Christmas reading - CFA Society Update

Gabriela Kolářová <[email protected]>
Christmas reading - CFA Society Update
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CFA Society Czech Republic <[email protected]>
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17 December 2015 at 11:57
CFA Society Czech Republic
Newsletter #7 - Christmas Edition
A word from the Board of Directors:
Dear CFA Society Members, CFA Candidates, Partners, and Friends,
We are in the middle of our event season 2015/2016 and we hope you have enjoyed our past events as much as we have, be it e.g.,
Subject Matter Experts on GIPS, ACCA & CFA Business Mixer, Slovak Networking Evening or CFA Charter Awarding Ceremony &
Christmas Party.
Some of the best events of the season including CFA Society Annual Forecasting Dinner are yet to come and we will be delighted by
your presence.
The 14th Annual CFA Society Forecasting Dinner 2016 will be held under the auspices of Governor Miroslav Singer in the
Congress Centre of the Czech National Bank on Tuesday, 16 February 2016 at 5:30 pm.
This year we have secured William Blair’s Macro Maven Brian D. Singer, CFA who together with Miroslav Singer, Governor of
CNB, will be taking the stand to address the dinner guests as the keynote speakers.
But enough about our upcoming events and before the year ends let’s recap on what has happened in the first half of our event
season 2015/2016.
Wishing you a wonderful Christmas time and looking forward to seeing you throughout the year 2016!
Kind regards,
Gabriela Kolářová
Event Manager
[email protected]
Marek Jindra, CFA
President
[email protected]
CFA Society Czech Republic • Mobile: +420 724 724 234 • www.czechcfa.cz
On behalf of the Board of Directors of the CFA Society Czech Republic:
Marek Jindra, CFA, FCCA, ASA – President
Jan Brázda, CFA – Vice President, IT Chair, Membership Chair
Tom Fencl, CFA – Employer Outreach
Martin Fischer, CFA – Programming Chair
Jana Jandová, CFA – Treasurer
Matěj Turek, CFA – University Outreach
Lubomír Vystavěl, CFA – Advocacy Chair
Interview with Peter Tuchyňa, CFA
Michal Stupavský, CFA, the newsletter manager, brings you an interview with Peter Tuchyňa, CFA about his start-up Zonky.com
focusing on peer to peer (P2P) lending. If you haven’t read it on our blog yet, you have a chance to read it now.
Peter Tuchyňa: Klíčovým principem P2P lendingu je obejít velké bankovní a nebankovní korporace a poskytovat úvěry
jednodušeji, rychleji, levněji a také lidštějším způsobem.
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.
Michal: Váš start-up Zonky.com funguje v Česku od června. Zabýváte se tzv. peer to peer (P2P) lendingem. V čem váš
business přesně spočívá?
Peter: P2P lending považujeme za součást tzv. sdílené ekonomiky, to znamená, že ekonomické transakce probíhají přímo mezi
jednotlivci bez žádného nebo jen omezeného zapojení korporací. Klíčovým principem P2P lendingu je obejít velké bankovní a
nebankovní korporace a dělat věci jednodušeji, rychleji, levněji a také lidštějším způsobem. Naše činnost spočívá v tom, že
spojujeme lidi, kteří si potřebují půjčit, s lidmi, kteří mají volný kapitál. Investoři si vybírají mezi příběhy lidí, kteří potřebují půjčit
peníze, a když se jim nějaký příběh zalíbí, investují do něj. Vztah investor-klient tedy funguje hodně na důvěře. My jsme
prostředníkem, který je mnohem levnější než tradiční banka nebo nebankovní instituce poskytující úvěry, takže dokážeme dát
zájemcům o půjčku v průměru o 4-5 % nižší úrokovou sazbu a zároveň našim investorům umožnit dosáhnout mnohem vyššího
výnosu než nějakých 0,1 % na běžném účtu nebo 1 % na spořícím účtu. Klasické banky a jiné nebankovní instituce se na klienty
často dívají příliš škatulkovitě, zařadí je do nějaké formální skupiny, která je nějak riziková, přičemž nejsou schopny podívat se
hlouběji do příběhu klientova života. Pro nás je na rozdíl od tradičních bank také důležité, co o klientovi zjistíme na sociálních sítích,
blozích a co o něm píší jiní lidé. Často nám takto získané informace pomůžou velice dobře odhadnout úroveň ochoty klienta
poskytnutý úvěr splácet. Je to opravdu velice cenná informace mimo klasické hodnocení schopnosti splácet, jež je tradičně
hodnocena modely kreditního rizika.
