issue #21 june 2017 - CFA Society Switzerland

THE CHARTER MONTHLY NEWSLETTER OF THE CFA SOCIETY SWITZERLAND

© istockphoto/steinphoto

ISSUE #21 JUNE 2017

CFA Society Switzerland | THE CHARTER ISSUE #21 JUNE 2017

TABLE OF CONTENTS

p03 70th CFA Institute Annual

p19 Swiss Federal Council’s Consulta-

that included presentations by Richard Thaler, Robert Shiller, Jeremy Siegel, John Bogle, Abby Cohen, and Sir Richard Tucker.

Henrik Grethe, CFA, provides a summary of the CFA Society Switzerland and Swiss Finance & Technology Association response to the consultation.

p07 Interview with Frédéric Lebel CFA:

p23 Membership Value: Supplementary

Chair of the Board of Governors of CFA Institute.

health insurance, up to 15% discount for Members and family.

Conference: Get an overview of the key event

p11 The CS - CFA Switzerland Index – a Leading Indicator for Switzerland:

Credit Suisse and CFA Society Switzerland produce a monthly survey on developments in Swiss and international economies and financial markets.

p14 Interview with Manuel Stagars CFA: Read about the latest documentary from the filmmaker of The Blockchain and Us.

tion About Future FINTECH Regulation:

p24 CFA Society Switzerland… In the Media!: Check out where the Society and/or Members are making their mark in the press.

p27 Calendar of upcoming CFA Society Switzerland Events: Stay up-to-date on our continuing education and networking events.

p28 The last word – The Bankey: Comic strip from a pair of Swiss bankers.

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SOCIAL

70TH CFA INSTITUTE ANNUAL CONFERENCE SHARPEN YOUR INVESTMENT EDGE 21–24 May 2017 | Philadelphia, Pennsylvania USA | #CFAedge By James Burgunder CFA SOME DATA TO CONSIDER: • 70 Speakers, including: Richard Thaler, Professor of Behavioral Science and Economics at Booth School of Business, University of Chicago | Robert Shiller, 2013 Nobel Laureate and Sterling Professor of Economics at Yale University | Jeremy Siegel, Professor of Finance at the Wharton School, University of Pennsylvania | John Bogle, Founder of the Vanguard Group | Abby Cohen, Senior Investment Strategist, Goldman Sachs and Co. | Sir Richard Tucker, Chair Systemic Risk Council and Former Deputy Governor, Bank of England

Philadelphia

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• • • •

More than 70 Exhibitors and Sponsors 1933 Delegates 76 countries represented 135 societies represented


All packed into four days at the 70th CFA Institute Annual Conference hosted by the CFA Society of Philadelphia from May 21st to the 24th. The conference opened on Sunday when Richard Thaler delivered the keynote address. After sharing some thoughts about the foundations of behavioral finance, Professor Thaler explained how it is easier to make money through exploiting irrationality than by assuming the Efficient Market Hypothesis to be correct. He concluded with by noting his bafflement with the conjunction of low volatility and high prices in today’s stock markets. Richard Thaler SOME HIGHLIGHTS FROM THE PLENARY PRESENTATIONS: Monday featured a panel discussion focused on geopolitical risks and continued with the contrasting presentations and viewpoints of Robert Shiller and Jeremy Siegel. Professor Shiller explained his application of his Cyclically Adjusted Price Earnings (CAPE) model and its implications for stock prices. Professor Siegel countered with observations about the assumptions underlying CAPE-based forecasts thus leading to a (slightly) more optimistic outlook. The session concluded with thoughts about the issues that are being raised by current technological changes in the industry.

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Tuesday starred the stunning John “Jack” Bogle who has been active in the industry since 1951, founded Vanguard Investments in 1974 which pioneered index funds and has grown to manage nearly $4 trillion in assets. He presented his views on the risks in US pension funds, his thoughts about Enhanced/Strategic Beta funds and international diversification for the US investor. He concluded with thoughts about service to the customer and the requirements of the fiduciary rule now being evaluated in the US.


