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IFM NEWS
Call for Grant and Papers Issued
The IFM proposes to fund studies on high-priority issues for which understanding and potential resolutions are of critical
importance to ensuring that global trading and clearing of listed derivatives continue to meet the price discovery
and risk management needs of market participants. We expect to award up to five (5) grants in 2010. Awards for the most
compelling research studies will range from $10,000-$15,000 per proposal. For more details see the
Call for Papers and Grants.
IFM & India’s IIFM Offer Education to Recruits and Stakeholders
The Institute for Financial Markets (IFM), an independent affiliate of the Futures Industry Association
(FIA), has signed a memorandum of understanding (MOU) with the International Institute of Financial Markets
(IIFM) to provide customized and innovative educational solutions to the Indian financial markets.
For more information go to IFM (U.S.) and India’s IIFM to Offer World-Class Training to Prospective Financial Market Professionals and Stakeholders.
IFM Receives Major $2 Million Grant
The Clearing Corporation Charitable Foundation
awarded a $2 million grant to the IFM. It is the largest donation ever received by the IFM. The grant establishes an endowment
to fund futures and options research designed to answer high-priority industry questions. These include: changing market structures;
trading technologies; and the impact of regulation and speculation on risk management issues. The gift was presented to the IFM
at its fall Board of Trustees meeting, held in conjunction with the Futures Industry Association's 25th Annual Futures and Options Expo.
The Clearing Corporation Charitable Foundation previously awarded a $2 million grant to the University of Illinois to
establish an Endowed Chair in Derivatives Trading.
Research topics undertaken by the IFM grant will be determined by an advisory panel, and researchers will be selected through an
annual call for papers. Studies conducted by academics and/or industry professionals will be managed by the IFM. The studies also
will be subjected to a peer-review process by Kent State University, and published in a special edition of the
Review of Futures Markets,
a financial journal. Research findings also will be presented through educational courses. "The Institute is incredibly grateful
for this generous endowment. An endowment of this magnitude enables the IFM to focus on multiple topics and will foster the advancement
of financial market knowledge among industry participants, public policy-makers and the public," said Peter Borish, IFM's Chairman.
IFM Presented Ethics Training at CFTC/Fed International Symposium
The U.S. Commodity Futures Trading Commission's Office of International Affairs held an international symposium in conjunction with the
Federal Reserve Bank of Chicago. The annual Symposium and Training Program on Regulation of Derivative Products, Markets, and Financial
Intermediaries was held in Chicago from October 19-23, 2009. The annual event draws participants and panelists from around the
globe. Speakers at this year's event presented and led discussions on a wide range of topics, and included the
IFM, which for the past 15 years has taught an ethics program.
HKIMR Fellow Announced
Mark Holder, secretary and treasurer of the Institute for Financial Markets, has recently been named a 2009 Hong Kong Institute of Monetary
Research (HKIMR) Visiting Research Fellow. Holder's research topic is "The Impact of Monetary Policy Change on Carry Trade and Liquidity
Markets". Dr. Holder is the director of Kent State University's Master of Science in Financial Engineering Program (MSFE) and chairman
of the Department of Finance. Holder is one of four HKMIR Research Fellows chosen this summer from a prominent group of academics. The
application process is highly competitive and one must have a track record of publication in refereed scholarly journals. Candidates typically
hold a PhD in economics or finance, with a specialization in macroeconomics or financial economics.
HKMIR research fellowships have been awarded since 2000. Since then, HKMIR Research Fellows consistently contribute influential research
in their fields of monetary policy, banking and finance. Most notable, HKIMR Research Fellow Andrew K. Rose, a chaired professor at the
Haas School of Business at UC Berkeley is the founding director of the Risk Management Institute and a member of the Economics Panel
for the National Science Foundation. Another HKIRM Fellow standout is Charles M. Engel, a multiple National Science Foundation Grant
nominee, and a lecturer at the Federal Reserve Board and European Central Bank. Among other distinguished HKIRM Fellows are George
von Furstenberg, Charles Jones, Salih Neftci and Lars Svesson.
CFTC Hires IFM for Educational Courses
The Commodity Futures Trading Commission has selected the IFM, an independent nonprofit foundation,
to deliver a series of futures and options educational programs to approximately 175 staff persons. The
14-hour courses will be held in Washington, DC, New York City, Chicago and Kansas City beginning in September 2009.
Bombay Stock Exchange Taps IFM for Bond Training
IFM has been hired to teach three different bond futures educational programs for the Bombay Stock Exchange (BSE). The courses, geared to market-users and regulators, will be held in Mumbai, India in early August.
BSE is the oldest stock exchange in Asia and provides trading in equity, debt instruments and derivatives. It also has strategic partnerships with Deutsche Börse and Singapore Exchange.
Eurex Hires IFM to Provide Trader Education
Eurex has hired the IFM to provide trader development educational programs in New Delhi and Mumbai in late July. Education content will focus on both theoretical and practical approaches to fixed-income and equity index futures products traded at Eurex.
The fixed income course will focus on sovereign European yield curve trading strategies primarily based on the coupon-curve and its derivatives. The lecture will include “weighted” and “un-weighted” spread trading strategies depending on whether you are expecting the yield curve to move in a parallel fashion, or a shape change. Additionally, trading one sovereign yield curve against another; currency hedged yield spreads, are covered in-depth. The equity index course will focus on European intra-market and inter-market equity index spreads, various trade execution strategies, regression techniques, reliability of beta, portable alpha strategies with stock index futures, and technical analysis.
Over the past two years, the IFM has delivered a variety of in-house courses to other Eurex customers including an array of proprietary trading firms.
