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CFA Society Czech Republic Newsletter #7 - Christmas Edition A word from the Board of Directors: Dear CFA Society Members, CFA Candidates, Partners, and Friends, We are in the middle of our event season 2015/2016 and we hope you have enjoyed our past events as much as we have, be it e.g., Subject Matter Experts on GIPS, ACCA & CFA Business Mixer, Slovak Networking Evening or CFA Charter Awarding Ceremony & Christmas Party. Some of the best events of the season including CFA Society Annual Forecasting Dinner are yet to come and we will be delighted by your presence. The 14th Annual CFA Society Forecasting Dinner 2016 will be held under the auspices of Governor Miroslav Singer in the Congress Centre of the Czech National Bank on Tuesday, 16 February 2016 at 5:30 pm. This year we have secured William Blair’s Macro Maven Brian D. Singer, CFA who together with Miroslav Singer, Governor of CNB, will be taking the stand to address the dinner guests as the keynote speakers. But enough about our upcoming events and before the year ends let’s recap on what has happened in the first half of our event season 2015/2016. Wishing you a wonderful Christmas time and looking forward to seeing you throughout the year 2016! Kind regards, Gabriela Kolářová Marek Jindra, CFA Event Manager President [email protected] [email protected] CFA Society Czech Republic • Mobile: +420 724 724 234 www.czechcfa.cz On behalf of the Board of Directors of the CFA Society Czech Republic: Marek Jindra, CFA, FCCA, ASA – President Jan Brázda, CFA – Vice President, IT Chair, Membership Chair Tom Fencl, CFA – Employer Outreach Martin Fischer, CFA – Programming Chair Jana Jandová, CFA – Treasurer Matěj Turek, CFA – University Outreach Lubomír Vystavěl, CFA – Advocacy Chair Interview with Peter Tuchyňa, CFA

Gabriela Kolář CFA Society Czech Republic No… · Marek Jindra, CFA, FCCA, ASA – President Jan Brázda, CFA – Vice President, IT Chair, Membership Chair Tom Fencl, CFA –

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Page 1: Gabriela Kolář CFA Society Czech Republic No… · Marek Jindra, CFA, FCCA, ASA – President Jan Brázda, CFA – Vice President, IT Chair, Membership Chair Tom Fencl, CFA –

Gabriela Kolářová <[email protected]>

Christmas reading - CFA Society Update1 message

CFA Society Czech Republic <[email protected]> 17 December 2015 at 11:57Reply-To: [email protected]: [email protected]

CFA Society Czech Republic

Newsletter #7 - Christmas Edition

A word from the Board of Directors: Dear CFA Society Members, CFA Candidates, Partners, and Friends, We are in the middle of our event season 2015/2016 and we hope you have enjoyed our past events as much as we have, be it e.g.,Subject Matter Experts on GIPS, ACCA & CFA Business Mixer, Slovak Networking Evening or CFA Charter Awarding Ceremony &Christmas Party. Some of the best events of the season including CFA Society Annual Forecasting Dinner are yet to come and we will be delighted byyour presence. The 14th Annual CFA Society Forecasting Dinner 2016 will be held under the auspices of Governor Miroslav Singer in theCongress Centre of the Czech National Bank on Tuesday, 16 February 2016 at 5:30 pm. This year we have secured William Blair’s Macro Maven Brian D. Singer, CFA who together with Miroslav Singer, Governor ofCNB, will be taking the stand to address the dinner guests as the keynote speakers. But enough about our upcoming events and before the year ends let’s recap on what has happened in the first half of our eventseason 2015/2016. Wishing you a wonderful Christmas time and looking forward to seeing you throughout the year 2016! Kind regards,

Gabriela Kolářová Marek Jindra, CFAEvent Manager [email protected] [email protected] CFA Society Czech Republic • Mobile: +420 724 724 234 • www.czechcfa.cz On behalf of the Board of Directors of the CFA Society Czech Republic: Marek Jindra, CFA, FCCA, ASA – PresidentJan Brázda, CFA – Vice President, IT Chair, Membership Chair Tom Fencl, CFA – Employer OutreachMartin Fischer, CFA – Programming ChairJana Jandová, CFA – TreasurerMatěj Turek, CFA – University OutreachLubomír Vystavěl, CFA – Advocacy Chair

