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  • 07 May 2020 5:11 PM | Charley Chen (Administrator)

    CCFA Virtual Investment Seminar, May 7th, 2020


    On May 7th, CCFA Investment Forum held the first online investment seminar which discussed the current economic environment under the pandemic. This panel discussion was hosted by Yicent Chen, Vice President in BMO Capital Markets, and moderated by Michael Lu, Business Development Manager in RBC Global Asset Management.


    COVID-19 spread with unprecedented speed around the world, wreaking havoc on global financial markets. In this unprecedented time, we are honored to have Professor Luis Seco, Director of the Mathematical Finance Program in University of Toronto, CEO of the GGSJ Centre of Digital Management and Technology Innovation, and President of Sigma Analysis & Management, and Steven Wang, Investment Counsellor in Manulife Private Wealth to share their insights on the current economic environment. Note that the views and opinions expressed in the session are those of the speakers and do not represent official policies or positions of their associated corporations.

    The coordinated global actions were reminiscent of the sweeping steps taken just over a decade ago to fight a meltdown of the global financial system, but this time the target is very different – a fast-spreading health crisis that is forcing shut-downs of entire societies, all the while with no certain end in sight.

    In this unprecedented time, CCFA is pleased to invite you to participate in an online panel discussion with two accomplished and dexterous professionals on the current economic environment. We will leave time at the end for your questions.


    Steven Wang, Investment Counsellor, Manulife Private Wealth

    Steven is an Investment Counsellor with Manulife Private Wealth. He has over 16 years of experience in the Canadian financial services industry, managing investments on behalf of institutional investors and high-net-worth families. He understands affluent families’ priorities and recommends appropriate solutions accordingly.

    Professor Luis Seco, CEO, Centre of Digital Management and Technology Innovation

    Director, MMF, University of Toronto. 

    President & CEO, Sigma Analysis & Management Ltd.

    Director, RiskLab Toronto

    Director, Fields CQAM

    Michael Lu, Business Development Manager, RBC Global Asset Management

    Panel Discussions

    Current State

    1. Is the recent market recovery overly optimistic?


           Yes and No. The short recovery last week was driven by the medical research progress. However, the research can be divided into two levels – testing and drug development.

           On one hand, the public is more confident that the COVID-19 test is becoming more reliable and we have better chance to eliminate the virus;

           On the other hand, the actual recovery depends on the successful development of the vaccine for the virus which may take a long time.


           Yes and no. The disruption in the supply chain has been massive and I don’t think the market is pricing that.

           However, I would like to focus on the negative side of things, the fiat currency now is worth little.

           For instance, instead of apple stock and the US dollar, people now prefer to hand sanitizer and toilet paper before all hard currencies. The rally occurs as investors don’t value currencies.

    2. Many developed nations like Japan and Sweden are now under a negative interest regime. What does it mean to have negative interest rates and how does that affect these economies?


           In a certain sense, there will be a redefinition of money and most asset classes.

           The concept of negative interest rate makes it hard to price an asset.

           A lot of mathematical models will be broken because they are built on linear assumptions which are now broken.


           Negative interest rate regime would be bad for savers, for example the retired people.

           From the experience of Japan, it's not going to be beneficial for growth. And once you get into the trap, it will be hard to get out of it.

           I would recommend whoever interested in this topic search for “Oaktree Investment Memo” by Mr. Marks.

    3. What is a “typical day” for you during the current quarantine period?


           Mostly the same, a little bit different. I used to always conduct meetings with different mutual fund managers. Now all meetings are all conducted on Zoom or Teams. I also read a lot about the company and news and practice golf in my garden.


           My operation is global, so I start my day with my European partners, then I move to North America and then Australia until midnight.

    4. Do you think the pick-up from the eventual opening of the economy justify the current benefit deficit?  How effective have the global central bank responses been so far?


           I think the benefit deficit filled the gap from the missing productions and services.

           A lot of people are still working actively behind the scene, adding value to the economy. For example, utility, hydro, nature gas, telecom, transportation, trucking, etc.

           The government stimulus program is trying to save the small size businesses from bankruptcy and to save more people from unemployment. This is necessary.


           I agree. It's true that a sector of the economy is slowed down, but another sector will be more productive. I think it's just a massive rotation that is happening right now and new things will be created.

    5. Exxon Mobil revealed a quarterly loss of $610M last Friday, partly driven by a $2.9 billion write-down from a collapse in oil prices. Would oil prices ever recover? What’s your short-term and long-term view on the energy space?


           I think the oil price in the near term (3-6 months) will recover. The oil producers earned money from the future and physical market, depending on their hedge ratio.

           Energy sector is capital intensive, hard to differentiate products without controlling the price, and could be easily impacted by geopolitical events.

