Featuring Vivian Lin Thurston, CFA Partner, Portfolio Manager William Blair Investment Management Program Description: Join us for an in-depth discussion on the current state and prospects of China’s macro economy and equity markets, with […]

Come celebrate the holiday season and catch up with friends! Join us for Happy Hour on Dec 12, 2023 at Tradition Gastro Pub at 5 P.M. When; 5-7 P.M. on Tuesday, December 12, 2023Where: […]

Alibaba and Yum China first in line for audit checks by US regulator. Stock up on batteries, candles, and non-perishable snacks. Blackouts are coming. Toyota to Put Additional Billions of Dollars Into EV Batteries […]

World chip sales growth has decelerated for six straight months — yet another sign the global economy is straining under the weight of rising interest rates and mounting geopolitical risks. The Bank of England predicts […]

Alibaba and Other Chinese Stocks Got Crushed Thursday. Here’s Why. Oil-Price Surge Threatens U.S. Growth Billionaire activist investor Carl Icahn has drawn attention to the use of metal enclosures to house pregnant pigs in a dispute with McDonald’s Corp […]

To fight inflation, the Fed may resort to a tool it hasn’t used since 2000 Billionaire investor William Ackman has built a new stake in streaming service Netflix Inc worth more than $1 billion since its stock […]

2022 Is When Oil Supply Panic Replaces Fears About Demand LinkedIn launches new app in China without social feed after shutting main service Bitcoin prices fall to lowest in months after US Fed remarks Beijing Steps Up […]

Didi’s abrupt decision to leave brings home a stark truth for Wall Street The coming inflation tsunami and how to prepare Paytm IPO Investors Lose $900 Million in Two Days as India’s Biggest Listing Flops 29 Big Ideas […]

What’s behind China’s video game restrictions? Alibaba elaborates on how it will use its 100 billion yuan ‘common prosperity’ fund – pointing to ‘high quality growth’ for all Crypto prepares for war with the SEC 5 […]

Biden sets goal for 50% of new US vehicles to be electric by 2030 Robinhood Markets Inc. has officially become a meme stock, and this week’s wild ride could be just the beginning if legions of amateur […]

In a notice posted late Friday evening, the Cyberspace Administration of China (CAC) demanded that more than two dozen additional apps tied to Didi be scrubbed from China’s app stores Bezos will transition to executive chair […]

Didi Chuxing Technology Co., the Chinese ride-hailing behemoth, made its IPO papers public on Thursday BlackRock expands China footprint with wealth management licence In less than 72 hours, Clover’s share price soared 200% to a […]

China Is Betting Big on Its Digital Currency. What It Means for Alibaba and Tencent. The Great Bitcoin Debate: Warren Buffett vs. Bill Miller Major disappointment: America added way fewer jobs than expected in April TikTok Names […]

AMC’s Chinese Owner Gives Up Control Over World’s Largest Cinema Chain Vanguard Hits Pause on Fund Ambitions in China JPMorgan to Buy $410 Million Stake in Chinese Bank’s Wealth Business BlackRock closes Shanghai unit as it […]

Central banks around the world want to get into digital currencies—here’s why China’s Exports Surge From 2020 Lockdown as Demand Booms Celebratory ‘Vaxications’ Are Giving the Travel Industry a Boost U.S. Job Growth Surges Past Estimates; Unemployment Dips […]

The Very, Very Long Way Home for Chinese New Year The Climate Billionaires: Elon Musk on Top, the Rest Are Made in China Kuaishou IPO: how newest millennial billionaires built the biggest rival to China’s TikTok […]

US investors holding US$1 trillion of Chinese stocks in a spot of bother as Trump’s investment ban nears The cryptocurrency’s weekend volatility spikes owe to a couple of factors. Apple is moving forward with self-driving car technology […]

What does recall the dot-com bubble era are the valuations accorded these IPOs SPAC listings hit a record high in 2020 — but what are these ‘shell companies’? Six reasons why farmers are justified in protesting […]