Interview with Peter Tuchyňa, CFA

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Michal Stupavský, CFA, the newsletter manager, brings you an interview with Peter Tuchyňa, CFA about his start-up Zonky.comfocusing on peer to peer (P2P) lending. If you haven’t read it on our blog yet, you have a chance to read it now. Peter Tuchyňa: Klíčovým principem P2P lendingu je obejít velké bankovní a nebankovní korporace a poskytovat úvěryjednodušeji, rychleji, levněji a také lidštějším způsobem.

Peter Tuchyňa, CFA v roce 2007 absolvoval Univerzitu Karlovu v Praze v oboru Ekonomie a od roku 2014 je držitelem titulu CFA(Chartered Financial Analyst). Svoji pracovní kariéru odstartoval na začátku roku 2008 ve Wüstenrot – Stavební spořitelně. Oněkolik měsíců později přešel do České spořitelny, kde šest let působil jako Specialista kreditního rizika. V roce 2014 spoluzakládalstart-up Zonky.com, jehož předmětem podnikání je tzv. peer to peer (P2P) lending. Peter zde vede tým zodpovědný za analýzu ařízení kreditního rizika. Michal Stupavský, CFA učinil s Peterem na začátku září následující rozhovor, jenž se zaměřil na rozjezdkomerční činnosti projektu Zonky.com.

Michal: Váš start-up Zonky.com funguje v Česku od června. Zabýváte se tzv. peer to peer (P2P) lendingem. V čem vášbusiness přesně spočívá? Peter: P2P lending považujeme za součást tzv. sdílené ekonomiky, to znamená, že ekonomické transakce probíhají přímo mezijednotlivci bez žádného nebo jen omezeného zapojení korporací. Klíčovým principem P2P lendingu je obejít velké bankovní anebankovní korporace a dělat věci jednodušeji, rychleji, levněji a také lidštějším způsobem. Naše činnost spočívá v tom, žespojujeme lidi, kteří si potřebují půjčit, s lidmi, kteří mají volný kapitál. Investoři si vybírají mezi příběhy lidí, kteří potřebují půjčitpeníze, a když se jim nějaký příběh zalíbí, investují do něj. Vztah investor-klient tedy funguje hodně na důvěře. My jsmeprostředníkem, který je mnohem levnější než tradiční banka nebo nebankovní instituce poskytující úvěry, takže dokážeme dátzájemcům o půjčku v průměru o 4-5 % nižší úrokovou sazbu a zároveň našim investorům umožnit dosáhnout mnohem vyššíhovýnosu než nějakých 0,1 % na běžném účtu nebo 1 % na spořícím účtu. Klasické banky a jiné nebankovní instituce se na klientyčasto dívají příliš škatulkovitě, zařadí je do nějaké formální skupiny, která je nějak riziková, přičemž nejsou schopny podívat sehlouběji do příběhu klientova života. Pro nás je na rozdíl od tradičních bank také důležité, co o klientovi zjistíme na sociálních sítích,blozích a co o něm píší jiní lidé. Často nám takto získané informace pomůžou velice dobře odhadnout úroveň ochoty klientaposkytnutý úvěr splácet. Je to opravdu velice cenná informace mimo klasické hodnocení schopnosti splácet, jež je tradičněhodnocena modely kreditního rizika. Michal: Kdo jsou v tomto businessu světoví lídři? Jak jste se od nich inspirovali? Peter: Nápad na založení naší platformy vznikl kvůli tomu, že v zahraničí P2P lending sklízí velký úspěch, zejména v USA, jenž jenejvětším trhem na světě, a západní Evropě. První taková platforma Zopa vznikla ve Velké Británii již v roce 2005. Americkáplatforma Lending Club dokonce v prosinci loňského roku udělala jako první firma v oboru IPO. Ve Velké Británii je velice populárnítaké RateSetter, v Německu se daří firmě Auxmoney. Dá se říci, že v každé zemi na západ od nás jsou takových platforem desítky.Business modelů v oblasti P2P lendingu je spousta, společnosti se od sebe více či méně liší. Klíčovými rozlišujícími znaky jsouzaprvé subjekt, který určuje úrokové sazby, a zadruhé na jaký klientský segment společnost cílí – buď velmi bonitní dobří klienti, kdyjde o přímou konkurenci bankám; rizikovější méně bonitní klienti, kdy jde spíše o konkurenci nebankovním poskytovatelům úvěrů;anebo zaměření na celé klientské spektrum. Většinou se začíná málo rizikovými klienty a v průběhu času začínají postupně růstposkytnuté úvěry také rizikovějším klientům. My se na začátku zaměřujeme zejména na úvěry fyzickým osobám, jelikožspotřebitelské úvěry jsou nejjednodušším úvěrovým produktem. Dalším zajímavým segmentem jsou také podnikatelské úvěry profyzické osoby, i tyto poskytujeme, máme ovšem velice přísné podmínky. O čem se nyní hodně mluví v zahraničí, i když se to zatímnespustilo, jsou hypotéky a další úvěrové produktyCo nás především inspiruje na světových lídrech je jejich exponenciální růst. Na západě, zejména v USA se začíná zcela vážněhovořit o tom, že P2P lending může v klasickém bankovnictví skutečně způsobit velký průvan. Například Lending Clubzdvojnásobuje objem poskytnutých úvěrů každý rok. Trh je skutečně velký, v Česku může jít až o 50 mld. korun na bankovním trhua 10-12 mld. korun na nebankovním trhu spotřebitelských půjček. Pokračujte ve čtení na blogu CFA Society.