Michal: Kdo jsou v tomto businessu světoví lídři? Jak jste se od nich inspirovali?
Peter: Nápad na založení naší platformy vznikl kvůli tomu, že v zahraničí P2P lending sklízí velký úspěch, zejména v USA, jenž je
největším trhem na světě, a západní Evropě. První taková platforma Zopa vznikla ve Velké Británii již v roce 2005. Americká
platforma Lending Club dokonce v prosinci loňského roku udělala jako první firma v oboru IPO. Ve Velké Británii je velice populární
také RateSetter, v Německu se daří firmě Auxmoney. Dá se říci, že v každé zemi na západ od nás jsou takových platforem desítky.
Business modelů v oblasti P2P lendingu je spousta, společnosti se od sebe více či méně liší. Klíčovými rozlišujícími znaky jsou
zaprvé subjekt, který určuje úrokové sazby, a zadruhé na jaký klientský segment společnost cílí – buď velmi bonitní dobří klienti, kdy
jde o přímou konkurenci bankám; rizikovější méně bonitní klienti, kdy jde spíše o konkurenci nebankovním poskytovatelům úvěrů;
anebo zaměření na celé klientské spektrum. Většinou se začíná málo rizikovými klienty a v průběhu času začínají postupně růst
poskytnuté úvěry také rizikovějším klientům. My se na začátku zaměřujeme zejména na úvěry fyzickým osobám, jelikož
spotřebitelské úvěry jsou nejjednodušším úvěrovým produktem. Dalším zajímavým segmentem jsou také podnikatelské úvěry pro
fyzické osoby, i tyto poskytujeme, máme ovšem velice přísné podmínky. O čem se nyní hodně mluví v zahraničí, i když se to zatím
nespustilo, jsou hypotéky a další úvěrové produkty
Co nás především inspiruje na světových lídrech je jejich exponenciální růst. Na západě, zejména v USA se začíná zcela vážně
hovořit o tom, že P2P lending může v klasickém bankovnictví skutečně způsobit velký průvan. Například Lending Club
zdvojnásobuje objem poskytnutých úvěrů každý rok. Trh je skutečně velký, v Česku může jít až o 50 mld. korun na bankovním trhu
a 10-12 mld. korun na nebankovním trhu spotřebitelských půjček.
Pokračujte ve čtení na blogu CFA Society.
24 Hours with Katarína Ščecinová, CFA
We would like to bring profiles of CFA charterholders in a new column on our blog called 24 Hours with. In this new column you will
have a unique opportunity to learn more about professional credo and daily job of our members. If you are interested in having your
profile published please contact [email protected].
As we plan to celebrate women in finance at ACCA & CFA Ladies Business Breakfast on March 8, 2016, we have Katarína
Ščecinová, CFA to launch our new column.
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
8:00 - 11:00
To get the day started I found useful practicing yoga in the morning. Attending yoga lesson from 7:30 a.m. enables me to react to
daily work challenges more effectively. My workday starts at 9:00 a.m. Upon arrival to the office I check my emails and deal with the
most urgent requests. Then I prepare myself for meetings with clients, in case they are scheduled for the morning hours.
Appointments with clients usually last until midday.
11:00 - 14:00
Later in the morning we have regular team meetings where we discuss recent developments on global financial markets. The main
purpose of this gathering is to express a short term view on the investments and support it with sound arguments. Each member of
the team delivers short speech and then we vote for different scenarios.
Continue reading on our blog.
CFA Society update
GIPS Standards and The Asset Manager Code of Professional Conduct
Social Networks
You can interact with us on
various social networks.
Over the last few months we have worked closely with the CFA Institute to bring you some of the
GIPS documents in the Czech language. Now, we can share with you two fact cards: "What are
the GIPS Standards?" and "Why compliance matters for investors".
