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2014 TCFA Shanghai event 打印

尊敬的TCFA会员和朋友们:

全美华人金融协会(TCFA将携手中欧国际工商管理学院教育基金会、中欧陆家嘴国际金融研究院, 524日在上海共同举办TCFA系列活动。


本次活动我们很荣幸邀请到人民银行上海总部副主任、上海分行行长、 国家外汇管理局上海分局局长张新,陆家嘴金融交易所副总经理杨冀川,上海联和金融信息服务有限公司CEO、前ZAIS Group管理委员会成员庞阳作为演讲嘉宾。他们将就目前中国的金融创新改革、上海自贸区带来的新商机、国内资产证券化的发展以及市场利率化推进的意义等热点议题与大家进行深入讨论。


期待您的出席与参与。 因会场席位有限,请大家尽早报名。


【活动时间】:20145249:00 AM -12:20 PM

【签到时间】:9:00-9:30 AM

【活动地点】:中欧陆家嘴国际金融研究院:上海浦东陆家嘴东园路36号(B栋别墅)

【活动联系人】:侯瑛 Kristal Hou 联系电话:021-31156278;联系邮箱: 该E-mail地址已受到防止垃圾邮件机器人的保护,您必须启用浏览器的Java Script才能看到。

【报名方式】:发送附件回执,或直接发送姓名、职位、工作单位、联系电话、电子邮箱到: 该E-mail地址已受到防止垃圾邮件机器人的保护,您必须启用浏览器的Java Script才能看到。 ;

【备注】:由于报名踊跃,最终资格以收到正式确认函为准。

【主办方】:全美华人金融协会(TCFA)、中欧国际工商管理学院教育基金会、中欧陆家嘴国际金融研究院

【赞助方】:上海联和金融信息服务有限公司

【协办方】:广州睿盈投资管理有限公

 
Job Posting: BoA Capital Risk Management 打印

Bank of America is hiring the following two positions in its CFO Risk – Enterprise Capital Management group, based in NY. MD/Director and Director/VP level commensurate with experience. Interested individuals are welcome to apply online in the URL provided, or go to Bank of America career website for job req 1400037492 and 1400037972.

 

Job Title:

Capital Infrastructure Risk Executive

Location:

New York, NY, United States

Job number:

1400037492

----------------------------------------------------

Description:

Job Description:

 

Responsible for providing independent risk oversight and advice to the enterprise capital management function (ECM) and the associated firm-wide capital management practice. Accountable for conducting execution of risk framework activities with focus on capital infrastructure: models, calculation, data and system. Establish and provide independent oversight on the reporting/calculation, data and system governance.  Recognizes all risk categories including  strategic, credit, market, operational, compliance and reputational and provides appropriate risk expertise.


This role requires deep understanding of  capital and operational risk, key drivers, sensitivities and high risk process/key control risk. Serves as an objective party and key risk partner to Enterprise Capital Management (ECM), Enterprise Data Management (EDM) and its stakeholders in adherence to enterprise risk management guidelines, policies / procedures, appetite/tolerance and data management standards.


Responsibilities to include:

  • Participate in model governance, review and concur on model changes .
  • Perform independent assessment on RWA impact where needed.
  • Review and/or jointly develop with ECM the capital data management policy, procedures and standards
  • Review and approve the capital system development plan and participate in project governance
  • Review ECM data and calculation processes; perform periodic in-depth review of capital calculation;
  • Participate in model, data and system related MRA remediation; partner with CFO Capital Operational team for Gap Closure and Basel implementation
  • Assist/facilitate ECM to manage critical complex projects in data management/system enhancement by providing risk expertise
  • Partner with ECM to monitor/resolve  issues with upstream data sources; Monitor capital data KRI/KBEs
  • Assist on data access and endure understanding of data
  • Review external reporting/disclosures; Monitor capital metrics
  • Maintain strong knowledge of current & changing regulatory environment; collaborate with Compliance to ensure adherence to regulations
  • Document review assessments,  recommendations and escalate material risks/deficiencies

Qualifications:

Requirements:

  • Deep risk or financial management expertise primarily in Capital Risk with 10+ years of experience in Capital and/or Risk
  • Strong risk and financial management discipline with business acumen
  • Must have demonstrated working knowledge of regulatory environment, risk framework, policies & standards
  • Must have demonstrated business acumen with respect to Models
  • Deep knowledge within the Capital Regulatory environment
  • Strong analytical skills; comfort  with models and large amount of data
  • Familiarity with capital calculations and/or data/system requirement a plus
  • Experience with data  management, process optimization a plus
  • Familiarity with quantitative models a plus, but not required
  • Must be able to effectively communicate & raise challenges in a skillful/effective manner
  • Must be a strategic thinker and have strong relationship building/partnering experience

