General

CFAA Spotlight | What’s behind China’s video game restrictions?

What’s behind China’s video game restrictions?

Alibaba elaborates on how it will use its 100 billion yuan ‘common prosperity’ fund – pointing to ‘high quality growth’ for all

Crypto prepares for war with the SEC

5 Divergences In The Stock Market To Keep An Eye On This Fall

South Korea became the first developed economy in Asia to raise interest rates since the beginning of the pandemic, a signal that policy makers see rising household debt and inflation as a bigger threat to the economy than the resurgence of the virus driven by the Delta variant.

Job Board

Portfolio Management Senior Associate
Bank of America Merrill Lynch

Sr Business Control Specialist
Bank of America Merrill Lynch

Marketing Specialist
Chicago Mercantile Exchange

Quantitative Researcher
Selby Jennings

HFT Quantitative Researcher
Selby Jennings QRF

Associate – Corporate Ratings Consumer Products
S&P Global

Associate, Corporate Valuation Advisory Services
Houlihan Lokey

Associate, Execution & Analytics
BMO Harris Bank

Institutional Fund Accounting Specialist
          Northern Trust Corporation

Corporate Banking Portfolio Manager II
Citizens

Private Equity Associate
Selby Jennings

Equity Research Intern
Ameriprise Financial, Inc.

Upcoming Events

            September 14, 2021 CFA Society Chicago | Memory Techniques Workshop

            September 16, 2021 CFA Society Chicago | Real Estate Investing and REITs

            September 22, 2021 The Chicago Council on Global Affairs | China’s Rise and Reach: The Belt and Road City

            September 23, 2021 FIA | Understanding the SEC’s evolving derivatives regulatory framework

            September 23, 2021 CFA Society Chicago | September Monthly Happy Hour

            September 30, 2021 CFA Society Chicago | Business of Data

CFAA Spotlight | Biden sets goal for 50% of new US vehicles to be electric by 2030

Biden sets goal for 50% of new US vehicles to be electric by 2030

Robinhood Markets Inc. has officially become a meme stock, and this week’s wild ride could be just the beginning if legions of amateur investors pull money from their old favorites to buy more shares while insiders are dumping them.

A gauge of stocks of Chinese companies listed in the US equity market sank to its lowest level in more than a year on Monday amid new efforts from Beijing to overhaul a range of industries.

Amazon Job Posting Hints at Plan to Accept Cryptocurrency

Tencent Sinks After China Denounces Online Gaming

Job Board

Assistant Vice President of Compliance
Hamlyn Williams

Global Vendor Finance – Credit Office
Bank of America Merrill Lynch

Marketing Specialist
Chicago Mercantile Exchange

Quantitative Researcher
Selby Jennings

HFT Quantitative Researcher
Selby Jennings QRF

Liquidity Risk Analyst
Chicago Mercantile Exchange

Associate, Corporate Valuation Advisory Services
Houlihan Lokey

Equity Research Associate – Industrials
Jefferies

Senior Associate – US GAAP Accounting
MSCI

Corporate Banking AVP
Bank of China USA

Private Equity Associate
Selby Jennings

Crypto Trader
DTG Capital Markets

Upcoming Events (online)

            August 18, 2021 CFA Society Chicago | Distinguished Speaker Series: Josef Lakonishok

            August 19, 2021 CFA Society Chicago | Discussion Group – Value Investing

            August 19, 2021 FIA | Regulatory developments in the Asia-Pacific region

            August 26, 2021 CFA Society Chicago | August Monthly Happy Hour

            August 26, 2021 The Chicago Council on Global Affairs | Welcome Back YP Reception

            August 30, 2021 Ascend | Ascend National Career Fair

CFAA Spotlight | The decline in yields this week has come amid a pause in U.S. Treasury auctions of new debt, even as appetite has seemingly picked up.

In a notice posted late Friday evening, the Cyberspace Administration of China (CAC) demanded that more than two dozen additional apps tied to Didi be scrubbed from China’s app stores

Bezos will transition to executive chair of Amazon’s board, handing the CEO title over to his one-time protégé, cloud-computing boss Andy Jassy

The decline in yields this week has come amid a pause in U.S. Treasury auctions of new debt, even as appetite has seemingly picked up.

The Next Great Disruption Is Hybrid Work—Are We Ready?