Sir Paul Tucker followed with his views of the most important measures that are needed now to reduce systemic market risks. He continued with observations about risks posed by less-regulated non-bank financial firms, institutional counterparties, leveraged ETFs and rules-based regulations. He concluded with a description of what he considers to be the five most important areas that present systemic risks now. The intensity continued through the final day of the conference. It began with a panel discussion titled “Investment Firm Management Practices That Build Success” which was followed by an entertaining presentation on “digital transformation”. The conference concluded with insights from Abby Cohen who brought her unique perspectives from a career spanning economics, government and the investment industry. She presented her analysis about the US economy and then considered what would be the likely impacts of some of the public policy proposals from the current US administration.

Abby Cohen

CFA INSTITUTE ANNUAL CONFERENCE

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Hosted with CFA Society Philadelphia

The CFA Society Switzerland was represented by 13 members, who not only benefitted from the plenary sessions and workshops, but also had the opportunity to enjoy networking events on Sunday on the 37th floor of the R2L Bar and Lounge in Liberty Square and a reception by the CFA Society Philadelphia on Monday.

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The highlight was the reception and dinner at the National Constitution Center on Tuesday with entertainment by a 1920s style jazz band, a whisky tasting and opportunities to explore the exhibitions in Signers Hall learning about the history of the world’s oldest national constitution and the model for the Swiss constitution of 1848. This was an impressive event. The CFA Institute and the CFA Society of Philadelphia deserve great thanks for the superb organization and content. After four fully loaded days and evenings, the delegates returned to their homes, most certainly somewhat wiser.

The 71st CFA Institute Annual Conference will be held from 13-16 of May 2018 in Hong Kong. Swiss Circle on Tuesday evening

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SOCIETY

INTERVIEW WITH FRÉDÉRIC P. LEBEL CFA, CHAIR OF THE BOARD OF GOVERNORS OF CFA INSTITUTE By Leonor Vereda CFA Leonor Vereda: In May 2016, you were elected Chair of the CFA Institute Board of Governors for a oneyear term starting in September 2016. Can you explain to us the role and mission of CFA Institute Board of Governors? Frédéric Lebel: The Board of Governors is the most senior body of CFA Institute, with ultimate responsibility for the strategy and the management of the organization. Governors are fiduciaries acting as faithful stewards serving the interests of our membership, the investment management profession and society. LV: This is not your first position at a CFA Institute governance body. In the prior fiscal year, 2015/2016,

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you were Vice Chair. What other roles have you played within CFA Institute? Were they honorary or do you receive compensation for your work? FL: I have had the privilege of serving on the Board since 2011 and chaired its Planning Committee in 2013. Prior to this, I had been Vice Chair and then Chair of the European Advocacy Committee (2000-2004) and Chair and a member of the Capital Market Policy Council (2004-2010). All these positions were held in a voluntary capacity. LV: Nine months into your tenure as Chair, can you describe for us the current priorities for the Board?


FL: Following up on past years’ advances on governance and advocacy, the Board agreed to determine which priorities it should now pursue. They were identified based on input from management, our Society leaders as well as our members. The priorities were set at the beginning of this fiscal year to be: (1) member value, (2) CFA charter relevance and (3) the future state of the investment profession. These priorities represent a large allocation of our time and will stay on our agenda for the next couple of years. LV: Why are those priorities relevant? Can you report on any achievements so far? FL: First, the delivery of member value is key for a membership organization. Without engaged and satisfied members, CFA Institute cannot fulfill its mission. Second, the CFA designation is the crown jewel of the Institute and is doing very well. It however deserves careful attention so that its relevance and attraction are maintained and even enhanced. Finally, as the investment landscape is evolving rapidly, we need to sketch a view of what the future looks like in order to prepare our members and ourselves for it. On that front, I am happy to report that we published last month the “Future State of the Investment Profession”, which can be downloaded from our website.

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LV: How are the CFA Institute Board of Governors or its policies relevant for CFA Society Switzerland? FL: First, allow me to mention that our country provided many distinguished Governors, from Philippe Sarasin, almost two decades ago, to Giuseppe Ballocchi, who ended up his service on the Board in 2016. Decisions made by the Board of Governors benefit hopefully all Societies, including CFA Society Switzerland. Local Societies are key tenets to achieve our mission. Funding has increased significantly over the past few couple of years. Additional services and resources provided by the Institute to our Societies, including CFA Society Switzerland, have been well received. LV: We are one of the oldest societies (21 years old) and the 9th largest in terms of members. Does this matter when implementing your objectives? FL: CFA Society Switzerland is part of the so-called XL Societies, a group composed of a dozen of our largest Societies. As such, it takes part to additional consultation with the Board and members of the Leadership Team of CFA Institute. It also represents members in one of the world’s largest financial centers and certainly is a leading force in wealth management.