24 Hours with Katarína Ščecinová, CFA We would like to bring profiles of CFA charterholders in a new column on our blog called 24 Hours with. In this new column you willhave a unique opportunity to learn more about professional credo and daily job of our members. If you are interested in having yourprofile published please contact [email protected]. As we plan to celebrate women in finance at ACCA & CFA Ladies Business Breakfast on March 8, 2016, we have KatarínaŠčecinová, CFA to launch our new column.

Employer and position: J&T Banka, Portfolio Manager Professional Credo: „You have to learn the rules of the game. And then you have to play better than anyone else.” Albert Einstein

8:00 - 11:00To get the day started I found useful practicing yoga in the morning. Attending yoga lesson from 7:30 a.m. enables me to react to

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daily work challenges more effectively. My workday starts at 9:00 a.m. Upon arrival to the office I check my emails and deal with themost urgent requests. Then I prepare myself for meetings with clients, in case they are scheduled for the morning hours.Appointments with clients usually last until midday. 11:00 - 14:00Later in the morning we have regular team meetings where we discuss recent developments on global financial markets. The mainpurpose of this gathering is to express a short term view on the investments and support it with sound arguments. Each member ofthe team delivers short speech and then we vote for different scenarios.

Continue reading on our blog.

CFA Society update

GIPS Standards and The Asset Manager Code of Professional Conduct

Over the last few months we have worked closely with the CFA Institute to bring you some of theGIPS documents in the Czech language. Now, we can share with you two fact cards: "What arethe GIPS Standards?" and "Why compliance matters for investors". We have also translated and localised The Asset Manager Code of ProfessionalConduct which outlines the ethical and professional responsibilities of firms that manage assetson behalf of clients. We strongly believe that by adopting and enforcing a code of conduct for yourorganizations, you demonstrate your commitment to ethical behavior and the protection ofinvestors’ interests. These localized documents were introduced at a panel discussion on most frequently askedquestions on GIPS on November 4, 2015 at Thomson Reuters offices. The event was organized by Country Sponsors for GIPS Standards for the Czech Republic – CFASociety Czech Republic and AKAT. Present guests had a unique opportunity to learn more aboutGIPS Standards from leading global professionals in performance measurement. Questionsabout GIPS compliance were also answered by representatives of an asset managementcompany already compliant with the Standards. If you are interested in receiving our international newsletter about GIPS Standards or theGIPS newsletter of The Spaulding Group, one of our GIPS event partners, please [email protected]. For information about GIPS Standards in English language please visit www.gipsstandards.org.

