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1412 CFA Society Newsletter NEWSLETTER CFA Society Czech Republic No. 5 December 2014 Content Local Content, Global Content, And Much More… Introduction (page 2) Investment Conference BlackRock Adopts CFA Institute Asset Manager Welcome to the Christmas edition of our Society Code of Professional Conduct newsletter! Your CFA Society Update (page 12-18) Interview (page 3-5) Jan Bureš about Global Macroeconomic CFA Society Introduces GIPS Standards in the Developments Czech Republic 5th Annual ACCA CFA & Business Mixer Independent Voice (page 6-9) Video from 1. Česká investiční konference Excuse-me, do you speak financial? CFA Charter Awarding Ceremony 2014 (Katarína Ščecinová, CFA) CFA JobLine – Senior Job Positions Structural Reform of European Banking Research Challenge 2014 – 2015 – Update (Jan Kincl) Looking Back on Previous Four Editions of Our Newsletter (No.1 – No. 4) CFA Institute – Global Impact (page 10-11) Invitation to CFA Society FORECASTING DINNER CFA Institute Supports the Ethics in Finance- 2015 on 19 February 2015 Robin Cosgrove Prize EVENT SEASON 2014 – 2015 Looking Back at Seventh Annual European NEWSLETTER | No. 5 | December 2014 | Publication date: 15 December 2014 Introduction Welcome to the Christmas edition of our Society newsletter! Dear Society Members, CFA Candidates, Partners and JobLine, events, newsletter and other services our Friends, society provides. We were very pleased with the results. Here are some of the key outcomes. Welcome to the Christmas edition of our Society newsletter! The top article and interview picks from our newsletter - on page 16 you can find a selection of articles which we We would like to take the opportunity that the end of the believe are the most worthwhile reads. Take the opportunity year is approaching and look back at the main milestones of the Festive Holidays and browse back at the content of of the Society in 2014. For those of you who plan to use the each of our newsletter we have carefully selected and put Christmas holidays to catch up on reading about current together for you. developments and commentaries on the financial markets we have selected the best articles issued in our newsletter Finally, we would like to point out some of the main to date. upcoming events that you shouldn’t miss: On top of that, Michal Stupavský, CFA, our Newsletter 13th Annual CFA Society Forecasting Dinner 2015 – Manager, is bringing you lots of fresh new content, namely The event will take place on the 19 February 2015 at the articles and interviews prepared with our members and CNB. We have confirmed two keynotes speakers: other financial professionals as well as articles by the CFA Miroslav Singer, CNB governor, and Jerome Booth, the Institute on global issues. Founder of New Sparta Limited and leading expert on emerging markets and asset allocation. Mark the 19 Here are some of the milestones that hallmarked 2014 February in your diaries! for the CFA Society: CFA Candidate Mixer 2015 – Preliminarily planned for 18 new CFA charterholders – We would like to the 22 January will feature some of our CFA congratulate and welcome 18 new CFA charterholders charterholders who will share their tips on how to best from the Czech Republic and Slovakia who earned the prepare for the CFA exam. The aim of the event is to CFA designation in 2014. We officially recognized them also facilitate the creation of study groups among CFA at the Charter Awarding Ceremony on 27 November candidates. where they received their diplomas. On the same day, CFA Institute Research Challenge 2014/2015: Final their names were also published in a congratulatory Round in the CR – will take place on the 28 January at advertisement in Ekonom, the business weekly. VSE. Come and listen to investment recommendations First events in Slovakia – Based on a survey about Pegas Nonwovens presented by student teams. These teams will be shortlisted from the record high conducted among our Slovak members we decided to launch our activities in Slovakia and held our first events number of 15 teams from 11 universities, including two from Slovakia! in Bratislava in March and October this year. We also partnered with SASS and held our first Christmas Party Management series of workshops for ACCA & CFA in Slovakia on 11 December! Society – After the successful first series of Risk Future of Finance – We joined forces with the CFA Academy workshops Deloitte CR launched thesecond Institute and launched a long term campaign Future of series for ACCA and CFA Society members on “How to Finance. As a part of the first topic: ‘Putting Investors increase a Company’s value?