           However, crude oil is crucial as fossil fuels and input materials. The world maintains its demand for this energy, and I don’t see any renewable energy could replace it.


           The current level of oil price can be very temporary, as a lot of countries are still very power hungry.

           Some interesting rotation we can see from the energy space is that we can see the consumption of energy is moving away from developed to developing countries.

           Another interesting question would be the currency to value energy. Now the oil is priced by USD, but in the future, we are not sure about that.

    Future Outlook

    1. The Fed restarted QE because of COVID-19 and the stimulus program, what is your view for the equity market in the next 10 years? Another 10 years of bull market?


           I believe the equity market would rally after the pandemic and it could possibly break the previous high in mid-February.

           The capital market is driven by capital inflows and outflows. Printing money could easily pump up the prices for equity and other real assets and move up the market.

           It's a similar scenario like 2019, but it is hard to say if this game can be played continuously.


           In a macro view I also agree. For example, people used to think Toronto real estate market is a bubble, but we will probably see that bubble grow even further.

           However, we used to have a bull market without differentiation, but now differentiation begins to matter.

    2. What’s the chance that the financial market will reach a level lower than what we experienced in mid-March? Any potential catalysts?


           There is lack of information and misinformation in the market and the volatility has become even higher.

           I think the fear will come back and we might see lower lows.


           It may or may not. The market might pull back, but not necessarily break the previous low. When everyone thinks that will happen, it may not happen.

           The short sellers have recorded a big loss recently and it might take them some time to recover, unless some catastrophic events happen again, for example a regional war.

           As a long-term investor, it is not relevant. We should never try to pick and forecast the bottom of the market.

           We should look at the intrinsic value and look beyond the horizon of pandemic.

    3. Do you expect hyperinflation in the next 10 years, given that almost all the central banks around the worlds are pumping money into the economy?


           Inflation will be felt in different areas in different magnitudes. But I didn’t see hyperinflation down the road like the extreme case in Germany and Zimbabwe.

           In the past 10 years, printing money has not necessarily caused high levels of inflation in their location country depending on where that money eventually flows in.

           This will also depend on how different countries define their inflation basket.

           Trump has mentioned bringing back the supply chain from China, which could possibly bring up the production cost and the level of inflation.


           I think what we have right now is deflation, on a very short-term basis.

           We have a lot of money being printed, that means we would expect inflation. On the other hand, we have very big unemployment, which could cause deflation. Which one is going to win? My view is that we are not going to see inflation for the while

           There is a lot of money internationally in pension assets, which are looking for yield. It's going to be very difficult for them to find yield.

    4. In terms of asset allocations, which asset class or sectors will outperform in the next 6 to 12 months?


           We are going to see some new sectors coming out of this, a blend of technology and healthcare. I am not talking about biotech, it’s something completely different.


           Hard to say, it really depends on the progress of human fight against the pandemic and the development of geopolitical drama.

           Normally, sectors being hit the most in the recession will recover faster and will incur higher return.

           In my perspective, the industrial sector has destructed during the pandemic, it will probably recover faster post pandemic. And maybe the banking sector, if the central bank flipped back the interest rate afterwards.

           Also, the technology sector might outperform due to the higher demand as companies striving to be more digital.

    5. What is the general advice you have for our audience who are looking for investing right now?


           I think what is going to be predominant in the future is differentiation.


           Do not borrow money to invest in this kind of market, except that you are buying positive cash-flow rental properties.

           Investment Horizon should be the first thing you look at.

           Think about your skill sets before you invest. Only invest in something you are good at, otherwise buy ETFs. Most people don’t have the expertise to invest in individual stock.

           Think about how much money you are talking about, whether its registered account or general non-registered account?

           Think about what else you have as the rest of your portfolio? Do you have other passive rental income? What's your T4 income? What's your tax bracket?

           You can also delegate to investment professionals.


    1. As more and more AirBnB condos come to the long-term rental market, will it still be worth it to buy investment condos? Over the next 6 months, do you see significant rent reductions?


           Depending on the city. I am very bullish on Toronto’s market as we will be an innovation hub going forward and people have to come to this city every year.

           But be careful with the AirBnB perspective. The tourist sector has been the hardest hit during the pandemic. It’s still unclear how AirBnB will come out of this.


           The Toronto market is still good, but It really depends on the areas, condo vs. detached, buyers, and renters.

           There might be some behavior change in the future. For example, if “working from home” persists, companies might start to shrink their rental area in the downtown area and people wouldn't need to live close to the office. They might want to move out of the high-rise condos and to a detached house.

    2. What are some sectors or industries that have been permanently damaged by this recession, and business models changed and will most likely not come back?