Robinhood reveals breakneck growth, legal pitfalls in IPO filing

Job Board

Risk Analyst
ICE

Senior Trade Operations Analyst
 Hudson River Trading

Principal Platform Engineer
Chicago Mercantile Exchange

Quantitative Researcher
Selby Jennings

HFT Quantitative Researcher
Selby Jennings QRF

Quantitative Finance Analyst
Bank of America

Wealth Advisor Associate
Morgan Stanley

Analyst – Leverage Finance
Fitch Ratings Inc

Sr Interest Rates and OTC Products Analyst
CME

Investment Banking (Experienced) Associate – Biotech Healthcare
William Blair

Private Equity Associate
Selby Jennings

Crypto Trader
DTG Capital Markets

Upcoming Events (online)

            July 14, 2021 The Chicago Council on Global Affairs | The Future of the US Dollar and a World in Debt

            July 15, 2021 Ascend | Ascend National Career Fair

            July 15, 2021 CFA Society Chicago | Distinguished Speaker Series: Dan Draper, CFA

            July 22, 2021 CFA Society Chicago | July Monthly Happy Hour

            July 28, 2021 FIA | Q2 2021 trends in futures and options trading

            July 29, 2021 FIA | How US firms can navigate the EU regulatory agenda on ESG

CFAA Spotlight |Didi Chuxing Technology Co., the Chinese ride-hailing behemoth, made its IPO papers public on Thursday

Didi Chuxing Technology Co., the Chinese ride-hailing behemoth, made its IPO papers public on Thursday

BlackRock expands China footprint with wealth management licence

In less than 72 hours, Clover’s share price soared 200% to a high of $28.85

US drops Trump order targeting TikTok, plans its own review

The winner, whose identity has not been announced, will join the Amazon founder Bezos and his brother Mark on the flight.

Job Board

Trade Support Engineer (Asian Hours)
          Geneva Trading

Senior Financial Analyst
          DRW

Principal Platform Engineer
          Chicago Mercantile Exchange

Quantitative Researcher
          Selby Jennings

Credit Risk Analyst
          Chicago Mercantile Exchange

Quantitative Finance Analyst
          Bank of America

Wealth Management Support Specialist I
          BMO Harris Bank

Analyst – Leverage Finance
          Fitch Ratings Inc

Sr Interest Rates and OTC Products Analyst
          CME

Investment Banking (Experienced) Associate – Biotech Healthcare
          William Blair

Private Equity Associate
          Selby Jennings

Credit Risk Analyst
          CME

Upcoming Events (online)

            June 16, 2021 CFA Society of Chicago | Evolution of Corporate Engagement

            June 22, 2021 The Chicago Council on Global Affairs | Corporate Leadership Breakfast – June 2021

            June 29, 2021 CFA Society of Chicago | Careers in Private Debt (Members Only)

            July 15, 2021 Ascend | Ascend National Career Fair

A Discussion on Paths to Pension De-risking

CFAA Spotlight | China Is Betting Big on Its Digital Currency.

China Is Betting Big on Its Digital Currency. What It Means for Alibaba and Tencent.

The Great Bitcoin Debate: Warren Buffett vs. Bill Miller

Major disappointment: America added way fewer jobs than expected in April

TikTok Names New CEO and Chief Operating Officer

Chinese Firms Are Listing in the U.S. at a Record-Breaking Pace

Job Board

Senior Strategy Associate
LGIMA

Senior Financial Analyst
DRW

Principal Platform Engineer
Chicago Mercantile Exchange

Quantitative Researcher
Selby Jennings

Credit Risk Analyst
Chicago Mercantile Exchange

Quantitative Finance Analyst
Bank of America

Analyst, Valuations
Revantage, A Blackstone Company

Analyst – Leverage Finance
Fitch Ratings Inc

Sr Interest Rates and OTC Products Analyst
CME

Investment Banking (Experienced) Associate – Biotech Healthcare
William Blair

Private Equity Associate
Selby Jennings

Associate – Consumer Products
S&P Global

Upcoming Events (online)

May 13, 2021 CFA Society of Chicago Event | Capital Markets Series: Cryptocurrency

May 19, 2021 CFA Society of Chicago Event | Financial Modeling Best Practices

May 20, 2021 CFA Society of Chicago Event | Discussion Group – The Future of Energy