“. The next workshop First’ we hosted a discussion panel in Studio Burza in focusing on financing options will take place on the 18 May, where Jiri Rusnok from the CNB, Petr Koblic from March 2015. the PSE and other experts from AKAT, ING IM and IS You can find information on these events and much more in CS evaluated investor protection in the Czech Republic Your Society Update at the end of the newsletter. To see (see the video and the report on CT24). our full event portfolio visit our event calendar on the GIPS – Together with AKAT, the CFA Society officially society’s home page. introduced the Global Investment Performance Standards in the Czech Republic on 30 September. The We hope that you will enjoy reading the Christmas edition of initiative has the official support of the CNB. We plan to our newsletter! hold workshops on GIPS in 2015. Wishing you a Merry Christmas and a Happy New Year Research Challenge – The Challenge has grown 2014! unprecedentedly with 15 teams from 11 universities th taking part in this year’s 5 annual local round. This Petra Roberts, CFA Marek Jindra, CFA year, for the first time, two Slovakian universities are participating. Executive Director President Member Satisfaction Survey – We have also [email protected] [email protected] conducted an extensive survey to find out preferences and feedback from our members about the CFA On behalf of the Board of Directors We would like to extend our greatest thanks to our sponsors for their support in 2014 - 2 - NEWSLETTER | No. 5 | December 2014 | CFA Society Czech Republic | www.czechcfa.cz Interview Jan Bureš about Global Macroeconomic Developments Jan Bureš has worked for ČSOB as a Macroeconomic Jan: Reasons are similar to those above. First, growth Analyst since 2005 and has also been the Chief forecasts in the EMU are decreasing. Secondly, several Economist of Poštovní spořitelna ČSOB since 2008. emerging countries are having problems. Russia is Jan develops macroeconomic forecasts for the Central impacted by sanctions, and other emerging countries have European economies with primary focus on FX and to cope with a significantly lower crude oil price. fixed income markets, communicates with and advises Additionally, the question of the first interest rates increase both domestic and foreign clients as well as asset in the US can be sensitive for several emerging countries in managers and dealers, presenting his forecasts and 2015 as some of them, such as Turkey or South Africa, consulting financial markets developments. have large current account deficits which were enabled in Furthermore he extensively communicates with mass- the last years by the weak US dollar. Moreover they have media. Michal Stupavský, CFA, Newsletter Manager, small FX reserves and with the dollar strengthening, this carried out the interview with Jan in the second half of could endanger them immensely. November. --- Michal: It has now been six years since the collapse of Lehman Brothers and the outbreak of the global financial and economic crisis in the autumn of 2008. In its World Economic Outlook from October, the IMF points out that “the pace of the global recovery has disappointed in recent years”. Why has the economic recovery not been faster and how has the global economy changed since 2008? Jan: The main brake of the global economy has been the sluggish economic recovery in the European Monetary Union (EMU). Also emerging markets, mainly the biggest ones such as Russia and China, have been lagging behind expectations during the last two years. On the other hand, the US economy has surprised positively. US households and financial sector have cleared their financial balances quite rapidly. Thus the US economy is now ready for a relatively healthy growth in domestic demand. On top of that there has also been a positive contribution of the Jan Bureš supply shock from the accelerated development of the shale gas industry, which is having a positive impact on the potential product of the US economy. Michal: In the US, after a surprisingly dismal first quarter, activity picked up in the second quarter, and As regards to the developments of the global economy evidence suggests that the weakness was mostly since 2008, a key change is the fact that the weight of temporary. In the euro area, growth came to a halt in emerging countries has further increased and continues the second quarter, mainly on the account of weak increasing now. Simultaneously, Western European investments and exports, and uncertainty about the economies are becoming the world number one exporter, persistence of the growth slowdown remains. Thus primarily Germany, with increasing trade balance based on recent macroeconomic indicators, the US surpluses. Other countries from Western Europe have also economy is in a much better shape than its European been improving their trade balances as they are pushed to counterpart and the uneven global recovery continues. the same economic model as Germany. Among these are How would you explain these divergent trends in the Spain and other countries on the EMU periphery. These US and Europe? countries add to the fact that the trade balance of the whole Jan: There are several reasons for this.
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