Due to these unique circumstances, CFA Society Switzerland’s voice is particularly strong and listened to. LV: Do you envisage continuing being involved in CFA Institute after this one-year term? In what role or roles? Are there opportunities for members of CFA society Switzerland to contribute directly to the work of CFA Institute? How can interested people get informed? FL: I will stay on the Board for one more year as past Chair and will assume responsibility for the Nomination and Compensation committees. Many members of CFA Society Switzerland have been holding key positions in various European or global committees. A leading figure in that respect has been Anne-Katrin Scherer, who served most recently as the President Council Representative for EMEA West. Our CEO in Switzerland, Chris Dreyer, Anne-Katrin and I would welcome your interest to serve as a volunteer. We look forward to hearing from you!

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Frédéric Lebel works as Co-CEO and CIO of OFI MGA and owner of HFS S.A., based in Geneva. A graduate from Hochschule St.Gallen, he lives in Founex (VD) with his wife and their three daughters. He enjoys reading, studying investments and celebrating life with friends and family.


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SOCIETY

THE CS - CFA SWITZERLAND INDEX: A LEADING INDICATOR FOR SWITZERLAND By Alexander Lohse, Credit Suisse AG, Swiss Macro Economics & Strategy As on every last Wednesday of the month, the latest Financial Market Report Switzerland was published on May 31, 2017 (click here to view). The Financial Market Report Switzerland is a monthly survey of expected developments on Swiss and international economies and financial markets that was first conducted in June 2006. Produced by Credit Suisse in cooperation with the CFA Society Switzerland since the start of 2017, it was previously conducted in collaboration with the Center for European Economic Research (ZEW).

Concept The results presented are based on a monthly survey that samples the views and predictions of around 30 financial analysts from the banking and

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insurance sectors. The survey focuses primarily on their expectations for economic growth, while also looking at key financial market data (economic trends, inflation rates, interest rates, stock prices, exchange rates, gold prices, and oil prices). It also explores other specific issues on a recurring basis regarding, for example, long-term economic prospects and political events.

Interpretation The responses given by the financial market experts are confined to qualitative estimates regarding the likely direction of any expected movement. For example, the experts state whether they think the economic situation will improve, deteriorate, or remain approximately the same over the next six months.


Swiss real GDP growth over time together with the Credit Suisse CFA Society Switzerland Indicator with a 6-month lead, Source: CFA Society Switzerland, Credit Suisse

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The results of the survey are shown in the form of indices, which are calculated from the difference between the percentage share of responses where an improved outcome is expected in six months and the percentage share where a poorer outcome is expected. This result varies between -100 and +100 points. The responses to the question of how the Swiss economy will develop in the medium term are summarized in the Credit Suisse CFA Society Switzerland Indicator, which serves as a leading indicator for Switzerland. The chart on the previous page shows Swiss real GDP growth over time together with the Credit Suisse CFA Society Switzerland Indicator with a 6-month lead. A linear regression between both variables yields an R squared of 0.33, meaning that the indicator explains 33% of the variation of GDP growth rates in Switzerland.

Cooperation between Credit Suisse and CFA Society Switzerland Responsibility for carrying out the survey and maintaining contact with the participants lies with the CFA Society Switzerland, which passes on the results of the survey to Credit Suisse for further processing. Credit Suisse evaluates the survey data and uses this as the basis for the publication of the Financial Market Report Switzerland in German and English.

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Should you be interested in becoming a survey participant, please contact Christian Dreyer from the CFA Society Switzerland at [email protected].

Audience The results of the Financial Market Report Switzerland survey are published monthly. The Indicator’s reach extends to key opinion-forming financial and business media in Switzerland, which quote the Indicator on a regular basis (such as NZZ, FuW, Cash, and Handelszeitung). The Swiss National Bank also has a keen interest in the Indicator and includes the results of the survey in the SNB Quarterly Bulletin. In addition, the Report is sent to other financial and business institutes, clients, interested parties, as well as employees of Credit Suisse in Switzerland. On Bloomberg, the Indicator is subscribed by a large number of members who have a particular interest in Switzerland (similar number to that of the Swiss GDP or Swiss PMI).