May 25-26, 2021 Managed Funds Association | MFA FORUM 2021

May 26, 2021 CFA Society of Chicago Event | Distinguished Speaker Series: Jan Hatzius

CFAA Spotlight | Alibaba Hit With Record $2.8 Billion Antitrust Fine in China

AMC’s Chinese Owner Gives Up Control Over World’s Largest Cinema Chain

Vanguard Hits Pause on Fund Ambitions in China

JPMorgan to Buy $410 Million Stake in Chinese Bank’s Wealth Business

BlackRock closes Shanghai unit as it shifts focus to mutual fund business

Alibaba Hit With Record $2.8 Billion Antitrust Fine in China
 
Job Board
         
Senior Strategy Associate
LGIMA

Senior Financial Analyst
DRW

Principal Platform Engineer
Chicago Mercantile Exchange
    
Quantitative Researcher
Selby Jennings

Credit Risk Analyst
Chicago Mercantile Exchange

Quantitative Finance Analyst
Bank of America

M&A Analyst (Temp)
OneSpan
     
Analyst – Leverage Finance
Fitch Ratings Inc
     
Senior Data Scientist
CME

Investment Banking (Experienced) Associate – Biotech Healthcare
William Blair

Private Equity Associate
Selby Jennings
     
Data Management Associate
CreditNinja

Upcoming Events (online)

April 14, 2021 CFAA Event | Outlook and Trends of the IPO Activities of Chinese Companies in the Domestic and Overseas Markets in 2021

April 13, 2021 CFA Society of Chicago Event | Distinguished Speaker Series: Marc Lasry

April 14, 2021 CME Group | CME Clearing Webinar

April 14, 2021 Executives’ Club of Chicago | Measuring and Maximizing the Value of Marketing Spend

April 21, 2021 CFA Society of Chicago Event | Capital Markets Series: Market Microstructure

April 27, 2021 CFA Society of Chicago Event | Investment Impacts of the Pandemic

April 28, 2021 FIA | Law & Compliance Division Conference          Senior Strategy Associate
          LGIMAJob Board
         
Senior Strategy Associate
LGIMA

Senior Financial Analyst
DRW

Principal Platform Engineer
Chicago Mercantile Exchange
    
Quantitative Researcher
Selby Jennings

Credit Risk Analyst
Chicago Mercantile Exchange

Quantitative Finance Analyst
Bank of America

M&A Analyst (Temp)
OneSpan
     
Analyst – Leverage Finance
Fitch Ratings Inc
     
Senior Data Scientist
CME

Investment Banking (Experienced) Associate – Biotech Healthcare
William Blair

Private Equity Associate
Selby Jennings
     
Data Management Associate
CreditNinja

Upcoming Events (online)

April 14, 2021 CFAA Event | Outlook and Trends of the IPO Activities of Chinese Companies in the Domestic and Overseas Markets in 2021

April 13, 2021 CFA Society of Chicago Event | Distinguished Speaker Series: Marc Lasry

April 14, 2021 CME Group | CME Clearing Webinar

April 14, 2021 Executives’ Club of Chicago | Measuring and Maximizing the Value of Marketing Spend

April 21, 2021 CFA Society of Chicago Event | Capital Markets Series: Market Microstructure

April 27, 2021 CFA Society of Chicago Event | Investment Impacts of the Pandemic

April 28, 2021 FIA | Law & Compliance Division Conference

CFAA Spotlight | The Very, Very Long Way Home for Chinese New Year

The Very, Very Long Way Home for Chinese New Year

The Climate Billionaires: Elon Musk on Top, the Rest Are Made in China

Kuaishou IPO: how newest millennial billionaires built the biggest rival to China’s TikTok

Record Super Bowl Wagers Fire Up Rally in Gambling Stocks

Tech Tent: What next for the stars of online retail?

GameStop Wraps Up Worst Week Ever, Leaving $18 Billion Hole

Job Board
         
Derivatives Operations Analyst
LGIMA

Venture Capital Analyst
DRW

Principal Platform Engineer
Chicago Mercantile Exchange
    
Stock/Options Trader
Maverick Trading

Business Intelligence Analyst
Chicago Mercantile Exchange

Quantitative Finance Analyst
Bank of America

Investment Banking Associate-Industrials
BMO
     
Accountant
Infinity Consulting Solutions
     
Foreign Currency Trader
Maverick Trading

Consultant, The Wealth Office
DiMeo Schneider & Associates, L.L.C.