第十五届中国国际金融论坛于2018年12月15日-16日在上海召开，主题为：现代金融体系构建服务实体经济高质量发展，美国华人金融协会（CFAA）中国区主席詹锐出席并演讲。 詹锐称，从美国的监管可以得出启示，金融机构本身是服务机构，金融终究要回归实体。 他还指出，美国金融监管是一种放松的状态，因为随着百年来的历史，美国证券市场相对完善，系统性金融机构的认定标准相对较高。詹锐指出，这只有在信义责任基础上才能做到，例如你投资了我，我要对你负责，我作为你的投资顾问，我要给我的顾客，给你负什么责任？关于这一点，美国已经建立非常完善的系统。 以下为演讲实录： 詹锐：大家下午好！听了一下午，而且都是这么有技术含量的，难度很高的数位博士来讲的东西。我先说一下华人金融协会，我们这个华人金融协会，总部在芝加哥的美国机构。美国在1933年之前，在美国是没有联邦的证券法，是什么样的状况呢？大家如果看过《了不起的盖茨比》等就会知道，那是纸醉金迷的纽约黄金时代，欺诈、操纵股市、内幕交易、利益输送等，只要你胆子够大，脸皮够厚一定会赚到钱。这个导致什么后果？导致了股市大封盘，直接导致了30年代的大萧条情况，美国很多银行的行长，很多的金融机构老总、老板都失业了，被迫到街上卖苹果。而且有成千上万人自杀，失业的人数不尽其数，那是美国非常灰暗的一段历史。 后来美国终于下定决心打造完善的体系，1933年《证券法》，这个法规导致出现的一个结构叫SEC，从此之后，所有发行证券必须要遵循这个法规，这里就有一个东西来了，什么是证券？这个和我们后面的风险是非常有关系的，否则就是隐瞒生长，什么是证券？正很简单，就是在交易所或者银行、市场里面，在股票、债券等，其他的股市证券。 1993年《证券法》虽然做了很详细的定义，但是还没有讲什么是证券，后来一系列的案子，慢慢演变出来了证券市场。三个指标，一个以投资为目的，这个收益依赖于他人，这样的合作就是证券，美国你要想做金融创新，往往弄到这里面。除非是例外，除非是有例外的，你才免于被监管，什么是例外？私募，明确规定是例外或者在某一个州，可以免于进行注册登记。 这个就奠定了美国的基础，同时也是为什么刚才几位老师提到的，美国在金融创新这一块，并没有像其他的国家这么发达，这是很重要的支撑原因，还有一个很重要的法案，这个是和2008年有直接关系的。在1993年的《银行法》里面，投资银行，商业银行不准做投资银行的交易，这个规定在1999年的金融现代服务法法案里面取消掉了，为什么呢？因为在1999年之前这段时间，投资银行的收益非常好，传统的银行相反，商业银行收益率非常低。大家都知道美国联邦政府又一个称号，布兰特等，当时都是有千丝万缕的关系。导致1999年出台了《金融服务法案》，放松了金融衍生品的管制，直接造成了一个后果，我们讲到的后来导致2010年多德-弗兰克法案法案出台，CDO又是非常聪明的华尔街精英做出的产品，我们用的是一些非常低的信用这些产品。最后被世界级的评级机构打包到市场上销售。就在2008年之前，大概有数千支这种产品进入，形成非常庞大的资产包，最后资产包崩盘之后出现什么结果？包括高盛在内的一些大行，利用了AIG的措施，给自己的收益做担保，当投资人钱亏掉之后，他们可以通过AIG保险对冲，AIG提供的保险里面获益。