19 CFA charterholders joined our Society in November

Daniel Gladiš, CFA, Patrick Vyroubal, CFA and Ján Hájek, CFA discussed current investmenttopics on the occasion of the CFA Charter Awarding Ceremony 2015 which took place onNovember 26, 2015 at CERGE. Nineteen financial experts from the Czech Republic and Slovakiamanaged to meet the demanding requirements to obtain the certificate Chartered FinancialAnalyst (CFA) this year. Their names were published in a congratulatory advertisement inEkonom, the business weekly, on the day of the ceremony. CFA Society Czech Republic currentlybrings together a total of 157 professionals. We would like to congratulate to our new charterholders once again! Interested in photos from the event? Visit our profile on Facebook for a short selection or thephotographer's archive for all photos (username: CFA, password: press)

ACCA & CFA Business Mixer with memory champion Chester Santos

ACCA & CFA Business Mixer with memory champion Chester Santos took place in EurostarThalia hotel on November 5, 2015. During a presentation on “How better memory can helpfinancial and investment professionals in particular” Chester Santos shared simple

Social Networks

You can interact with us onvarious social networks.

Twitter: @CFA_czCurrently, we have591 followers and we can domuch better. Follow us now!

LinkedIn: Currently, you canjoin our CFA Society CzechRepublic group which we plan toclose and open a LinkedIn CFASociety Czech Republic pageinstead.

Facebook: We are there too,feel free to like us, we canprobably do much better thanthe 492 current likes!

YouTube: You can subscribehere to our YouTube channel,where we post videos of ourevents.

Our sponsors

We want to thank our sponsorsfor their continuous support.

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techniques and memory tips with present guests. Do you still remember what was Chester’sfavorite memory technique? :) Interview with Chester Santors will soon be available in Dotyk tablet magazine.

University Outreach / CFA Institute Research Challenge 2015-2016

The Society has extended its University Outreach also to the Slovak Republic where CFAUniversity Events with Kamil Boros, CFA at the Comenius University in Bratislava and MichalMušák, CFA at the University of Economics in Bratislava took place. Visit our profile on Facebookfor event photos. Moreover, the number of participating teams in the CFA Institute Research Challenge 2015-2016 reached 12 teams from 12 universities including 3 universities from Slovakia. Local round of the CFA Institute Research Challenge in the Czech Republic is currently underway.The target company for 2016 is Unipetrol, the leading refinery and petrochemical group in theCzech Republic and a major player in Central and Eastern Europe. To see what the Research Challenge is about and to see the timeline which will span until Aprilwhen the local winning teams will compete at a regional level, visit the Research Challengewebsite. Local final will be held on February 3, 2016 in Prague at VŠE (University of Economics). Comeand see presentations of best teams. Winner will represent Czech Republic and Slovakia atRegional EMEA Final in Chicago, Illinois, USA in April 2016. Learn more about the Research Challenge on the CFA Institute official web page.

The success of the competition wouldn't be possible without volunteers – Faculty Advisorsfrom their universities, Industry professionals mentoring students, Judges assessing thepresentations and also Graders reviewing the reports written by students.

Interested in participating as a mentor, grader or judge at the local round of the CFAInstitute Research Challenge? Please contact our Research Challenge coordinators [email protected].

Volunteers

As you know, our society is run entirely by its members and CFA program candidates on avolunteer basis and its existence is primarily to give value back to the members and candidates. Without the support of its members and candidates our society cannot exist. As our activitiesincrease, so does the need for more volunteers to support our development. If you are: * Interested in taking up a leadership role,* Used to show commitment and take initiatives* Keen on helping the Society to develop further * Willing to represent CFA Society Czech Republic to employers, universities and otherstakeholders, then get in touch and see the list of open volunteer positions!

