Curriculum Vitae

Personal Information Name Ricardo Silva Address Rua Laura Alves, 4, 1050-138 Lisbon, Portugal Mobile Phone (+351) 213 177 000 Email [email protected] Nationality Portugal

Work Experience

Dates Since May 2012 Occupation or position held Economist – Research Department Main activities and responsibilities - Research in the fields of macroeconomics, finance and econometrics. - Analysis of worldwide macroeconomic and financial developments. - Risk assessment of financial intermediaries and markets (equity and derivatives). Name of employer CMVM – Portuguese Securities Market Commission

Dates From April 2010 to April 2012 Occupation or position held Economist – Market Structures and Intermediation Supervision Department Main activities and responsibilities - Responsible for the construction and implementation of a Risk Assessment System for risk-based supervision. Responsible for the risk assessment of the Portuguese financial intermediaries and the financial system as a whole. - Analysis of financial market and macro developments. - Supervision of equity, macro and credit research activities, covering Portuguese listed companies. - On-site and off-site supervision of financial intermediaries, with particular focus on portfolio management, brokerage, custody and proprietary trading activities. Responsible for managing the information and supervision regarding 3 banks with activities in Portugal. - Responsibilities in the supervision of market infra-structures, namely, regulated markets, a CCP and a CSD. Name of employer CMVM – Portuguese Securities Market Commission

Dates From October 2009 to March 2010 Occupation or position held Economist – Trainee Main activities and responsibilities Internship in the following departments: Markets, Issuers and Information Supervision Department (real-time supervision of the Portuguese equity market and conduct of market participants), Market Structures and Intermediation Supervision Department (equity research supervision), Research Department (Portuguese financial market analysis), Trading Analysis and Enforcement Department (market manipulation and inside trading investigations). Name of employer CMVM – Portuguese Securities Market Commission

Dates From December 2008 to September 2009 Occupation or position held Trainee – Controlling Department Name of employer Bosch Termotecnologia, SA

Education and training

Dates June 2012 Title of qualification awarded Summer School ISEG – Modelling Financial Time Series with GAUSS

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Principal subjects Modelling Financial Time Series with (Aptech) GAUSS: construction, programming and estimation of discrete and continuous time models, namely, TAR, ESTAR, SETAR, markov-switching, stochastic differential equation models. Name of organisation ISEG - Instituto Superior de Economia e Gestão (Lisbon, Portugal)

Dates February 2012 Title of qualification awarded The Science and Art of DSGE Modelling (Invited to attend) Principal subjects Phd intensive course on construction, calibration and bayesian estimation of DSGE (Dynamic Stochastic General Equilibrium) models using Matlab – Dynare. Fiscal and monetary policy design and analysis in the RBC and New Keynesian models. Covered models with financial and labor frictions, banking sector, policy commitments, taylor rules, and open economies. Name of organisation FEP – Faculty of Economics, University of Porto (Porto, Portugal)

Dates October 2011 Title of qualification awarded Risk Assessment Systems Principal subjects Construction of risk assessment systems for the supervision of banks and other financial intermediaries under Basel rules. Implementation of the Supervisory Review Process (SRP), Risk Assessment System (RAS), Supervisory Review and Evaluation Process (SREP) and Internal Capital Adequacy Assessment Process (ICAAP) systems. Key risk indicators and stress tests. Name of organisation European Banking Authority & Bank of Italy (Rome, Italy)

Dates September 2011 Title of qualification awarded Credit Default Swaps (CDS) Principal subjects Credit Default Swaps and other credit derivatives. CDS markets, trading, valuation and mark-to- market. Margin and collateral management; credit events and ISDA documentation. Operational management; centralized clearing. Name of organisation ICMA – International Capital Markets Association (London, United Kingdom)

Dates June 2010 Title of qualification awarded Understanding the Impact of Lehman’s Default on Market Participants Name of organisation Autorité des Marchés Financiers, Autorité de Contrôle Prudentiel, Banque de France, European Institute for Financial Regulation (Paris, France)

Dates From September 2008 to January 2010 Title of qualification awarded Master (Msc) Economics Thesis: Nonlinearities and Synchronization of Business Cycles: a Novel Approach Name of organisation University of Aveiro, Portugal

Dates August 2008 Title of qualification awarded Summer School CEMFI – New Tools for Short Term Forecasting Principal subjects Modelling and estimation of linear and nonlinear econometric models: VAR’s. state-space/unobserved components, markov-switching, threshold (TAR, SETAR), small and large scale dynamic factor models. Short-term forecasting and forecast evaluation. Name of organisation CEMFI – Centro de Estudios Monetarios y Financieros (Madrid, Spain)

Dates From September 2004 to June 2008 Title of qualification awarded BA Economics (Awarded with Merit Prizes for best student of the course in years 2007 and 2008) Name of organisation University of Aveiro, Portugal

Dates From January to June 2007 Title of qualification awarded ERASMUS (with honours in the Advanced Macroeconomics course) Name of organisation Universitat Autònoma de Barcelona (Barcelona, Spain)

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Research Publications: - CFD’s: os Riscos da Simplicidade, Cadernos do Mercado de Valores Mobiliários (Forthcoming), November 2012. (CFD’s: the Risks of Simplicity) - Business Cycle Association and Synchronization in Europe: a Descriptive Review, Issues in Political Economy, Vol. 18, July 2009.

Working Papers: - Cointegration and Asymmetric Adjustment between Output and Unemployment: an Application to the U.S. Economy. with Elisabeth T. Pereira and João Bento, Working Papers DEGEI nº 52/2009.

Research in Progress: - Nonlinearities and Synchronization of Business Cycles: a novel approach., (under revision). - A structural approach to the cyclical price-earnings ratio, (in progress) - On the relation between stock and bond markets: a disaggregated approach, (in progress)

Conference Presentations - Cointegration and Asymmetric Adjustment between Output and Unemployment: an Application to the U.S. Economy, with Elisabeth T. Pereira and João Bento, INFER Annual Conference 2008 (Évora). - Discussion of “A Note on the Empirics of Inflation: the Spanish Case”, Caraballo, M. A. e Usabiaga, C., INFER Annual Conference 2008 (Évora).

Personal skills and competences Mother tongue Portuguese Other language(s) Self-assessment Understanding Speaking Writing European level (*) Listening Reading Spoken interaction Spoken production English C1 Proficient user C1 Proficient user C1 Proficient user C1 Proficient user C1 Proficient user Spanish B2 Independent User B2 Independent User B2 Independent User B2 Independent User B1 Independent User Catalan B1 Independent User B1 Independent User A1 Basic user A1 Basic user A1 Basic user (*)Common European Framework of Reference for Languages

Social skills and competences - Organization of seminars on Credit Default Swaps and Contracts for Differences for the Market Structures and Intermediation Supervision Department of the Portuguese Securities Market Commission.

Computer skills and Statistics and Econometrics: Matlab, Aptech GAUSS, , EViews, , JMulti, OxMetrics, competences and SPSS – Proficient user. Finance: Bloomberg, Reuters – Proficient user. Other: Windows , Microsoft Office and LaTeX – Proficient user.

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