INTERVIEW

INTERVIEW WITH MANUEL STAGARS CFA, CAIA, ERP Filmmaker of the documentary The Blockchain and Us. By Marcus Bain CFA Blockchain is recognised as a game changing technology that has the potential to lower costs for investment banks or even eliminate back office jobs. Blockchain is a database that maintains continuous records (blocks) such as transactions with the benefit of being resistant to modification of data, and so the data cannot be altered retroactively. We caught up with Manuel Stagars, a filmmaker, author, entrepreneur and economist, to hear about his latest film “The Blockchain and Us”. Marcus Bain: Tell us about your latest film. Manuel Stagars: The Blockchain and Us is a film about potential applications and opportunities of

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blockchain technology beyond Bitcoin and cryptocurrencies. The film is no explainer of the underlying technology but a conversation starter about how technologies like the blockchain could disrupt existing structures in business and society. I interviewed twenty software developers, cryptologists, researchers, entrepreneurs, consultants, venture capitalists, authors, politicians, and futurists from the United States, Canada, Switzerland, the UK, and Australia, and some of them have strong views on how blockchain will change the world for the better. With a length of thirty minutes, the film is by no means exhaustive or balanced, but it helps encourage the dialog about what we want from technology in the future. The film deliberately poses more questions than it answers.


MB: How did your perception of blockchain technology change after working on the film? MS: I am by no means an expert in programming and no speculator in cryptocurrencies, so I had a relatively neutral stance going into this film. Blockchain technology is an exciting topic, and I find it fascinating when people have strong convictions about what they are doing. Many people in the film told me how their approach to entrepreneurship and technology changed when they got involved with the blockchain, even at a corporate level. It seems blockchain projects have their own dynamics and rules. More than the perception of blockchain technology, what was new for me is how this technology transforms entrepreneurs and corporates, to the point where they no longer simply roll out but roll with the technology and let it change their processes and business models in the process. MB: What are the interesting aspects that you learnt from the interviews? MS: I like the social and development angle that some interviewees brought into the picture. For instance, Rik Willard speaks about financial inclusion and poverty alleviation. With this, he is somewhat

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Alex Tapscott, founder and CEO of Northwest Passage Ventures going out on a limb, because many people say none of this is possible with current iterations of blockchain technology. Regardless, we should still discuss big ideas that seem a little crazy. Whether they will happen exactly as we imagine is another story. At the very least, these ideas are out there and we should debate them from different angles. In a sense, we have stopped talking about what we want from technology in the future. This conversation should take place and include as many people as possible. MB: What is your overall impression of blockchain technology after working on the film?


MS: The conversations I had in the course of making the film cover all aspects of blockchain technology from world-changing potential to the conviction that blockchain is mostly rent-seeking hype. I decided to highlight the positive aspects in the film, but at the same time, I believe more work and trial and error is necessary to roll out many of the big ideas people like to achieve with blockchain technology. This requires prudence and the willingness to take risks. MB: What impact do you think blockchain will have on the financial services industry? MS: This is hard to tell, and I can only speculate. Currently, the main argument for banks over other providers of financial services—such as tech companies—is trust. If we can create this trust through technology that has no intermediary, financial services will have to adapt. From my understanding, “the blockchain” as we currently know it originated from Bitcoin as a register for transactions in cryptocurrency that avoids double spending of coins through proof of work. This blockchain is relatively limited for anything else but Bitcoin transactions, but new iterations seem to have broader applications, like so-called smart contracts. Most ideas are still too fringe and early stage to have a disruptive impact on the financial services