当AIG也没钱，如果担保量太大，AIG也没钱了。联邦政府纾困，很不，包括保险基金在内的，都亏损非常严重，直接导致美国在30年代大萧条之后一次大的金融危机。 在这个背景之下，多德-弗兰克法案出台了，800多页，被美国同行称为这是真正的法案，创造就业机会的法案。为了多德-弗兰克法案的合规，美国的银行和金融界至今已经付出了超过，大概到2016年付出了超过400亿美金的合规。多德-弗兰克法案讲了什么东西？其实有一个法规又回到了1933年银行法，又回到了严监管的状态了。同时多德-弗兰克法案对于银行银行界还有券商的一些披露，提了很高的要求。到2012年的时候，按照披露的要求，290多条规则，大概超过90%已经被适用了。适用之后又回到强监管的状态，这个事刚好吻合了美国下一波的回暖，终于开始回南。回暖之后，美国人民非常有幸迎来了特朗普总统，在今年5月份的时候，特朗普推出了《经济增长、放松监管和消费者保护法案》的法案，这个法案刚刚出来的时候，又重新把多德-弗兰克法案里面一些对于金融机构监管的措施取消了，可以看到现在的金融集团在美国政府里面是非常有影响力的，可以看到原来花了差不多上百年慢慢取消这个东西，数年的时间就已经取消掉了。取消掉的后果是什么，待会儿会详细的讲一下。 首先提高了系统性金融机构的认定标准，原来标准是500亿美元，机构的净资产是500亿美元，纳入系统性金融机构名单里。纳入名单的话，会有很重的责任，首先第一个，每年美联储对这个机构进行压力测试，把整个机构监管，搞一个底朝天，摸底摸的非常清楚。现在把它变成了2500亿美金，目前只有12家金融机构是在这个名单里面，另外的话，很重要的一个信息，推动了网商银行、金融创新这一块的放松，是有利于美国的金融放松。同时对我们来说也是一个信号，美国的监管，实际上是以放松的状态。但是和我们是不是这样的？我们刚好不是这个样子的，不管是从证券还是证券市场、银行这一块，都是全力做紧缩的。 最后从美国的监管可以看出来，给我们一些什么样的启示，最终金融是要回归到实体的，中国是有提到很多的钱在金融机构里空转，空转的话，金融机构本身是服务机构，服务于实体企业，其中有一个很核心的东西，我个人觉得证券业，由于我们讲到了，刚才不管是杨老师还是朱老师都讲到了，我们怎么样让企业能够有效和投资方一起分担这个投资风险，这个怎么做到的？ 只有在信义责任基础上做到的，这是比较专业的这个词。你投资了我，我要对你付什么样的责任，我作为你的投资顾问，我要给我的顾客，给您付什么责任，美国已经建立非常完善的系统。但是在中国没有，中国没有这样的系统，我们在《证券法》里面做了一些规定，但是非常可惜，我们在实操这个阶段的话，股东损害股民的利益，上市公司损害投资机构的利益，我们再回到大股东损害小股东的利益，公司的资产混合等等。监管这一块，我个人建议是适度监管，我们的优势是空间比较大，没有像美国那么严格的体系。但是我们的劣势是什么？这一块非常的薄弱，比如说评级机构，我们有银监会、证监会、银行体系，各个部门都有资格发评级机构的资格证书，在评级机构这一块，不见得比美国这一块做的更好。评级机构评级之后，很核心的指标，这一块，如何关注系统等风险，这是需要考虑的，提一点建议，谢谢大家！