CFA JobLine

For anyone considering a new job, we would like to point out a number of interesting job offersthat have been posted to our CFA JobLine website, including some that are offered exclusively onCFA JobLine. CFA JobLine is opened also for positions in Slovakia. VÚB Portfolio managerČS - Specialista pro prodejní a obchodní operace - finanční trhyFinancial AnalystPrivate Equity Professional

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Events

Upcoming events

See our event calendar for the season 2015-2016: What’s in it for you? 14th Annual CFA Society Forecasting Dinner 2016

Watch your inbox or this link for futher details. We look forward to seeing you at our forthcoming events!

CFA Institute Global Content

CFA Institute Blog – Enterprising investor – Practical analysis for investment professionalsEffective Salary Negotiation – One of the most important and complicated stages of the job search process is salary negotiation.(19 August)

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New Insight into Private Equity – After the hiatus of the credit crunch, when private equity (PE) investors were rudely remindedthat illiquidity can magnify downside risks, PE is now back in favor, with fundraising at record levels. (14 September)

The Volkswagen Disaster: Could Analysts See It Coming? – Volkswagen’s share price suffered a large decline amid the US air-pollution tests scandal. Can financial analysts anticipate the risk of such losses by analyzing a company’s governance andinternal controls? Poll. (24 September)

Women in Finance Need to Be Proactive – According to a recent report by Morningstar, among 7,410 portfolio managers of USopen-end mutual funds, just 9% are women, compared with 20% of law firm partners and 19% of those working at US accountingfirms. Even worse, the report revealed that women exclusively manage just 2% of the assets held in these funds. (29 September)

Why Hasn’t Active Investing Outperformed Passive Investing in Recent Years? – Why has active investing been unable tooutperform passive investing in recent years? Poll. (1 October)

Making Sense of Long-Term Returns – All advisers face the same challenge: How can we best help investors understand whatsort of long-term returns they can rationally expect? (21 October)

The Impact of Six Nobel Laureates on Finance – Of the following Nobel Prize winners in economics who have spoken at CFAInstitute conferences, whose work has had the biggest positive impact on the investment profession? Poll. (1 October)

How Does Monetary Policy Impact Market Performance? – As an estimate of the market impact of policy regimes, investors canmatch US stock market returns with changes in the Fed’s policy rate to compare performance… Historically, equity investors reapa higher expected return during periods of policy accommodation. (16 November)

Earnings Confessions: What Disclosures Do Investors Prefer? – The disadvantages of mandatory interim quarterly reportinghave to be carefully weighed against the value add that such disclosures can bring. (19 November)

The Effects of FX! – General conditions on global financial markets by Ronald G. Layard-Liesching: a) Quantitative easingcaused risk to be mispriced in all markets globally. b) FX markets are now driving all other markets. c) Regulation is seriouslyimpairing the proper functioning of markets. d) 5.Liquidity in bond funds and exchange-traded funds is illusory. Etc… (23November)

After Short-Termism: The Uneasy Road to Long-Term Investing – Excellent overview of the topic with references to additionalreadings. (24 November)

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CFA Institute – European Investment Conference – Blog Crowdfunding Needs Regulation to Scale Up – Currently, crowdfunding is growing at a rate in excess of 100% per year. In this“super-exciting” field, there is vast potential to build economies and transform lives in both the developing and industrializedworld. (1 December)

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Permabear John Hussman: The Bubble Right In Front Of Our Faces – Hussman Funds, Weekly Market Commet: „Cuttingimmediately to the chase, we continue to believe that the U.S. equity market is in a late-stage top formation of the thirdspeculative bubble in 15 years.“ Outstanding valuation analysis of the US stock market. (16 November)

Latest news and reports from the CFA Institute

CFA Institute Report Addresses Investment Professionals Growing Concern for Global Retirement Security (New York, 8 July2015)Report outlines ten principles for an ideal retirement systemIn an era of an aging population and increased attention on retirement systems around the world, CFA Institute has released AnIdeal Retirement System, a report prepared by Mercer for CFA Institute. The study considers, through a set of 10 principles, whatthe investment management profession can do for clients to deliver adequate benefits that can be sustained and trusted by thecommunity. The 10 principles are designed to be a foundation for dialogue and debate among the investment profession toconsider and assess what changes are needed in pension and retirement systems.