New Global Position Limits Data Service Will Help Firms Avoid Violations and Fines
The IFM launched its newest product, the Position Limits Databank (or ‘PLD’). The PLD is a one-of-a-kind service that collects position limits, accountability levels, reporting levels, and aggregated contracts data into a central, global repository. It was developed as an industry utility to help firms guard against limit violations and discover excess positions to avoid exchange warnings, trading suspensions and fines, or regulatory action. The development and testing of the PLD was underwritten by nine tier-one financial firms.
It is the latest industry utility offered by the non-profit IFM, whose mission is to serve the financial services industry and market-users by providing education, research and data services.
New Regulation Guide Released
The IFM has published an updated edition of its Guide to U.S. Futures Regulation. This expanded text includes recent changes to CFTC and NFA regulations, and 275 questions and answers with detailed explanations. The manual is an excellent desk reference for compliance and trading professionals and for candiates preparing for the NFA Series 3 or 32 exams. Click here for details.
Taiwan’s Vice Premier Speaks at APFRS
Vice Premier Paul Chiu addressed the global financial crisis when he spoke to more than 100 select invitees representing elite financial institutions, exchanges, corporations, government agencies and universities from around the world at the 19th Asia-Pacific Futures Research Symposium (APFRS). The Symposium was held March 2 and 3 at the Grand Hyatt, Taipei.
“The Taiwan Government is fully and carefully responding to the financial crisis and will assist the private sector,” said Vice Premier Chiu as he welcomed the attendees at the symposium’s luncheon ceremony. “I look forward to the output of this symposium and the great minds assembled here to provide research to assist in this recovery process.” Vice Premier Chiu, a distinguished leader in the Republic of China and in the field of finance, began his career in the 1970’s with the Central Bank of the Republic of China, becoming the director general in 1981 and then deputy governor in 1988. He gained national recognition in 1996 when he was named minister of finance of the Republic of China, and then in 2008 was appointed vice premier.
In addition to Vice Premier Chiu, other keynote speakers at the APFRS 2009 included Dr. Sheng-Cheng Hu, former chairperson-minister of the financial supervisory commission of the Republic of China, and of the Kamakura Corporation founder Donald R. van Deventer, chairman and chief executive officer.
The annual Symposium presents cutting edge research by financial engineers in four in-depth sessions, with original, peer reviewed papers and discussant sessions. Papers selected for presentation at the symposium will be considered for publication in the Review of Futures Markets, a financial journal published by Kent State University in cooperation with the Institute for Financial Markets. For more information click here.
The success of the APFRS in large part is due to generous funding from local and global sponsors; including The Institute for Financial Markets, National Chung Hsing University, National Taiwan University, The Financial Engineering Center of Taiwan, Xiamen University, Myongji College, Hong Kong Baptist University, The Journal for Futures Market and Review of Futures Markets.
RiskMathics Hires IFM to Teach in Mexico City
The IFM has partnered with RiskMathics to offer a four session educational program in Mexico City. The program, "Understanding Credit Derivatives" will be held at the World Trade Center, March 9-12, 2009.
IFM to Participate in CNFA Taipei Forum
Dr. Mehmet Yanilmaz, associate instructor for the IFM, will led an educational session entitled Integrating Your Strategies into an Enterprise Algorithmic Trading Engine at the Chinese National Futures Association (CNFA) Forum. The session is part of the two-day event being held December 8-9, 2008 in Taipei.
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IFM Delivers Credit Derivatives Course to CME
The IFM recently delivered a one-day education program on credit derivatives to 25 staff members of the Chicago Mercantile Exchange. Credit Derivatives is one of the fastest growing segments of the derivatives marketplace.
Eurex Hires IFM to Deliver Client Education
Eurex hired the IFM to deliver a variety of educational courses to the exchange's clients in April and October 2008. Educational programs were conducted at client offices throughout Chicago. Course topics were selected to match the various client interests and included advance hedging with options; futures spreads; trading volatility; and algo trading. Feedback has been overwhelmingly positive and the IFM and EUREX /U.S. Exchange Holdings look forward to more collaborative educational efforts in 2009.
Appointment of a Secretary/Treasurer
IFM Chairman Peter Borish announced the appointment of Dr. Mark Holder as Secretary and Treasurer of the foundation. Holder was elected to the position at the IFM's November 9, 2008 Board of Trustees meeting held in Chicago IL. He is the Chair of the Finance Department and Director of the Financial Engineering Program at Kent State University, and is responsible for management of curriculum design and program development. Prior to joining Kent State, Holder was a Senior Economist and Group Manager at the Chicago Board of Trade.
Latest Issue of Review of Futures Markets Published
The latest edition of Review of Futures Markets has just been published. The current issue includes
an article by Philip McBride Johnson titled, Hedging "Event" Risk, a forward looking review of the event
derivatives concept. Mr. Johnson is head of Skadden, Arps, Slate, Meagher & Flom's exchange-traded
commodities, futures and derivative products practice group, and is a past chairman of the CFTC.
The other three articles published in the Summer 2008 issue of the financial journal were presented at
the 18th annual Asia-Pacific Futures Research Symposia held this past spring in Seoul. These articles include:
- Public Information, Price Volatility, and Trading Volume in U.S. Bond Markets
- Value-at-Risk Analysis for KOSPI 200 Index Futures: Evidence from Long Memory Volatility Models with a Skewed Student-t Distribution
- Volatility Estimator and the Performance of multifactor Term Structure Models for Pricing and Hedging Libor Options
The Review of Futures Markets is published quarterly by Kent State University in cooperation with the IFM, and
extends our educational and academic outreach. For more information and to subscribe go
to http://www.theifm.org/index.cfm?inc=rfm.inc
QUESTIONS?
Please contact us at 202.223.1528 or email
tfoshee@theIFM.org
or see our FAQs (Frequently Asked Questions).
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