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Securities & INVESTMENT May 2012 Securities & INVESTMENT May 2012 REthe members’ magazine of theV chartered instituteI forE securities &W investment cisi.org/sireview In the shadows Have banks been conspiring to fix the LIBOR benchmark? page 12 Material change? Why EU audit-industry reform may maintain the status quo, p16 American import How the Volcker Rule could reshape European fund management, p20 Securities & Investment may 2012 RE VIEW Editor Louise Reip Commissioning Editor Hugo Cox 12 Senior Designer Pip Atkinson Art Director Steven Gibbon Publisher David Poulton Production Director John Faulkner Managing Director Claire Oldfield Chief Executive Martin MacConnol Advertising Sales Yanina Stachura +44 20 7010 0945 [email protected] Cover illustration David Angel for Debut Art Published on behalf of the Chartered Institute for Securities & Investment by Wardour, 5th Floor, Drury House 34–43 Russell Street London WC2B 5HA Telephone: +44 20 7010 0999 Fax: +44 20 7010 0900 www.wardour.co.uk 18 22 ISSN: 1357-7069 Communications Editor, Chartered Institute for Securities & Investment Contents Richard Mitchell 8 Eastcheap, London EC3M 1AE Features Members’ features Regulars Telephone: +44 20 7645 0749 12 fixing the game? 22 cpd: winds of change 5 city view Email: [email protected] Hugo Cox investigates Christopher Bond, Chartered The CISI is investing in allegations that banks MCSI, explains what firms education to support the Editorial panel colluded to set the London can expect from Mifid 2 industry members of Nick Seaward, Supervision Services Chartered FCSI, Chairman Partnership Inter-Bank Offered the future Suren Chellappah FCSI Sanford C Bernstein Rate (LIBOR) Moorad Choudhry FCSI Royal Bank of Scotland 24 raising the standard Simon Culhane, Chartered Institute for Organisations are being 6 upfront Chartered FCSI Securities & Investment 16 still coining it? encouraged to sign up to a News and views from Scott Dobbie FCSI(Hon) Deutsche Bank Will the EU’s proposed Mike Gould FCSI Russell Investments new integrity charter mark members of the CISI, Peter Land, Chartered FCSI Brewin Dolphin changes to the audit including our regular back Gregor Logan MCSI industry break up the story by Clay ‘Mudlark’ Harris Paul Loughlin, Rathbone Investment Chartered MCSI Management Big Four’s dominance? 26 need to read Robert Merrifield FCSI Legal & General Jennifer Bollen reports Catch up with this Richard Mitchell Chartered Institute for month’s essential reading 11 first person Securities & Investment Christopher Adams looks at the Frank Reardon, JM Finn 20 Chartered FCSI a rule too far advantages and downsides Patricia Robertson, Westport Global Annabelle Palmer looks 27 diary to another round of Chartered FCSI into the impact of the US’s Jeremy Robinson, Charles Stanley CISI events and new quantitative easing Chartered FCSI Volcker Rule on the fund Hamish Rowan-Hamilton TheCityUK member admissions Markus Ruetimann FCSI Schroder Investment management industry Management 18 profile: carol Nimrod Schwarzmann FCSI RBS Global Markets 30 people: hurley burly alexander Arjuna Sittampalam, Sage & Hermes Chartered MCSI Terry Hall MCSI explains The leading academic talks Nigel Sydenham, BPP Professional Education his passion for the Gaelic financial risk management Chartered MCSI Alan Yarrow, Chartered Institute for game of hurling with Hugo Cox Chartered FCSI(Hon) Securities & Investment Make the switch! Read the Securities & Investment Review on your computer, Average audited circulation: 17,886 for period July 2010 – June 2011 smartphone or tablet as if you had the printed version in front of you, and have your CPD hours logged automatically! © The Chartered Institute for Securities & Investment (CISI). All rights reserved. Reproduction in whole or part prohibited without prior permission of the CISI. The CISI and Wardour accept no responsibility The Institute will donate £1 to its educational charity for for the views expressed by contributors to the Securities & Investment Review; or for unsolicited manuscripts, photographs or illustrations; or every member who switches to receive the digital magazine. for errors in articles or advertisements in the Securities & Investment Review. The views expressed in the Securities & Investment Review are visit cisi.org/sireviewinfo not necessarily those held by the CISI or its members. 