Other competencies:

  • Strategic mindset while maintaining attention to details and ability to deep drill
  • Communicates, influences and negotiates both vertically and horizontally to obtain or leverage necessary resources.
  • Broad influencing and matrix navigation; strong relationship building skills
  • Effectively engages in debates and can take unpopular stand when necessary

----------------------------------------------------

Posting Date: 05/09/2014

Location: US-NY-New York

Language:

Travel: Yes, 5 % of the Time

Hours Per Week: 40.00

Full / Part-time: Fulltime

Shift: 1st Shift

Weekly Schedule:

----------------------------------------------------

Apply URL:

https://bacfhrs.taleo.net/careersection/2/jobapply.ftl?job=1400037492&lang=en

 

********

Job Title:

Capital Risk Senior Manager

Location:

New York, NY, United States

Job number:

1400037972

----------------------------------------------------

Description:

This position falls within the CFO Risk Organization.

The selected candidate will be accountable for supporting the CFO Capital Risk Executive for the execution of risk framework activities with focus on capital policy, planning and strategy risk management for ECM, and reporting for the overall CFO Risk Capital group. Establish and provide independent risk oversight  and advice to the enterprise capital management function (ECM) and the associated overall firm-wide capital management practice. Recognizes all risk categories including strategic, credit, market, operational, compliance and reputational and provides appropriate risk expertise.


This role requires deep understanding of  capital and operational risk, key drivers and sensitivities. Serves as an objective party and key risk partner to ECM and its stakeholders in adherence to enterprise risk management guidelines, policies / procedures, appetite and tolerance.


Responsibilities to include:

  • Jointly develop with ECM the capital policy, governance framework, and risk appetite/limit for Committee/Board approval
  • Participate in policy rule interpretation governance and approve rule interpretations
  • Provide inputs, review and concur on Annual Capital Plan, quarterly capital forecasts/stress testing, subsidiary capital distribution, as well as other capital strategy items (e.g. portfolio optimization, capital allocation)
  • Perform benchmarking analysis to evaluate industry trend and help with independent internal risk assessment
  • Participate in MRA remediation by providing inputs to action items
  • Assist ECM to managing /facilitate complex projects with high operational/compliance risks
  • Maintain strong knowledge of current & changing regulatory environment; collaborate with Compliance to ensure adherence to regulations
  • Document review assessments,  recommendations and escalate material risks/deficiencies

Qualifications:

Requirements:

Must have deep risk management expertise primarily in Capital & Ops Risk.

  • Knowledgeable of regulatory environment, risk framework, policies & standards
  • Strong analytical skills; comfort  in spreadsheet, model and data analytics experience; Must be keen with numbers
  • Experience in a policy and procedure setting a big plus
  • Strong project management and time management skills.  (Will be asked to provide demonstrated examples of working in high pressure and fast paced environment); Must be self-motivated and proactive
  • Ability to operate in fast-pace environment with tight time pressure
  • Strong relationship building; good communications skills and strong influencing skills
  • Global markets experience is a plus
  • Needs to be able to formulate an independent view without being influenced

----------------------------------------------------

Posting Date: 05/12/2014

Location: US-NY-New York, US-NC-Charlotte

Language:

Travel: Yes, 5 % of the Time

Hours Per Week: 40.00

Full / Part-time: Fulltime

Shift: 1st Shift

Weekly Schedule:

----------------------------------------------------

Apply URL:

https://bacfhrs.taleo.net/careersection/2/jobapply.ftl?job=1400037972&lang=en

 
2014 Sino-US Securitization Forum -Recap 打印

TCFA (The Chinese Finance Association) hosted “2014 Sino-US Securitization Forum” in the midtown Manhattan office of law firm Jones Day.   The conference drew more than a hundred attendees despite heavy rain and some flooding condition in the city. The enthusiasm of the attendees brought speakers and guests from China, New York metro area, Washington DC, and Boston.  TCFA President David Yan (China's Ping An Group) delivered the opening remark, followed by a China panel, and then a US panel. The following is a brief summary of each panel.

China Panel: Opportunities and challenges in the fast-growing Chinese securitization market

The China panelists featured Jian Hu (Moody's), Maggie Jiang (Credit Suisse), Cheng Shao (CITICS), Michelle Taylor (Jones Day), and David Yan (Ping An).

The panel provided an overview of the fast-growing Chinese debt capital market and the fledging securitization market, followed by some in-depth discussion on the developments, opportunities and challenges in the Chinese securitization market with its unique characteristics, and the lessons and experiences that could be learned from the history of the US securitization market.