Will Interest Rates Surge? Evidence from Options Markets How a Biden presidency would transform the U.S. energy landscape The suspension of Ant Group’s debut is likely to cost a cadre of the world’s largest investment banks nearly […]

Boeing still expects the global fleet of commercial aircraft to grow substantially over 20 years from the current 25,900 in service last year to 48,400 by 2039. Chipmaker Xilinx surged as much as 17% on Friday […]

Buffett’s conversion to gold is a signal for other stock market investors. A bilateral trade agreement with Japan could increase UK GDP in the long run by just £1.5 billion ($1.9 billion), or around […]

President Donald Trump’s order banning U.S. companies from doing business with Chinese messaging app WeChat could damage iPhone sales in one of Apple Inc.’s most important markets. Instagram Reels: Facebook’s history of ‘adapting’ competitors’ […]

TikTok Considers Changes to Distance App From Chinese Roots Tesla tops Toyota as world’s most valuable automaker – if you ignore Elon Musk’s debt, that is The all-stock transaction means that customers of Postmates […]

This Bull Market Isn’t as Big as You Think Fidelity International is seeking approval from Chinese regulators to establish a wholly owned mutual fund company on mainland China. Even if SpaceX isn’t publicly traded, there are some […]

Direct lending strategies are in for a rough ride, with bleaker prospects for fundraising, new launches delayed, and fewer chances to deploy capital, market watchers say Now is the chance for faux meat companies to hook these […]

The end of an era for the bond-equity relationship? With the Federal Reserve taking action and a $2 trillion government stimulus on the table, a wave of rebalancing may be on the way. Managers Incorporate COVID-19 […]

Will The Fed’s Sudden Move Usher In Even Lower Mortgage Rates? Aon and WTW’s Mega-Merger Could Create ‘Winners and Losers’ Oil prices have suffered their biggest fall since the day in 1991 when American forces launched […]

To counter Huawei, U.S. could take ‘controlling stake’ in Ericsson, Nokia: attorney general “By 2029, the largest asset manager in the world will be Chinese,” he said at the Financial Times Future of Asset […]

The index provider launched the MSCI US Dollar Investment Grade ESG Universal Corporate Bond Index (universal) and the MSCI US Dollar Investment Grade ESG Leaders Corporate Bond Index (leaders) earlier this week to meet […]

Conference covered: 上市决定和上市选择 中国企业美国上市流程概述 IPO顾问及IR服务-海外融资的机遇与挑战 中国企业赴美上市最新考量及趋势 中国企业赴美上市的资本市场环境及问题 中国企业赴美上市监管政策与法律问题解析 在美国IPO中的法律问题 在美国IPO中的审计问题 IPO过程中的品牌故事

CFA Institute Seeks Volunteers to Help Create GIPS-Like ESG Standards Officials have cited three reasons for trimming rates this year: weakening global growth, rising trade-policy uncertainty and muted inflation. Google’s Fitbit Acquisition Is All About Apple […]

There was no word of agreements on the core issues that sparked the dispute Free Trades Are the Lollipops of Online Brokerages Which Asset Management Strategies Are Losing the Fee Compression Battle? BlackRock and Chinese […]

Despite the Fed’s silence, the mortgage-backed securities (MBS) to-be-announced (TBA) market may be indicating that a new round of MBS purchases is coming 5 things investors need to know about an inverted yield curve Wall Street […]

Central banks around the world are surprising markets with aggressive rate cuts: Here’s why We further unpack below why the 7-per-dollar level is so significant, how a weaker yuan aids China, and why traders have become […]

n the next credit downturn, could leveraged loans pose systemic risk in the way subprime mortgages did during the last crisis, as some commentators have warned? Facebook is launching a subsidiary company also called Calibra that […]

Hiring slowed sharply in May, as companies in industries hardest hit by President Trump’s escalating trade war hesitated to bring on new employees. Fed watchers say an unexpectedly weak reading on the U.S. jobs […]

Markets Tumble As China Unveils Retaliatory Tariffs, May Dump “Some Treasuries” Tough questions mix with requests for life advice as Warren Buffett answers to his shareholders Japan’s SoftBank Group Corp is considering an initial […]

But “investing in what you know” doesn’t mean buying Uber because you request a ride every other day. Dow Stock Is Falling Because It Has Its First Big Bear After the DowDuPont Split That […]

What innovative companies and women on boards have in common – Strong female presence on the board was a defining feature of these companies compared to others in their industries. Should You Buy Boeing Stock Amid Turbulence? One […]

New round of trade talks between U.S, China to begin tomorrow – Washington could agree to extend the deadline without a deal if talks are progressing.  Looking ahead, the Fed theoretically could still raise interest rates […]

Under tighter capital requirements, big banks have been focusing more on large trading clients and less on providing cheap credit to smaller, more aggressive hedge funds. Here is every previous government shutdown, why they happened and […]

Trump is losing the trade war with China based on his favorite report card, and it’s probably going to keep getting worse China’s Foreign Ministry summoned the U.S. and Canadian ambassadors over the weekend […]