           I think they will all come back, but we are going to see differentiations.


           One thing I can think of, the booking/traveling agency that operates physically in the office. I don’t know how long it will take for people to build up the courage to take cruise again. And nowadays people can plan trips online by themselves.

           Some old business models might be disrupted due to this pandemic and some new business models might evolve into a mainstream or major practice, for example digitalization. 

  • 08 Dec 2019 5:05 PM | Charley Chen (Administrator)




    加中金融协会的主席顾大局先生表示这些年来,CCFA一直是华裔移民留学生的重要的平台,也是加中关系的桥梁,身怀使命,加深对加中之间的了解和联系。例如CCFA今年正式举办卓越演讲人系列,为鼓励两国专家就重要主题进行直接对话;还有CCFA专程赴中国为其养老金课题提供专业经验分享 顾大局先生回顾了今年加中金融协会在双边交流取得的成就并寄语:展望未来豪情满怀,历久弥新继续前行。

    晚宴暨年度颁奖盛典除了传统的主旨演讲由著名投资专家Brian Madden2020年市场做前瞻性点评;职场从业人员业余爱好但专业演出的精彩文艺表演以外,此次的亮点在于十个维度也着重对行业的青年人才和榜样人物案例进行授奖表彰;对二十多年中默默支持CCFA在各个方面给予充分帮助的伙伴进行授奖致谢。这是一场榜样的盛宴奏出合作的华彩。聆听台上别人的故事分享喜悦,为获奖的同事好友祝贺,有感悟更有很多期许,希望下一次站在聚光灯下的是自己。

    厚积而薄发,“近三十载功名尘与土,两万里路云和月。CCFA经过28年的沉淀积聚大量华裔泛金融人才,这个社区社交平台也正从容转型成为分享成长推动榜样力量正面影响行业的职场精英平台。上台颁奖BayStreet Group的夏轶男,MarsRock Capital Group 的创始人回忆起十年前参加CCFA的圣诞晚宴和这一路CCFA的陪伴唏嘘不已。获奖”跨界达人“的女仕界”的两位创始人高兴地告诉大家:这是传统行业协会第一次对更广泛跨界创新的认可,这也是体现了CCFA高远的眼界,包容协作的愿景及与时俱进的价值认同。


    The Opening Speech from the CCFA President

    Good evening! I am Daju Gu, the president of CCFA, I would like to welcome you all to our Annual Gala!  Sharing this celebration evening with all ofyou is a true honor. Looking around, I am filled with joy of friendship, oldand new.

    Distinguished guests, ladies andgentlemen!

    For almost two decades, CCFA has beena key platform strived to deepen the understanding of and ties between Canadaand China. We have made notable contributions to our bilateralrelationships.  The good work continues, and this year:

    ·  CCFA successfully launched its Distinguished SpeakerSeries – a forum that encourages experts from both countries to engage directdialogues on topics of significance. Thanks to our sponsors E & Y and ZRDigitech for theirgreat support!

    ·  CCFA successfully delivered a training program inShanghai to the Chinese pension fund administers nation-wide, sharing the Canadianbest practices in the pension fund administration. The well-received trainingrepresents a good example of bilateral exchange. Thanks to Ti, Dawn and Davidfor your support and participation!

    ·  Promoting professional development has always been anintegral part of CCFA’s mandate. And this year, our newly established RiskManagement Group, under the leadership of Yicent, has conducted numerousseminars of risk and regulatory significance. The group membership has grownquickly to a few hundred. Keep up the good work, Yicent

    · Over the years, CCFA has collaborated closely withmany our partners and sponsors, and this year, we established 10 Annual Awardsto recognize the achievements and successes in the industry.

    Ladies and gentlemen, we would notbe able to do the work without the great support of our sponsors. I would liketo take this opportunity to express my deepest gratitude to all our sponsors,some I have personally benefited from excellent services they provide: Mr.Shenling Xian, CEO of Shenling Financial; Jim Sheridan, Director of RBC WealthManagement. I would also like to specificallythank James Beattie, a veteran in Capital Market and CEO of our title sponsor: Toronto Futures Options Swap Exchange, thank you James! 

    Last but not the least, our Marketingand Partnership team, under the leadership of Luyang Yan, Emily Gu and Wei Hong,has been instrumental in delivering many CCFA programs including the annualgala.  The volunteers worked countlesshours to put the event together: Betty Nan, Zoffy Li, Jeff Huang, thereare too many to mention here but their efforts are equally appreciated. Pleasejoin me to provide a round of applause for all the volunteers!

    This year ends with plenty of chatteron interest rate trends, re-election and trade wars. We are certainly living inthe most interesting era of our time. I am anxiously waiting to hear from BrianMadden, our keynote speaker and an investment expert, on his view on what 2020 willbring. 