The Chinese bond market is the third largest market in the world, right after US and Japan. The total outstanding amount is about 30 trillion RMB. On the other hand, the securitization market only accounts for 90 billion or 0.3% of the total outstanding amount, which leaves the securitization market in China with a huge growth potential.  Potential bank assets securitizable are about 70 trillion RMB, while only about 1 trillions RMB have been issued so far. The securitization market has a huge potential as the Chinese Government now encourages diversifying the funding sources outside the banking system, with a higher level of transparency.

The main products (or assets being securitized) in the public market could also be grouped into three components: CLO/ABS regulated by CBRC/PBOC; SAMP/ CAMP regulated by CSRC; and ABN regulated by NAFMII.

In the private placement market, many securitization or quasi-securitization products are issued through trust companies and asset management companies. The major players involved in this market include securities firms, subsidiaries of fund management companies, and others such as Ping An’s Lujiazui International Financial Assets Exchange Incorporation (or LuFax).

Domestically, the key investors in the Chinese securitization market include commercial banks, trust companies, and insurance companies. In addition, foreign buyers include RMB clearing banks, foreign central banks, QFII and RQFII investors, etc.

The main originators in the CBRC/PBOC rein of ABS market include China Development Bank (CDB), “Big 5” Chinese commercial banks, regional banks, domestic and JV auto captives, and asset management firms.

In the private market, the demand for the products is much higher compared to the public market, thanks to the higher yield they can offer and short durations, despite the fact that some buyers such as QFII and RQFII currently cannot invest in the private market. For example, the AAA tranches from 1 month to 24 months are currently offered at around 7%-8%. So far, the two major sources of underlying assets are credit cards and auto loans.

US Panel: Current state of the US market, and lessons that could be learned from the history of US securitization market

The US panel was presented by David Cao (DPG, CLO), Daphne Fan (Wells Fargo, CMBS), Maggie Jiang (Credit Suisse, ABS), Scott Pierpont (Jones Day, Legal), Eugene Xu (Libremax, RMBS).

An overview of the US securitization market was first offered by the panelists, which include: 1) Most of the products have recovered from the crisis, in particular, CLOs and CMBS; 2) For CLOs, the new issuance in 2013 is about $80 billion, versus the 2006-2007 level of around $90 billion; 3) For CMBS, the new issuance in 2013 is about $80 - $90 billion, versus the 2006-2007 level of around $200 billion; 4) For non-agency RMBS, the recovery is happening but at a moderate speed. The major issue is the lack of lenders in the market. 5) For other ABS, the market is very active with high volume of issuance. New issuances have emerged as banks are dealing with Basel III rules. The low funding cost also brought new asset classes to the market.  In addition, we have also seen residual sales and deep credit tranches being issued in the market and were well accepted.

Finally, the panel touched upon two most important lessons that could be learned from the history of the US securitization market.

First, we need to keep the leverage at a reasonable and moderate level. For example, some of the 2.0 deals, like CMBS 2.0, have more rigorous standard about the leverage level in new issuances.

Second, the underlying assets need to have enough diversification and transparency. The more diversified products like CLOs performed better than products like CDOs (ABS CDOs). The underlying assets of CLOs are usually transparent and lowly correlated corporate loans in different industries, while the underlying assets of CDOs are highly correlated ABS/RMBS tranches that are not transparent.

 

The forum was a great success, and TCFA plans to have more of such events in the future, to further promote the development of China’s securitization market.  We welcome you follow us on the web at www.tcfaglobal.org and sign up for our future events. Please feel free to reach out to our board members and management team.

 
2014 Moody's and SAIF Conference 打印

New York, April 16, 2014 -- Moody's says an international group of leading academics will take part in the first credit market research conference jointly organized by Moody's and the Shanghai Advanced Institute of Finance (SAIF) of Shanghai Jiaotong University on 17 May 2014. Jiang Wang, a professor of finance from MIT and SAIF, serves as the conference chair.


The full-day event -- "2014 Credit Market Research Conference in China: Recent Advances in Credit Research" -- will include a panel discussion on "Corporate Defaults in China". The panel will examine the economic and policy forces that affect defaults in China and their impact on China's developing credit market and policy making.

 

Moody's Investors Service Chief Credit Officer for Asia Pacific, Michael Taylor, along with academic researchers, Chinese policy makers and industry practitioners, will join as panelists. The panel will be moderated by Jian Hu, a Moody's Managing Director in the Structured Finance Group. The following papers have been selected for presentation at the conference:

"The 'Greatest' Carry Trade Ever? Understanding Eurozone Bank Risks," by Viral V. Acharya, New York University, and Sascha Steffen, European School of Management and Technology;

"Top Financial Institutions, Illiquid Bank Assets, Systemic Crisis, and Financial Contagion," by Christian Lundblad, University North Carolina, and Zhongyan Zhu, Chinese University of Hong Kong;

"Optimal Bank Liability Structure," by Suresh Sundaresan, Columbia University, and Zhenyu Wang, Indiana University;

"Incentive Effects and Pricing of Contingent Capital," by Charles P. Himmelberg, Goldman Sachs & Co, and Sergey Tsyplakov, University of South Carolina;

"Sponsor-Underwriter Affiliation and Securitized Loan Performance," by Zhonglan Dai, Harold H. Zhang, and Feng Zhao, all from the University of Texas at Dallas;

"Credit Default Swaps, Fire Sale Risk and the Liquidity Provision in the Bond Market," by Massimo Massa, INSEAD, and Lei Zhang, Nanyang Technological University.

