News

CFAA Spotlight | Central banks around the world want to get into digital currencies—here’s why

Central banks around the world want to get into digital currencies—here’s why

China’s Exports Surge From 2020 Lockdown as Demand Booms

Celebratory ‘Vaxications’ Are Giving the Travel Industry a Boost

U.S. Job Growth Surges Past Estimates; Unemployment Dips to 6.2%

China’s five-year plan for economy is crucial to meeting net zero by 2060

VW expects half of U.S. sales to be electric vehicles by 2030

Job Board

 Cash Management and Reconciliations Analyst
          LGIMA

Venture Capital Analyst
          DRW

Principal Platform Engineer
          Chicago Mercantile Exchange

U.S. Sustainability Analyst
          William Blair & Company, L.L.C

Business Intelligence Analyst
          Chicago Mercantile Exchange

Quantitative Finance Analyst
          Bank of America

Investment Banking Associate-Industrials
          BMO

Analyst – Leverage Finance
          Fitch Ratings Inc

Associate Director – Structured Finance Ratings
          S&P Global

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

Private Equity Associate
          Selby Jennings

Data Associate – Risk Management
          Avant

Upcoming Events (online)

            Mar 9, 2021 CME Group | Webinar: Why Institutions are Adopting Bitcoin in 2021

            Mar 11, 2021 CME Group | Micro E-mini Equity Futures and Options Webinar

            Mar 18, 2021 CFA Society of Chicago Event | Discussion Group – Digital Assets

            Mar 23, 2021 CFA Society of Chicago Event | Distinguished Speaker Series: Jean Hynes, CFA

            Mar 25, 2021 FIA | Complying with cybersecurity regulations in an increasing threat environment

        Mar 25, 2021 CFA Society of Chicago Event | March Monthly Happy Hour

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!

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 US$400 million in fees collectively

Marijuana Stocks Are Soaring

Europe Risks a New Economic Downturn as Lockdowns Return

Job Board

HOLT Sector Specialist
      Credit Suisse

Sr QA Analyst
   Chicago Mercantile Exchange

Staff Auditor
     Chicago Mercantile Exchange

Client Service Representative – Trade Issues
     Interactive Brokers

Compliance Analyst
   Interactive Brokers

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

Associate Lead Analyst 2
          Moody’s

IT Business Analyst III
          Chicago Mercantile Exchange

Upcoming Events (online)

            Nov 9-11, 2020 Greenwich Business Institute | 2020 Greenwich Economic Forum

            Nov 9-10, 2020 Reuters Events | Commodity Trading Summit 

            Nov 12, 2020 CFA Society of Chicago Event | Fall Forecast

            Nov 17, 2020 Executives’ Club of Chicago | 2021 Credit Markets Outlook

            Nov 18, 2020 CFA Society of Chicago Event | Capital Market Series – Private Debt

            Nov 24, 2020 CFA Society of Chicago Event | The Future of Oil & Gas

CFAA Spotlight | Boeing still expects the global fleet of commercial aircraft to grow

Boeing still expects the global fleet of commercial aircraft to grow substantially over 20 years from the current 25,900 in service last year to 48,400 by 2039.

Chipmaker Xilinx surged as much as 17% on Friday after The Wall Street Journal reported Advanced Micro Devices is in talks to buy the firm for more than $30 billion.

Goldman: Here Are The Three Key Things For Markets In The Next Two Months

Waymo is launching fully driverless vehicles to the public

Airbnb plans to IPO in December and will seek to raise about $3 billion, report says

Job Board

HOLT Sector Specialist
   Credit Suisse

Sr Quant Risk Mgmt Analyst
  Chicago Mercantile Exchange

Staff Auditor
          Chicago Mercantile Exchange

Client Service Representative – Trade Issues
          Interactive Brokers

Compliance Analyst
Interactive Brokers

Investment Analyst
 Citadel

Senior Asia and Technology Equity Analyst
    Ameriprise Financial, Inc.

Performance Engineer
          J.P.Morgan

Foreign Currency Trader – Remote
          Maverick Trading

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

Associate Lead Analyst 2
    Moody’s

Operations Expert – Associate
          Deutsche Bank

Upcoming Events (online)

            Oct 13, 2020 CFA Society of Chicago Event | LinkedIn Strategies

            Oct 15, 2020 CFA Society of Chicago Event | Distinguished Speaker Series: Anthony Scaramucci

            Oct 20, 2020 CFA Society of Chicago Event | Capital Markets Series – Private Markets

            Oct 28, 2020 Executives’ Club of Chicago | Creating a Competitive Advantage: How Can COVID Change Your Business for the Better? 