The U.S. interest rate is currently in a range of 2 to 2.25 percent, but the Fed has signaled it wants to gradually raise rates in the coming months to 3 percent or slightly higher. […]

It’s our great honor to partner with Chicago Council on Global Affairs on the event “China’s Economy and China’S Consumers: The Long-Term Outlook event”. The economic shift in China from a manufacturing-led economy to […]

Shares in Asia stumbled in early trade on Monday as investors waited with bated breath as China’s markets prepare to reopen following a week-long holiday and after its central bank cut banks’ reserve requirements in a […]

Most successful fintech firms have focused on narrow functions or segments with high friction levels or those underserved by traditional financial institutions The deal gives Coke a large brick-and-mortar retail presence and puts it […]

Kai-Fu Lee’s perspectives on two global leaders in artificial intelligence: China and the United States Apple has become the first US company with a market cap of over $1 trillion. The role of Starbucks is […]

Can China A Share Issuers Adapt To ESG Realities? How did one single tech company take center stage within the two countries’ trade negotiations over $500 billion of imports and exports in the first place Potential […]

G7 summit: War of words erupts between US and key allies For a large conservative financial firm, Fidelity was early to realize the potentially transformative impact of cryptocurrencies and blockchain technology in general. In a landmark […]

Harvest Global Investments becomes first Chinese asset manager to partner with eVestment The winners and losers in a U.S.–China trade war Warning them of a wind change that would bring rising levels of sulfur dioxide […]

Brewing US-China trade war spooks asset managers. China’s world-class tech giants, Alibaba and Tencent, have market values of around $500bn, rivalling Facebook’s. China has the largest online-payments market. Its equipment is being exported across the world. It […]

China’s crackdown on debt has slammed the country’s nascent hedge fund industry The argument in favor of the tariffs is that they are a counterweight against foreign producers of aluminum and steel that have flooded the […]

Despite the upheaval, some investors say the stock rally is merely pausing after a strong run whose scale and pace has taken many by surprise. Investors believe size of correction will depend on interest rate pain. The Market’s […]

Emerging Markets Gain From US Tax Cuts Will the bull market for stocks finally end in 2018? And that upside looks particularly big in India and East Asia, where newly minted middle-class consumers are helping companies generate […]

2018 may not rival 2017 as one of the most peaceful in market history. Some strategists warn that the regular pullbacks that create volatility could resume. The MSCI Emerging Markets (EM) Index has rallied […]

Speaking on the sidelines of the closely-watched, twice-a-decade Communist Party Congress, People’s Bank of China Governor Zhou Xiaochuan spoke of the risks of a “Minsky moment” in the economy China has welcomed Trump with the most […]

In order to better understand the opportunities and challenges of China’s capital markets and to identify effective ways to invest in China, Chinese Finance Association of America (CFAA) will be hosting 2017 CFAA China […]

UBS launches yuan hedge fund amid bullish forecast for China’s A shares The impact between $10 billion and $20 billion, something they believe insurers can pay out of current earnings, avoiding the need for […]

The past year saw Chinese companies spend $227 billion on acquiring foreign companies—six times what foreign companies spent acquiring Chinese firms. Shanghai-based MegaTrust Investments is launching its first offshore fund to help foreign investors […]

If you’re surveying your portfolio at midyear, here are some key trends to be aware of–forces that have likely affected your portfolio’s performance, for better or worse China’s Ma is succeeding in his financial […]

Summer is finally here! BBQ season is in full swing! Time to get out of your home and soak up the sun! Let us gather in the cool breeze and warm sunshine by Lake […]

Chinese consumers spent $750 billion online in 2016 — more than the US and the UK combined. But even more interesting is how differently China’s digital marketplace, technology platforms, and online behaviors have evolved compared […]

Some forecasters believe global coffee demand could increase by as much as 25% over the next five years should interest from China and the rest of Asia continue to accelerate. In the past two […]

Event Description: The perception of risk management is fundamentally changing within today’s banking industry. It is no longer purely used as a control mechanism but as a critical input into the daily business question […]