These papers have been selected by a distinguished panel of 12 professors of finance from more than 140 academic papers received from researchers across the world.

The conference will be held on 17 May 2014 at SAIF in Shanghai. For detailed information and updates to the conference, please visit the conference website at http://moodys.com/crc2014.

 


穆迪:与 SAIF联合举办的首届国际信用市场研究

会议将探讨银行风险与中国企业违约现象 (中文新闻稿为英文的翻译件。如有出入,以英文稿为准。) 紐約,2014 4 16 日—穆迪公司表示,多位国际知名学者将参加穆迪与上海交通大学上海高级金融学院(SAIF) 共同举办的首届国际信用市场研究会议,该会议将于 20145 17日召开,麻省理工学院及 SAIF金融学教授王江将担任会议主席。

 

此次 2014国际信用市场研究会议:信用风险研究的最新进展” 为期一天,并将对中国企业违约现象进行小组讨论。上述小组讨论将探讨影响中国企业违约的经济与政策因素,及其对中国发展中的信用市场和政策制定的影响。

穆迪投资者服务公司亚太区首席信用总监 Michael Taylor将与学者、政策制定者及业内人士共同参加讨论。小组讨论主持人是穆迪结构融资部董事总经理胡剑。

下列论文入选本次会议:

史上“最伟大的”利差交易?了解欧元区银行风险(TheGreatest

Carry Trade Ever? Understanding Eurozone Bank Risks) ,纽约大学Viral V. Acharya 与欧洲管理与技术学院 (European School of Management  and Technology) Sascha Steffen

顶级金融机构、非流动银行资产、系统性危机与金融蔓延 (Top

Financial Institutions, Illiquid Bank Assets, Systemic Crisis, and Financial Contagion) ,北卡罗来纳大学 Christian Lundblad, University North Carolina与香港中文大学Zhongyan Zhu

最佳银行负债结构 (Optimal Bank Liability Structure) ,哥伦比亚大学 Suresh Sundaresan与印第安纳大学 Zhenyu Wang

应急资本的激励效应与定价 (Incentive Effects and Pricing of Contingent Capital) ,高盛 Charles P. Himmelberg 与南卡罗来纳大学Sergey Tsyplakov

发起人—承销商联合与证券化贷款表现 (Sponsor-Underwriter

Affiliation and Securitized Loan Performance) ,德克萨斯大学达拉斯分Zhonglan DaiHarold H. Zhang Feng Zhao

信用违约掉期、折价销售风险与债券市场的流动性效应 (Credit

Default Swaps, Fire Sale Risk and the Liquidity Provision in the Bond Market) ,欧洲工商管理学院 Massimo Massa 与南洋理工大学 Lei Zhang

上述论文由 12位国际知名金融学专家组成的评审团从全球信用市场研究人

士提交的140份论文中遴选而出。

本次会议将于 2014 5 17日在上海 SAIF 召开,关于会议的详细信息及

 

最新资料,请浏览 http://moodys.com/crc2014

 
TCFA 2014 Investment Contest 打印

The Chinese Finance Association (TCFA) Proudly Presents

2014 Global Investment Contest


TCFA is pleased to announce that the 2014 Global Investment Contest will start the registration now till June 30, 2014. By signing up this contests, you are about to compete with the most talented people in the world, and YOU could be the next Global Champion!

The Contest composes of three sub-contests, and each contestant can choose to compete in any one or multiple contests:

China Alpha Contest

iShares Asset Allocation Alpha Contest

Value Investing Contest

Prize and Awards

  • A Grand Cash Prize of $3,000.00
  • One year free subscription of a financial terminal, value up to $7,000.00
  • VIP Dinner with judges from the Judging Committee following the Final Contest
  • Gain a chance to assist senior Hedge Fund mentors to manage portfolios
  • And more…

Registration is FREE at here Trading Session will start on 4/15/2014

 

If you have any questions regarding the Contest, please contact us at 该E-mail地址已受到防止垃圾邮件机器人的保护,您必须启用浏览器的Java Script才能看到。

 

We look forward to your participation, and GOOD LUCK!

 

 

 
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