            Nov 9-11, 2020 Greenwich Business Institute | 2020 Greenwich Economic Forum

            Nov 17, 2020 Executives’ Club of Chicago | 2021 Credit Markets Outlook

CFAA Spotlight | Buffett’s conversion to gold is a signal for other stock market investors

Buffett’s conversion to gold is a signal for other stock market investors.

A bilateral trade agreement with Japan could increase UK GDP in the long run by just £1.5 billion ($1.9 billion), or around 0.07%

Oracle is set to be announced as TikTok‘s “trusted tech partner” in the US

Citi’s new CEO can lead on ESG if not returns

The eccentric billionaire has made some grandiose statements regarding the possible uses of his brain-computer-interface product, yet, the scientific community remains unimpressed

CFAA Spotlight | Opportunities and Challenges for China Businesses in the US

President Donald Trump’s order banning U.S. companies from doing business with Chinese messaging app WeChat could damage iPhone sales in one of Apple Inc.’s most important markets.

Instagram Reels: Facebook’s history of ‘adapting’ competitors’ familiar features

Morgan Stanley Sounds The Alarm On Record High Bond Duration, Is Starting To Buy Bond Volatility

What happens if Tesla enters S&P 500

The stock market is in a bubble — but the bubble is likely to get bigger

Job Board

Sr Pricing & Valuation Assoc
          Chicago Mercantile Exchange

Ld QA Analyst
          Chicago Mercantile Exchange

Staff Auditor
          Chicago Mercantile Exchange

Client Service Representative – Trade Issues
          Interactive Brokers

Compliance Analyst
          Interactive Brokers

Investment Analyst
          Citadel

Associate Sales Representative
          Moody’s

Associate Financial Advisor
          Ameriprise Financial, Inc.

Foreign Currency Trader
          Maverick Trading

Product Analyst
          Park Hudson International

Quant Trader
          Anson McCade

Summer Analyst
          Credit Suisse

Upcoming Events

            Aug 25, 2020 CFAA Event | Opportunities and Challenges for China Businesses in the US

            Aug 19, 2020 CFA Society of Chicago Event | UBS on Current Industry Trends, the Broader Impact of COVID-19 and ESG

            Aug 25, 2020 Executives’ Club of Chicago | The Future of Our Workspace

            Aug 27, 2020 CFA Society of Chicago Event | August Monthly Happy Hour

            Sep 17, 2020 FOW | Trading Asia: Accelerating the opening of the Chinese capital market

            Sep 22, 2020 Executives’ Club of Chicago | Asia’s Prominence in Global Business

CFAA Spotlight | TikTok Considers Changes to Distance App From Chinese Roots

TikTok Considers Changes to Distance App From Chinese Roots

Tesla tops Toyota as world’s most valuable automaker – if you ignore Elon Musk’s debt, that is

The all-stock transaction means that customers of Postmates and Uber Eats will have an expanded choice of restaurants and other merchants to choose from. 

TRS is re-balancing its portfolio to better deal with the world-wide economic shock caused by the coronavirus pandemic,”

The European Association for Investors in Non-Listed Real Estate Vehicles said it was the worst quarterly performance since the fourth quarter of 2012

Job Board

Sr QA Analyst
          Chicago Mercantile Exchange

Ld QA Analyst
          Chicago Mercantile Exchange

Staff Auditor
          Chicago Mercantile Exchange

New Accounts Documentation Specialist
          Interactive Brokers

Compliance Analyst
          Interactive Brokers

Investment Analyst
          Citadel

Associate Sales Representative
          Moody’s

Regional Planning Consultant
          Fidelity Investments

Foreign Currency Trader
          Maverick Trading

Product Analyst
          Park Hudson International

Quantitative Futures Trader
          L.Knighton

Summer Analyst
          Credit Suisse

Upcoming Events

            July 23, 2020 CFAA Event | Trends and Prospects of China Economy Post Covid-19

            July 14, 2020 CFA Society of Chicago Event | Investment Trends Through a Diverse Lens

            July 15, 2020 CFA Society of Chicago Event | Distinguished Speaker Series: Roy Swan

            July 15, 2020 Executives’ Club of Chicago | Fostering Girls in STEM to be Women in Tech

            July 15, 2020 GARP | Risk Modeling in a Post-COVID World

            July 23, 2020 GARP | Operational Resilience the Cornerstone of Success in a Disruptive Environment

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