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industry at large. The monopoly of banks as trusted third parties that hold currency in bank accounts and benefit from interest margins could crumble when we have stable and trustworthy digital currencies that come with smart contract functions. This would reshape the financial services industry dramatically in ways that are hard to foresee. MB: In your opinion, is the financial services sector ready to embrace or benefit from blockchain technology? MS: The term “blockchain technology” is wide and opaque. There are public blockchains such as the Bitcoin blockchain or private decentralized ledger technologies that are technically not even blockchains anymore. It is hard to outline strategies that will help the financial sector take advantage of blockchain technology, or any other new technology that might potentially undermine their existing business models. Incumbents are normally hesitant to change, especially when it threatens to steal their thunder. The fact that a small number of people can create their own currency like Bitcoin that is impossible to control should be a wake-up call for companies in all sectors that exploit a middle man function to the point where it drives people away. Customers have more and more


options. Society and companies need to wake up from their comfortable history. The current thinking will fail in the digital future. MB: What blockchain technology excites you? MS: I personally find decentralized electronic identity interesting where users control access to their data. Again, the idea sounds promising, and we are probably years away from working applications. MB: What are the challenges with the uptake of blockchain technology?

Rik Willard, Founder & Managing Director at AGENTIC GROUP

MS: Blockchain technology captures the imagination of people. This imagination is probably still ahead of what is currently feasible, which may lead to a mad rush of many incumbents to jump on the bandwagon, in the process making mistakes and losing money. At the same time, the conversation about what we want from technology in the future needs to happen, both in commerce and in society. I hope more people join this conversation.

OFFICIAL WEBSITE OF THE FILM www.blockchain-documentary.com FILM https://youtu.be/2iF73cybTBs FURTHER READING DeCovny, Sherree. A Ride around the Blockchain, CFA Institute Magazine, September 2016, Vol. 27, No. 3, CFA Institute. Cao, Larry. Blockchain Technology: What Will Be Its Biggest Bang? CFA Institute, https://blogs.cfainstitute.org/ investor/2017/01/16/blockchain-technology-what-willbe-its-biggest-bang/

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WEBSITE www.manuelstagars.com SELECTED BIBLIOGRAPHY Akkizidis, I., & Stagars, M. (2016). Marketplace Lending, Financial Analysis, and the Future of Credit: Integration, Profitability and Risk Management. John Wiley & Sons Inc.

Manuel Stagars grew up in Zurich. He is an economist, film director, author, and serial entrepreneur with twenty years of experience in consulting and startups in Switzerland, the United States, Japan, and Singapore. His current film projects focus on the potential of technology for the economies of nations, societies, and the lives of people around the world. His recent films include FinTech Made in Switzerland (2016) and The Blockchain and Us (2017), both of which received accolades internationally. Manuel has published books and scientific articles on startups, marketplace lending, impact investing, data quality, and Open Data. He has a degree in economics from the London School of Economics and Political Science (LSE) and several financial certifications (CFA, CAIA, ERP).

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Stagars, M. (2016) Open Data in Southeast Asia: Toward Economic Prosperity, Government Transparency, and Citizen Participation in the ASEAN. London: Palgrave Macmillan. Stagars, M. (2016) Data Quality in Southeast Asia: Analysis of Official Statistics and Their Institutional Framework as a Basis for Capacity Building and Policy Making in the ASEAN. London: Palgrave Macmillan. Stagars, M. (2015) Impact Investment Funds for Frontier Markets in Southeast Asia: Creating a Platform for Institutional Capital, High-Quality Foreign Direct Investment, and Proactive Policy Making. London: Palgrave Macmillan, 2015. Stagars, M. (2015). University Startups and Spin-Offs: Guide for Entrepreneurs in Academia. New York, NY: Apress


SOCIETY | ADVOCACY COMMITTEE

SWITZERLAND DOES NOT DO ENOUGH TO POSITION HERSELF AS A WORLD-CLASS FINTECH HUB By Henrik Grethe CFA, Chair Advocacy Committee The fourth industrial revolution, called the digital revolution, has changed the way we do business, including finance. Governments worldwide try to attract market share in the growing area of Financial Technologies: FINTECH. That might be one reason why FINTECH has already hit the CFA exams and will only get bigger. Machine learning, big data, robo-advisers – all of this is set to become part of the CFA exams from 2019. To increase Switzerland’s competitiveness in the FINTECH sector, the Swiss Government has initiated a consultation about how it can support the FINTECH sector from a regulatory point of view.

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Key elements of the swiss federal council’s consultation about future FINTECH regulation The proposal consists of three pillars of amendments to the Banking Act and Banking Ordinance in the FINTECH area:

. An exception provided in the Banking Ordinance for the acceptance of funds for settlement purposes should apply explicitly for settlements within 60 days (instead of the current 7 days). This should lower today’s barriers to entry e.g. for Crowdfunding platforms.


