24 Hours with Katarína Ščecinová, CFA

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Employer and position: J&T Banka, Portfolio Manager
Professional Credo: „You have to learn the rules of the game. And then you have to play better than anyone else.” Albert Einstein

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Long-term Interest Rates Lower Than At any time Since the South Sea Bubble of 1720!

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Another Sign of Bond Market Madness?
It’s not just short-term interest rates that are at historic lows. There is now tangible evidence that long-term interest rates have touched new historic lows (Exhibit 1). Surprisingly few people took notice of the UK Debt Management Office’s (DMO) recent repayment of ‘undated’ debt, some originating from as far back to the 1720’s, and subsequent issue of new 50 year bonds. These transactions do, however, send a powerful signal. They should be seen as a warning that interest rates, both short and long-term, are not only low in absolute and real (inflation adjusted) terms. But they are now lower than at any time in the last 300 years!!!

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GIPS and Alternatives: CalPERS Takes Notice, Others Likely to Follow

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With over 30 country sponsors and broad support from the industry, the Global Investment Performance Standards (GIPS®) are seen by many investors as a required way of doing business for any investment managers they hire. However, alternatives managers have lagged behind traditional managers in claiming compliance with the GIPS standards. Some of the reasons we’ve heard in the past are that alternatives are too complex, GIPS doesn’t cover these kinds of strategies, and our clients are not demanding it.

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Peter Tuchyňa: Klíčovým principem P2P lendingu je obejít velké bankovní a nebankovní korporace a poskytovat úvěry jednodušeji, rychleji, levněji a také lidštějším způsobem.

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Peter Tuchyňa, CFA v roce 2007 absolvoval Univerzitu Karlovu v Praze v oboru Ekonomie a od roku 2014 je držitelem titulu CFA (Chartered Financial Analyst). Svoji pracovní kariéru odstartoval na začátku roku 2008 ve Wüstenrot – Stavební spořitelně. O několik měsíců později přešel do České spořitelny, kde šest let působil jako Specialista kreditního rizika. V roce 2014 spoluzakládal start-up Zonky.com, jehož předmětem podnikání je tzv. peer to peer (P2P) lending. Peter zde vede tým zodpovědný za analýzu a řízení kreditního rizika. Michal Stupavský, CFA učinil s Peterem na začátku září následující rozhovor, jenž se zaměřil na rozjezd komerční činnosti projektu Zonky.com.

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Shadow Banking - Policy Frameworks and Investor Perspectives on Markets-Based Finance

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Shadow banking refers to the process of credit intermediation that is conducted outside the regular banking system. It represents a diverse ecosystem spanning wholesale markets–based credit intermediation and alternative lending channels and includes a broad range of entities, activities, and interconnections among financial institutions.


At its core, the shadow bank credit intermediation process typically involves short-term funding or borrowing to facilitate longer-term lending or investment in less liquid assets, resulting in maturity transformation, liquidity transformation, credit risk transfer, or leverage.

In this report, we examine the scope of the shadow banking system, evaluate the policy frameworks applicable to different shadow banking entities and activities, and survey the perspectives of investment professionals on key shadow banking issues. The purpose is to inform the development of shadow banking policy initiatives from the perspective of investors.

Examples of shadow banking entities in economies with advanced financial sectors, such as the United States and Europe, include money market funds, which have deposit-like funding characteristics and invest in money market instruments with different maturities; hedge funds, which may use leverage to finance their trading positions in securities or financial instruments with differing liquidity profiles; and securitisation vehicles, such as asset-backed securities, which transfer credit risk among different investors. Shadow banking also includes securities financing transactions and the reuse of collateral for further financing.



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LIBOR Lessons, Corp Market Responsibility: Cosgrove Prize Winners Foster Ethics in Finance

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Though both young investment professionals were based largely in London in 2012, chances are Rafael ARP Gomes of Portugal, and Prabhay Joshi of the UK didn’t know one another. The same would not be true come 14 November 2013, the day they found themselves side by side at a ceremony in Geneva being honored with the top prize in an international competition aimed at making the finance world a better place.

A year earlier, they, along with some 400 others worldwide, had entered the Ethics in Finance-Robin Cosgrove Prize competition, for which CFA Institute is a sponsor. Participants submit their innovative thoughts to promote trust and ethical behavior in the financial sector in the form of a 5,000-word paper. After clearing a number of evaluations, Gomes’ and Joshi’s papers were declared the global edition winners of the prize, which carries with it $10,000 for each recipient.

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How Would You Change Finance for the Better?

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As part of Putting Investors First Month May 2015 we asked CFA Institute constituents via social media: How would you change finance for the better? By the way, if you would like to respond to this thread please do by using the #InvestorsFirst hashtag on social media. Also, be sure to visit the Putting Investors First website. Here then is a sampling of some of the more interesting responses that we received.

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Interview with Daniel Gladiš about his new book Akciové investice

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Daniel Gladiš: Dobrý investor potřebuje umět v zásadě jenom dvě věci. Zaprvé ocenit společnost a zadruhé správně nahlížet na pohyby trhu.

Ing. Daniel Gladiš, CFA je odborníkem na investice do akcií a přední postavou českého kapitálového trhu. V roce 1991 absolvoval VUT v Brně; v letech 1991–1994 studoval na Masarykově univerzitě v Brně, v letech 1992–1993 na Fakultě ekonomie a managementu v holandském Utrechtu; od roku 2001 je držitelem titulu CFA (Chartered Financial Analyst). V letech 1993-1999 byl ředitelem ve společnosti Atlantik Finanční trhy, kterou založil. V letech 1999-2004 byl ředitelem ABN AMRO Asset Management (Czech) a od roku 2004 je členem představenstva investičního fondu Vltava Fund, který založil. Kromě aktivit v oblasti finančních trhů se věnuje rockové hudbě, sportu a cestování. Ing. Michal Stupavský, CFA učinil s Danielem v polovině června následující rozhovor, jenž se primárně zaměřoval na klíčové myšlenky jeho nové knihy Akciové investice, jejímž tématem je tzv. hodnotové investování (value investing).

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Will CFA Become The New MBA Or Masters In Finance?

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The MBA has been choice degree for many hoping to work in finance but a rival three-letter qualification is pushing the business school staple to lose some of its lustre. 

The rapid rise in the number of students taking the CFA examinations at Levels I, II and III has called into question the need for a full-time finance degree.

Some financial sector experts argue that students who have completed all three levels of the CFA exams and become chartered financial analysts have an advantage over those with an MBA or Masters in Finance.

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