Plans for the Xiongan New Area, a special economic zone that authorities say will eventually cover an area nearly three times that of New York. An Investing Road Map for Early Career Accumulators What’s […]

Immediately repealing the tax aspects of Obamacare will put an average of $33,000 in the hands of the richest 1% in 2017! If you look at any of the exchanges’ volume in Asia after […]

Chinese Finance Association of America (CFAA) held another successful event to ring in the New Year of the Rooster. We were honored to have the Consul General of China, Mr. HONG Lei come speak […]

What might a trade war between America and China look like? The big fear here is that Mr Trump decides to bypass WTO rules, or ditch them altogether after a decision does not go his […]

Event Description: The year 2016 was marked with a series of eventful political developments including the UK’s decision to leave the European Union and Donald Trump’s election to be the US’s 45th President, as […]

The Dow Jones Industrial Average is on the brink of a major milestone. But what does Dow 20,000 really signify? 88% of investors surveyed consider passive investments best for minimizing management fees, institutional investors […]

Featured Article Bill Gates’ Must-Read Books For 2016 Job Board Portfolio Analyst BNY Mellon Associate Investment Analyst UBS Client Advisor J.P. Morgan Credit Analyst Interactive Brokers Principal Data Scientist GQR Global Markets Business Operations […]

Featured Article Be Afraid, Be Very Afraid As Us Readies To Raise Interest Rates   Job Board Portfolio Analyst BNY Mellon Associate Investment Analyst UBS Client Advisor J.P. Morgan Credit Analyst Interactive Brokers Principal […]

Event Description: Wrap up your year with CFAA! Come out to mix and mingle with finance professionals to celebrate the holidays and meet new friends! All are welcome! The board and the past events’ speakers […]

Featured Article What does Donald’s Trump victory mean for stocks? Job Board Portfolio Analyst BNY Mellon Associate Investment Analyst UBS Client Advisor J.P. Morgan Credit Analyst Interactive Brokers Principal Data Scientist GQR Global Markets […]

Program Description: What are the effects of divergent central bank policies and fiscal challenges facing both developed and emerging economies? What`s the impact of policy and politics on global markets, particularly in a US […]

Program Description: – Have you been nervous about how to connect with recruiters at recruiting events? No idea how to tell your story or get the information you want? – After retrieve contact information […]

September Topic: Risk Management Framework   Moderator: Lesley Cao Manager at Discover Financial Services   Date and Time: 12:00 pm – 1:00 pm Friday, September 30th, 2016   RSVP & Location: No RSVP required. Members […]

 From the left, Jing Zhao (CFAA Guest), Summer Liu (Secretary of the CFAA Board), Mr. HONG Lei (Consul General of the People’s Republic of China), David Tang (Vice President of the CFAA), Qin Zhang (CFAA Guest) […]

CFAA Event – Principles of Credit Risk Management and Career Options Speaker: Yan Chang, Senior Vice-president, General Manager of Personal Loans in Discover Financial Services Mr. Yan Chang is SVP and General Manager of Personal […]

TLS美股研究诚招编辑/digital marketing实习生 Emerging research website specialized in long short equity and quant research. 网站：www.timelylongshort.com，www.tlsgroup.cn 华尔街见闻《毓见美股》专栏 Job Description: 1. 编辑专业研报，总结研报内容摘要短评 2. 运用MailChimp发表相关内容 3. 运用微信公众号发表相关内容 4. 运用雪球发表相关内容 Requirements: 文笔好，视觉控，懂金融，爱动脑 *无薪实习，不提供OPT，可提供推荐信。 *可建立与国内顶级财经媒体和买方卖方的人脉，尤其适合想要长期在财经媒体发展的朋友。 Application: 发送简历及中英文writing sample至 [email protected] 有MailChimp和微博微信公众号运营经验为宜

Written by Kelly Johnson, Officer, CFAA Communication Committee It’s the year of the Monkey! What better way to ring in the New Year than having one of our most elegant events hosted at the soon-to-be […]