. An innovation area (Sandbox) should be created: the acceptance of public funds up to CHF 1 million should not be classified as operating on a commercial basis and can be exempt from FINMA authorization. This adaptation should allow small FINTECHs to start a business and to test their business model before being covered under the Banking Act and Banking Ordinance, which creates a high barrier to entry for a small start up.

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Simplified authorization and operating requirements relative to the current banking license in the areas of accounting, auditing and deposit protection, for companies that accept public funds of up to a maximum of CHF 100 million but do not operate in the lending business.

The joint response of the advocacy groups of the CFA Society Switzerland and SFTA It has been the first time the advocacy groups of the CFA Society Switzerland and the Swiss Finance & Technology Association, SFTA, have convened a project group to leverage their knowledge and to coordinate a joint response. SFTA is an independent association of over 500 individual members representing the center

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of gravity of FinteCH. For further information about SFTA please visit www.swissfinte.ch. Our project group consisted of the 13 members named on page 22 and worked in three specialised teams for three months to produce the statement. Five conference calls were held to coordinate it. Most major national newspapers have reported on our statement, which addresses, but is not limited to, the following key points:

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Business models of financial institutions have changed during the last decades and new entrants compete with traditional banks. We believe that the future definition of a bank should be based on the degree of credit risk and liquidity risk an institution adds to the financial system. The rationale is “the higher the risk an institution adds to the system, the higher is the need for regulation”.

. The 60 days rule is too short and we have proposed a 90 days rule for the acceptance of funds for settlement purposes. This reflects today’s industry standards more adequately.

. For the innovation room we believe CHF 1 million is too small, e.g. for Crowd Lending. We have proposed


to regulate Crowd Lending as lending according to OR Art. 312 ff instead of as a bank deposit. Our suggestion is congruent with the approach chosen by other countries like France or Great Britain and builds a base for a growing Crowd Lending business. We further suggest a reporting requirement to FINMA.

. The obligation to hold liquidity on bank accounts exposes FINTECHs to systemic risk. To mitigate this risk and to not make them dependent on incumbent competitors (banks), we have proposed to give FINTECHs direct access to central bank liquidity. This is a unique chance to implement a broader structure of market players and to reduce the existing “too big to fail” problem of the banking system by giving FINTECHs the same access to the SNB as banks already have.

1) The importance of further development and management of operational risk From my point of view the trend towards new technologies stresses the growing importance of operational risk management in areas such as cyber risk. Cyber risk might be the Achilles’ heel of the fourth industrial revolution and we still have to develop and learn to manage it in a better way. The latest “WannaCry” attack might underline this point. But this is not a one way ticket towards new risk. Wise regulations might help to mitigate today’s systemic risk. Access for FINTECHs to central bank liquidity, instead of a requirement to deposit cash on bank accounts, might also reduce today’s systemic risk. It might potentially reduce the “too big to fail” risk and it forces banks to innovate and to compete with new technologies. This competition might benefit consumers. I believe it would be wrong not to support FINTECHs because of a fear of competition.

Our full statement can be read in this press release.

Lessons learned Personally I have learned two major lessons during this consultation. One relates to risk and the other relates to opportunities.

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“THE BIGGEST RISK IS NOT TAKING ANY RISK… IN A WORLD THAT’S CHANGING REALLY QUICKLY THE ONLY STRATEGY THAT IS GUARANTEED TO FAIL IS NOT TAKING RISK” Mark Zuckerberg


2) What does the history of the three other industrial revolutions teach us? During the first industrial revolution around the year 1800 some companies might have asked themselves whether they should switch from sailing ships to steamships. During the second industrial revolution, around the year 1900, companies might have asked the question whether they should really produce cars on production lines. During the third industrial revolution around the 1970s firms might have questions whether they should really invest in IT and computers. During the fourth industrial revolution some companies might ask themselves whether they should invest in FINTECH or whether they should protect their market structure. History teaches us that some of the firms that have been innovators have been winners. Some have been forced to adopt. The majority of the firms that didn’t adopt left the market. I deeply believe that this is a unique chance to position Switzerland as a future innovative FINTECH hub which adds future economic growth.