We have also translated and localised
The Asset Manager Code of Professional
Conduct which outlines the ethical and professional responsibilities of firms that manage assets
on behalf of clients. We strongly believe that by adopting and enforcing a code of conduct for your
organizations, you demonstrate your commitment to ethical behavior and the protection of
investors’ interests.
These localized documents were introduced at a panel discussion on most frequently asked
questions on GIPS on November 4, 2015 at Thomson Reuters offices.
The event was organized by Country Sponsors for GIPS Standards for the Czech Republic – CFA
Society Czech Republic and AKAT. Present guests had a unique opportunity to learn more about
GIPS Standards from leading global professionals in performance measurement. Questions
about GIPS compliance were also answered by representatives of an asset management
company already compliant with the Standards.
If you are interested in receiving our international newsletter about GIPS Standards or the
GIPS newsletter of The Spaulding Group, one of our GIPS event partners, please contact
[email protected].
Twitter: @CFA_cz
Currently, we have
591 followers and we can do
much better. Follow us now!
LinkedIn: Currently, you can
join our CFA Society Czech
Republic group which we plan to
close and open a LinkedIn CFA
Society Czech Republic page
instead.
Facebook: We are there too,
feel free to like us, we can
probably do much better than
the 492 current likes!
YouTube: You can subscribe
here to our YouTube channel,
where we post videos of our
events.
For information about GIPS Standards in English language please visit www.gipsstandards.org.
Our sponsors
We want to thank our sponsors
for their continuous support.
19 CFA charterholders joined our Society in November
Daniel Gladiš, CFA, Patrick Vyroubal, CFA and Ján Hájek, CFA discussed current investment
topics on the occasion of the CFA Charter Awarding Ceremony 2015 which took place on
November 26, 2015 at CERGE. Nineteen financial experts from the Czech Republic and Slovakia
managed to meet the demanding requirements to obtain the certificate Chartered Financial
Analyst (CFA) this year. Their names were published in a congratulatory advertisement in
Ekonom, the business weekly, on the day of the ceremony. CFA Society Czech Republic currently
brings together a total of 157 professionals.
We would like to congratulate to our new charterholders once again!
Interested in photos from the event? Visit our profile on Facebook for a short selection or the
photographer's archive for all photos (username: CFA, password: press)
ACCA & CFA Business Mixer with memory champion Chester Santos
ACCA & CFA Business Mixer with memory champion Chester Santos took place in Eurostar
Thalia hotel on November 5, 2015. During a presentation on “How better memory can help
financial and investment professionals in particular” Chester Santos shared simple
techniques and memory tips with present guests. Do you still remember what was Chester’s
favorite memory technique? :)
Interview with Chester Santors will soon be available in Dotyk tablet magazine.
University Outreach / CFA Institute Research Challenge 2015-2016
The Society has extended its University Outreach also to the Slovak Republic where CFA
University Events with Kamil Boros, CFA at the Comenius University in Bratislava and Michal
Mušák, CFA at the University of Economics in Bratislava took place. Visit our profile on Facebook
for event photos.
Moreover, the number of participating teams in the CFA Institute Research Challenge 20152016 reached 12 teams from 12 universities including 3 universities from Slovakia.
Local round of the CFA Institute Research Challenge in the Czech Republic is currently underway.
The target company for 2016 is Unipetrol, the leading refinery and petrochemical group in the
Czech Republic and a major player in Central and Eastern Europe.
To see what the Research Challenge is about and to see the timeline which will span until April
when the local winning teams will compete at a regional level, visit the Research Challenge
website.
Local final will be held on February 3, 2016 in Prague at VŠE (University of Economics). Come
and see presentations of best teams. Winner will represent Czech Republic and Slovakia at
Regional EMEA Final in Chicago, Illinois, USA in April 2016.
Learn more about the Research Challenge on the CFA Institute official web page.
The success of the competition wouldn't be possible without volunteers – Faculty Advisors
from their universities, Industry professionals mentoring students, Judges assessing the
presentations and also Graders reviewing the reports written by students.
Interested in participating as a mentor, grader or judge at the local round of the CFA
Institute Research Challenge? Please contact our Research Challenge coordinators at
[email protected].