Quantitative Research & Development
Paragon Executive
     
Wealth Management – Central Supervisory Associate
JPMorgan Chase & Co. 

Upcoming Events (online)

Feb 10, 2021 CFA Society of Chicago Event | Trading vs. Investing and the Influence of Fintech

Feb 17, 2021 Executives’ Club of Chicago | Chicago’s Growth Plan in 2021: What Comes Next?

Feb 18, 2021 CFA Society of Chicago Event | Capital Markets Series – Real Estate

Feb 23, 2021 Executives’ Club of Chicago | Future-Focused: Disruption and Rebuilding of Human Capital

Feb 23, 2021 CFA Society of Chicago Event | Distinguished Speaker Series: Sir Angus Deato

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 and is targeting 2024 to produce a passenger vehicle that could include its own battery technology

Will the agreement, which follows the Regional Comprehensive Trade Agreement (RCEP) in Asia, lead to a stronger and more coherent EU-China relationship or a more fractious one?

2020 in Review

Job Board

Technical Business Analyst Internship- Summer 2021
Chicago Mercantile Exchange

Clearing/Quant Risk Management Internship- Year-Round
Chicago Mercantile Exchange

Principal Platform Engineer
Chicago Mercantile Exchange

Stock/Options Trader
Maverick Trading

Business Intelligence Analyst
Chicago Mercantile Exchange

Investment Analyst
Citadel

Associate Director
S&P Global

Accountant
Infinity Consulting Solutions

Foreign Currency Trader
Maverick Trading

Business Analyst
S&P Global

Quantitative Research & Development
Paragon Executive

Senior C++ Trading Strategy Developer
Anson McCade

Upcoming Events (online)

            Feb 2, 2021 CFAA Chinese New Year Event

            Jan 19-21, 2021 Managed Funds Association | MFA Network 2021

            Jan 26, 2021 CFA Society of Chicago Event | Distinguished Speaker Series: Ben Inker, CFA

            Jan 27, 2021 Futures Industry Association | 2020 annual trends in futures and options trading

            Jan 28, 2021 CFA Society of Chicago Event | January Monthly Happy Hour

            Feb 2, 2021 Executives’ Club of Chicago | Data to Dollars

CFAA Spotlight | From Airbnb to Tesla, It’s Starting to Feel Like 1999 All Over Again.

What does recall the dot-com bubble era are the valuations accorded these IPOs

SPAC listings hit a record high in 2020 — but what are these ‘shell companies’?

Six reasons why farmers are justified in protesting against the new farm laws

Brexit: Are chances of a trade deal rising again?

Bitcoin price may have hit a multi-year high, but numerous fundamental factors signal that even better days are ahead.

Job Board

Technical Business Analyst Internship- Summer 2021
          Chicago Mercantile Exchange

Investment Consultant
          Fidelity Investments

Principal Platform Engineer
          Chicago Mercantile Exchange

Associate
          Moody’s

Client Concierge – Investments
          Ameriprise Financial, Inc.

Investment Analyst
          Citadel

Quantitative Research & Development
          Paragon Executive

GGY AXIS Modeling Actuary
          The Jacobson Group

Foreign Currency Trader – Remote
          Maverick Trading

Global EM Equity Investment Analyst – Buy Side – Chicago
          Octavius Finance

High Frequency Trading – Team Lead / Senior Traders
          Anson McCade

Senior C++ Trading Strategy Developer
          Anson McCade

Upcoming Events (online)

            Dec 16, 2020 CFAA Virtual Event | Holiday Happy Hour

            Dec 14, 2020 Executives’ Club of Chicago | The Future of Michael Reese Hospital: Opportunity Zones in Chicago

            Dec 15, 2020 CFA Society of Chicago Event | SPAC Investing

            Dec 15, 2020 Executives’ Club of Chicago | Virtual Onboarding During the Pandemic: How to Give New Employees a Running Start

            Dec 17, 2020 CFA Society of Chicago Event | December Monthly Happy Hour

            Jan 19-21, 2020 Managed Funds Association | MFA Network 2021

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!

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