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OUR TEAM I would like to thank our project team for their great contributions and the countless number of hours they invested in our response mostly during their spare time: CFA Society Switzerland: Alessandro Farsaci CFA Benjamin Schoch CFA Christian Nauer CFA Christian Takushi Henrik Grethe CFA

SFTA: Anna Szkudlarek Daniel Diemers Dominik Witz Georges Gamma Julian Osborne John Hucker CFA Marc Alesch


MEMBERSHIP VALUE

SUPPLEMENTARY HEALTH INSURANCE

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CFA SOCIETY SWITZERLAND… IN THE MEDIA! Here we summarize the most notable appearances of the Society and/or Members in the press during the past month Press coverage of CFA Society Switzerland – SFTA response to FINTECH consultation paper. CFA society Switzerland Fintech Vorlage des Bundesrats geht zu wenig weit, moneycab.com

Für die Newcomer zu wenig für die etablierten zu viel, Finanz und Wirtschaft fuw.ch Very positive review on nzz.ch. Kritik in der Vernehmlassung, Fintech Firmen sollen SNB Zugang erhalten, Neue Zürcher Zeitung nzz.ch Luzerner Zeitung and five others. Gerinnungsgefahr im Finanzsektor, luzernerzeitung.ch bzbasel.ch and six others. Fintech Pläne von Finanzminister Maurer stossen auf heftige Kritik, bzbasel.ch

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CFA SOCIETY SWITZERLAND… IN THE MEDIA! Swiss Pensions Conference 2017 Hehre Versprechen und störrische Risiken, Neue Zürcher Zeitung nzz.ch, Swiss Pension Forum vorsorgeforum.ch

Big Data eFinancialCareers mentions CFA’s plans to include Big Data in the curriculum: Big Data bedroht Jobs im Asset Management, efinancialcareers.com La fintech est sur le point de devenir une grosse partie des epreuves du CFA, voici ce que vous devriez savoir, efinancialcareers.com

Ample coverage of the CS CFA Financial Market Survey of May Börsenprofis sind zuversichtlich für Schweizer Wirtschaft, cash.ch CS-CFA-Indikator zeigt steigenden Konjunktur optimismus an, yourmoney.ch, tradedirect.ch, cash.ch, fuw.ch L‘optimisme des analystes au plus haut depuis janvier 2014 (CS CFA), romandie.com

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CFA SOCIETY SWITZERLAND… IN THE MEDIA! Ample coverage of the CS CFA Financial Market Survey of May

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Congiuntura: analisti sono ottimisti, tradedirect.ch, bluewin.ch, Giornale del Popolo, ticinonews.ch, tvsvizzera.it

Borsa svizzera accelera, Giornale del Popolo gdp.ch, tradedirect.ch, ticinonews.ch, bluewin.ch

Bourse Zurich: légère reprise, Aryzta toujours à la peine, tradedirect.ch, romandie.com, agefi.com, swissquote.ch

Swiss Economic Sentiment Highest Since Jan 2014, finanznachrichten.de


UPCOMING SOCIETY EVENTS

9 June in Zurich: Adaptive Markets: Financial evolution at the speed of thought Andrew Lo from MIT will present the Adaptive Markets Hypothesis (AMH) as a complement to the (in)famous Efficient Markets Hypotheses, which many continue to think of as the bedrock of modern finance.

13 June in Lausanne: Global Geopolitical Outlook: Consensus Over-estimating Political Risks Christian Takushi will discuss geopolitical-political processes that are being misjudged by consensus, which could affect key economies and financial markets.

14 June in Zurich: Market Structure and Where to Invest? A presentation from Niall O’Malley.

21 June in Zurich | 22 June in Geneva How to Spot a Rogue Trader Our speaker will discuss the subject from first-hand experience with a practitioner perspective.

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UPCOMING SOCIETY EVENTS

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4 July in Geneva | 6 July in Zurich Early Stage Valuation – Myth vs Fact Saurabh Mishra will discuss real world challenges related to valuation and dispel several myths to apply those arguments when valuing any technology, product or company.

THE LAST WORD The Bankey www.thebankey.com

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THE CHARTER NEWSLETTER | If you have any queries or contributions please contact us: [email protected]