Dow 20,000 in 2017?

    CFAA Spotlight | Dow 20,000 in 2017?

    The Dow Jones Industrial Average is on the brink of a major milestone. But what does Dow 20,000 really signify? 88% of investors surveyed consider passive investments best for minimizing management fees, institutional investors […]

  • CFAA Spotlight | Bill Gates’ Must-Read Books For 2016

    CFAA Spotlight | Bill Gates’ Must-Read Books For 2016

    Featured Article Bill Gates’ Must-Read Books For 2016 Job Board Portfolio Analyst BNY Mellon Associate Investment Analyst UBS Client Advisor J.P. Morgan Credit Analyst Interactive Brokers Principal Data Scientist GQR Global Markets Business Operations […]

  • CFAA Holiday Happy Hour

    CFAA Holiday Happy Hour

    Event Description: Wrap up your year with CFAA! Come out to mix and mingle with finance professionals to celebrate the holidays and meet new friends! All are welcome! The board and the past events’ speakers […]

  • CFAA Welcomes Consul General Mr. HONG Lei

    CFAA Welcomes Consul General Mr. HONG Lei

     From the left, Jing Zhao (CFAA Guest), Summer Liu (Secretary of the CFAA Board), Mr. HONG Lei (Consul General of the People’s Republic of China), David Tang (Vice President of the CFAA), Qin Zhang (CFAA Guest) […]

  • Job Post | TLS Group Digital Marketing Internship

    Job Post | TLS Group Digital Marketing Internship

    TLS美股研究诚招编辑/digital marketing实习生 Emerging research website specialized in long short equity and quant research. 网站:www.timelylongshort.com,www.tlsgroup.cn 华尔街见闻《毓见美股》专栏 Job Description: 1. 编辑专业研报,总结研报内容摘要短评 2. 运用MailChimp发表相关内容 3. 运用微信公众号发表相关内容 4. 运用雪球发表相关内容 Requirements: 文笔好,视觉控,懂金融,爱动脑 *无薪实习,不提供OPT,可提供推荐信。 *可建立与国内顶级财经媒体和买方卖方的人脉,尤其适合想要长期在财经媒体发展的朋友。 Application: 发送简历及中英文writing sample至 Support@timelylongshort.com 有MailChimp和微博微信公众号运营经验为宜

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