Volunteers
As you know, our society is run entirely by its members and CFA program candidates on a
volunteer basis and its existence is primarily to give value back to the members and candidates.
Without the support of its members and candidates our society cannot exist. As our activities
increase, so does the need for more volunteers to support our development.
If you are:
* Interested in taking up a leadership role,
* Used to show commitment and take initiatives
* Keen on helping the Society to develop further
* Willing to represent CFA Society Czech Republic to employers, universities and other
stakeholders,
then get in touch and see the list of open volunteer positions!
CFA JobLine
For anyone considering a new job, we would like to point out a number of interesting job offers
that have been posted to our CFA JobLine website, including some that are offered exclusively on
CFA JobLine. CFA JobLine is opened also for positions in Slovakia.
VÚB Portfolio manager
ČS - Specialista pro prodejní a obchodní operace - finanční trhy
Financial Analyst
Private Equity Professional
Events
Upcoming events
See our event calendar for the season 2015-2016: What’s in it for you?
14th Annual CFA Society Forecasting Dinner 2016
Watch your inbox or this link for futher details.
We look forward to seeing you at our forthcoming events!
CFA Institute Global Content
CFA Institute Blog – Enterprising investor – Practical analysis for investment professionals
Effective Salary Negotiation – One of the most important and complicated stages of the job search process is salary negotiation.
(19 August)
New Insight into Private Equity – After the hiatus of the credit crunch, when private equity (PE) investors were rudely reminded
that illiquidity can magnify downside risks, PE is now back in favor, with fundraising at record levels. (14 September)
The Volkswagen Disaster: Could Analysts See It Coming? – Volkswagen’s share price suffered a large decline amid the US airpollution tests scandal. Can financial analysts anticipate the risk of such losses by analyzing a company’s governance and
internal controls? Poll. (24 September)
Women in Finance Need to Be Proactive – According to a recent report by Morningstar, among 7,410 portfolio managers of US
open-end mutual funds, just 9% are women, compared with 20% of law firm partners and 19% of those working at US accounting
firms. Even worse, the report revealed that women exclusively manage just 2% of the assets held in these funds. (29 September)
Why Hasn’t Active Investing Outperformed Passive Investing in Recent Years? – Why has active investing been unable to
outperform passive investing in recent years? Poll. (1 October)
Making Sense of Long-Term Returns – All advisers face the same challenge: How can we best help investors understand what
sort of long-term returns they can rationally expect? (21 October)
The Impact of Six Nobel Laureates on Finance – Of the following Nobel Prize winners in economics who have spoken at CFA
Institute conferences, whose work has had the biggest positive impact on the investment profession? Poll. (1 October)
How Does Monetary Policy Impact Market Performance? – As an estimate of the market impact of policy regimes, investors can
match US stock market returns with changes in the Fed’s policy rate to compare performance… Historically, equity investors reap
a higher expected return during periods of policy accommodation. (16 November)
Earnings Confessions: What Disclosures Do Investors Prefer? – The disadvantages of mandatory interim quarterly reporting
have to be carefully weighed against the value add that such disclosures can bring. (19 November)
The Effects of FX! – General conditions on global financial markets by Ronald G. Layard-Liesching: a) Quantitative easing
caused risk to be mispriced in all markets globally. b) FX markets are now driving all other markets. c) Regulation is seriously
impairing the proper functioning of markets. d) 5.Liquidity in bond funds and exchange-traded funds is illusory. Etc… (23
November)
After Short-Termism: The Uneasy Road to Long-Term Investing – Excellent overview of the topic with references to additional
readings. (24 November)
Subscribe
CFA Institute – European Investment Conference – Blog
Crowdfunding Needs Regulation to Scale Up – Currently, crowdfunding is growing at a rate in excess of 100% per year. In this
“super-exciting” field, there is vast potential to build economies and transform lives in both the developing and industrialized
world. (1 December)
Subscribe
Permabear John Hussman: The Bubble Right In Front Of Our Faces – Hussman Funds, Weekly Market Commet: „Cutting
immediately to the chase, we continue to believe that the U.S. equity market is in a late-stage top formation of the third
speculative bubble in 15 years.“ Outstanding valuation analysis of the US stock market. (16 November)
Latest news and reports from the CFA Institute
CFA Institute Report Addresses Investment Professionals Growing Concern for Global Retirement Security (New York, 8 July
2015)
Report outlines ten principles for an ideal retirement system
In an era of an aging population and increased attention on retirement systems around the world, CFA Institute has released An
Ideal Retirement System, a report prepared by Mercer for CFA Institute. The study considers, through a set of 10 principles, what
the investment management profession can do for clients to deliver adequate benefits that can be sustained and trusted by the
community. The 10 principles are designed to be a foundation for dialogue and debate among the investment profession to
consider and assess what changes are needed in pension and retirement systems.