More than 14,500 Pass Level III CFA Exam, Join CFA Institute in Leading the Investment Management Profession (New York, 11August 2015)Globally nearly 57,500 candidates passed Level I, II, and III exams and continue on journey to becoming CFA charterholders

Almost Three Quarters of Investment Professionals Use Environmental, Social & Governance Information When MakingInvestment Decisions (New York, 17 August 2015)New CFA Institute survey highlights board accountability, human capital, and executive compensation as important issuesAlmost three-quarters of investment professionals worldwide (73 percent) take environmental, social, and corporate governance(ESG) issues into consideration in the investment process, according to the CFA Institute ESG Survey (PDF), a new survey ofCFA Institute members created by CFA Institute and Investor Responsibility Research Center Institute (IRRC Institute). In

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addition, 64 percent of survey respondents consider governance issues, 50 percent consider environmental issues, and 49percent consider social issues in investment decisions. Only 27 percent do not consider ESG issues.

CFA Institute Calls for Universal Comparison of Investment Performance Data at the GIPS Standards Conference (San Diego, 17September 2015)CFA Institute challenged investment professionals worldwide at its 19th Annual GIPS Standards Conference to comply with thehighest performance measurement standards in the asset management industry. In his address to attendees, president andCEO of CFA Institute, Paul Smith, CFA, urged the industry to universally adhere to the GIPS standards to create an even playingfield and give current and prospective investors more confidence in the integrity of their calculating and reporting of investmentresults.

New CFA Institute Study Examines the Impact of High Frequency Trading on Market Quality and Adverse Selection: AreInvestors Getting Rolled Over? (London, United Kingdom, 29 September 2015)Trading costs remain historically low but homogeneous liquidity is a problem; cautions against increasing tick sizesA new study by CFA Institute, Liquidity in Equity Markets: Characteristics, Dynamics, and Implications for Market Quality, findsthat market quality is high, trading costs are historically low, and liquidity supply is generally resilient, dispelling some of thepopular concerns about the state of modern markets. However, a closer inspection of market structure identifies the lack ofdiversity of liquidity provision as a potential problem in the long run. The study also suggests that a move toward enforcing largertick sizes in the US may undermine efforts to boost liquidity on lit markets.

CFA Institute Opens First China Office, Reaffirms Long-Term Commitment to China and to a Healthy Financial Market (Beijing,China, 12 October 2015)Long-term economic development of China requires more financial professionalsReinforcing its commitment to the global investment profession, CFA Institute opened its first China office. The establishment of apresence in China demonstrates strong support for China’s growing number of CFA Institute members and CFA Programcandidates and allows for renewed focus on efforts to actively strengthen investor confidence and market integrity and contributeto the sustainable development of China’s financial industry.

CFA Institute Launches ESG Guide for Investment Professionals (New York, 19 November 2015)Guide expands portfolio of resources for environmental social & governance issuesCFA Institute has added Environmental Social & Governance Issues in Investments: A Guide for Investment Professionals to itsportfolio of ESG resources. The Guide was developed in response to growing interest among investment professionals to betterincorporate ESG issues in investment analysis, and serves as a comprehensive introduction to ESG considerations. The Guide isa comprehensive overview of the state of practice, and shares the views of investment professionals and CFA Institute members.This follows a recent CFA Institute member survey (PDF) of investment professionals worldwide that revealed almost three-quarters of respondents take ESG issues into consideration in the investment process.

Latest news from the CFA Society Czech Republic

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