3 city view cisi opinion The CISI is stepping up its efforts to help young people forge a career in finance Education, education, education change in education is all around us: new Certificate for Introduction to the prospect of an A-level curriculum being Securities & Investment for schools, developed by universities; steeper student which combines UCAS points for prospective loans steering young people into jobs or university entrants with full equivalence to apprenticeships instead of university; colleges the Introduction to Investment Award used by and even professional bodies being able to many firms recruiting staff in the operations the CISI is doing, not just in Leeds but across offer degrees in the future; and a stronger sector. Accordingly, school leavers opting not the sector globally. To achieve this, the Board focus on freedom from government, yet to go to university may have a stronger chance is establishing a new committee, comprising also greater regulation. These of obtaining work in the sector. academics as well as practitioners, to oversee changes provide the CISI with unprecedented Leeds is England’s largest centre for financial and guide our education strategies. opportunities to make a difference. For several services outside London. The CISI will offer The committee will be chaired by Nick Swales, years, the CISI has sought to penetrate the the teacher’s funding and a partnership of a Chartered FCSI, from supporter firm UBS. Nick schools and universities sector, furthering strong regional committee and the stockbroker is representative of the many CISI members our charitable objective ‘to promote for Redmayne-Bentley to support a school who already combine work with giving their the public benefit the advancement and own time to develop the industry’s future. He dissemination of knowledge in the field of contributes to Newcastle University, chairs an securities and investment’. While While ‘professionalism’ education charity for disabled young people and ‘professionalism’ summarises the heart of our is a mentor to graduates entering our industry. mission, ‘partnership’ best describes the way in summarises the heart of which the CISI works. This has led us to achieve our mission, ‘partnership’ A modern Institute international recognition for our qualifications To professionalism as our heart – and and constructive thought-leadership when best describes the way in partnership as our style of engagement – add interpreting the UK regulatory landscape. technology as our tool for success. Education for This partnership approach is now being which the CISI works the young, as well as for the busy practitioner, successfully applied in education. needs to balance face-to-face development with For example, by September 2012, the CISI will identified by the Local Education Authority. online learning, and the CISI will continue to have 20 universities working with us, planning, This will also be assisted by a local university. focus on bringing the best of technology to bear delivering or developing undergraduate and By coincidence, the teacher in all our work. Taking this as our postgraduate provision, while new A-level- and funded by the Trust in Leeds worked part time cue, you can support the Trust’s work GCSE-equivalent qualifications are among at Redmayne-Bentley as a teenager, which by switching to our new interactive online initiatives under development. inspired her own interest in financial services Securities & Investment Review. We will donate Moreover, following a CISI Board decision to as a career. The Trust will also fund a part-time £1 to the Trust for each member who, in this set aside additional funds for its own education ‘work placement co-ordinator’ in London, a way, supports our vision for the future, in charity – the CISI Educational Trust – from need identified from our first pilot work in developing our members and improving the September 2012, the Trust will fund a state schools during the previous year. employment chances of our young people. secondary school teacher in Leeds for two Attracting talent, raising aspirations for a Visit cisi.org/sireviewinfo for further details of years (see page 7 for full details). The school career in the sector and providing a partnership this initiative and to read about the benefits will use this resource partly to teach the CISI’s between industry and education is exactly what of accessing the magazine online. 5 News and views from the CISI Upfront bahrain benefits Islamic finance Fresh look for achievement membership cards By now, all CISI members should have received their 2012/13 membership cards. The new cards feature the CISI’s special 20th anniversary logo to acknowledge this year’s milestone. The barcode on the reverse side has Jawad Mandakar ACSI (second from right) is congratulated by, from left, Iain Lindsay, British Ambassador been enhanced to make to Bahrain; HE Rasheed Al Maraj; CISI Chief Executive Simon Culhane, Chartered FCSI; and Khalid Al Zayani, the recording of CPD President of the CISI National Advisory Council in Bahrain more comprehensive. Jawad Mandakar ACSI has become the on theoretical background and practical An extended unique,
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