More than 14,500 Pass Level III CFA Exam, Join CFA Institute in Leading the Investment Management Profession (New York, 11
August 2015)
Globally nearly 57,500 candidates passed Level I, II, and III exams and continue on journey to becoming CFA charterholders
Almost Three Quarters of Investment Professionals Use Environmental, Social & Governance Information When Making
Investment Decisions (New York, 17 August 2015)
New CFA Institute survey highlights board accountability, human capital, and executive compensation as important issues
Almost three-quarters of investment professionals worldwide (73 percent) take environmental, social, and corporate governance
(ESG) issues into consideration in the investment process, according to the CFA Institute ESG Survey (PDF), a new survey of
CFA Institute members created by CFA Institute and Investor Responsibility Research Center Institute (IRRC Institute). In
addition, 64 percent of survey respondents consider governance issues, 50 percent consider environmental issues, and 49
percent consider social issues in investment decisions. Only 27 percent do not consider ESG issues.
CFA Institute Calls for Universal Comparison of Investment Performance Data at the GIPS Standards Conference (San Diego, 17
September 2015)
CFA Institute challenged investment professionals worldwide at its 19th Annual GIPS Standards Conference to comply with the
highest performance measurement standards in the asset management industry. In his address to attendees, president and
CEO of CFA Institute, Paul Smith, CFA, urged the industry to universally adhere to the GIPS standards to create an even playing
field and give current and prospective investors more confidence in the integrity of their calculating and reporting of investment
results.
New CFA Institute Study Examines the Impact of High Frequency Trading on Market Quality and Adverse Selection: Are
Investors Getting Rolled Over? (London, United Kingdom, 29 September 2015)
Trading costs remain historically low but homogeneous liquidity is a problem; cautions against increasing tick sizes
A new study by CFA Institute, Liquidity in Equity Markets: Characteristics, Dynamics, and Implications for Market Quality, finds
that market quality is high, trading costs are historically low, and liquidity supply is generally resilient, dispelling some of the
popular concerns about the state of modern markets. However, a closer inspection of market structure identifies the lack of
diversity of liquidity provision as a potential problem in the long run. The study also suggests that a move toward enforcing larger
tick sizes in the US may undermine efforts to boost liquidity on lit markets.
CFA Institute Opens First China Office, Reaffirms Long-Term Commitment to China and to a Healthy Financial Market (Beijing,
China, 12 October 2015)
Long-term economic development of China requires more financial professionals
Reinforcing its commitment to the global investment profession, CFA Institute opened its first China office. The establishment of a
presence in China demonstrates strong support for China’s growing number of CFA Institute members and CFA Program
candidates and allows for renewed focus on efforts to actively strengthen investor confidence and market integrity and contribute
to the sustainable development of China’s financial industry.
CFA Institute Launches ESG Guide for Investment Professionals (New York, 19 November 2015)
Guide expands portfolio of resources for environmental social & governance issues
CFA Institute has added Environmental Social & Governance Issues in Investments: A Guide for Investment Professionals to its
portfolio of ESG resources. The Guide was developed in response to growing interest among investment professionals to better
incorporate ESG issues in investment analysis, and serves as a comprehensive introduction to ESG considerations. The Guide is
a comprehensive overview of the state of practice, and shares the views of investment professionals and CFA Institute members.
This follows a recent CFA Institute member survey (PDF) of investment professionals worldwide that revealed almost threequarters of respondents take ESG issues into consideration in the investment process.
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