    I wish you all an enjoyable eveningand a great holiday season!

    Thank you very much!

    设计、活动奖品提供、摄影支持和视频制作: CharFaerie Production

    主持人妆容造型、摄影: Natural Light Vision 

    现场特别赞助支持: Touchdown Canada Immigration & Bright Horizon Career Consulting Services

    摄影: D-Vision

    表演美妆、摄影:Bing Beauty

    活动护牙礼品赞助:HK Dental Centre 华康齿科

    活动家居奖品赞助: DeRUCCI Toronto 慕思家居

    现场酒类奖品赞助: tFOSE

  • 22 Nov 2019 9:43 PM | Anonymous






    Dr. Xiaohua Qiu, a well-known economist and a former Director of National Bureau of Statistics, is the Chief Strategy Officer of Sunshine Asset Management Co., Ltd., Chairman of BRICS Economic Think Tank and Professor of NewHuaDu Business School, City University of Macau. 

    Dr. Qiu has held many leadership posts in academic and research fields. He serves as a strategic advisor to various industrial organizations in banking, securities and energy sectors, including China International Economic Exchange Center, China National Offshore Oil Corporation, Minsheng Securities Co, Ltd., China Oceanwide Holdings Group and Guangdong Huaxing Bank. He has published more than 400 articles and books on economic statistics.


    Loren Brandt is the Noranda Chair Professor of Economics at the University of Toronto specializing in the Chinese economy.  He is also a research fellow at the IZA (The Institute for the Study of Labor) in Bonn, Germany. 

    He has published widely on the Chinese economy in leading economic journals and has been involved in extensive household and enterprise survey work in both China and Vietnam.  With Thomas Rawski, he recently completed an interdisciplinary effort, Industrial Policy, Regulation and Innovation in China (Cambridge University Press, 2019) that examines China's power, semiconductor and telecom sectors.  He was also co-editor and major contributor to China’s Great Economic Transformation (Cambridge University Press, 2008), a landmark study of China’s unexpected economic boom of the past three decades.  His current research focuses on issues of industrial upgrading and innovation in China, economic growth and structural change, and inequality dynamics.

    Prof. Loren Brandt是多伦多大学经济学教授,专门研究中国经济。他自1987年以来一直在多伦多大学工作,之前曾在斯坦福大学的胡佛研究所工作。他在领先的经济学期刊上广泛发表了有关中国经济的历史和现代,并参与了中国和越南的大量家庭和企业的调研工作。他是《中国经济大转型》(剑桥大学出版社,2008年)的共同编辑和主要贡献者,这是一项具有里程碑意义的研究,对中国过去三十年的意想不到的经济繁荣进行了综合分析。布兰特还是牛津大学出版社《五卷经济史百科全书》(2003年)的地区编辑之一。 他目前的研究重点是中国产业升级,不平等动态,中国长期经济增长和结构变化等问题。他于2009年6月加入IZA经济研究所担任研究员。

  • 15 Apr 2019 9:23 PM | Yicent Chen (Administrator)

    On March 7, 2019, CCFA Risk Study Group launched its 12th study session on the topic of International Financial Reporting Standard (IFRS) 9. Yicent Chen, VP in BMO Capital Markets, was the host of the study session. It was our great honour to invite Chris Wood, Partner in PwC, Dianna Zhang, VP of Global Risk Management in Scotiabank, and Attila Kovacs, Director in PwC, as our speakers. 

    2019年3月7日,CCFA风险学习小组开展了第12次的学习讨论会,以国际财务报告准则IFRS9为主题。这次的学习讨论会由蒙特利尔银行的资本市场副总裁 Yicent Chen 担任主持人。我们非常荣幸邀请到了普华永道合伙人Chris Wood,丰业银行全球风险管理副总裁Dianna Zhang和普华永道董事Attila Kovacs担任我们的发言人。

    Since the implementation of IFRS9 accounting standard, there has been an increasing attention on what the impact of the new standard is. In this study session, the speakers discussed the key areas that IFRS9 will have potential impact on, and introduced how analytics can help to study the impact. The presentation was led by Attila with valuable comments from Chris and Dianna based on their experiences on various IFRS9 related projects.


    In order to more effectively understand the strategic effect of IFRS9, we should look at the impact on allowance, earning and capital all together. It is expected that IFRS9 impairment requirements will likely increase income statement volatility, although the volatility has not been experienced yet as we are operating at a macroeconomic benign period. It should be cautious if the volatility is less than that with the incurred loss model, then actions needs to be taken in future model development.



    The key areas of IFRS9’s impact are data management, credit risk management, portfolio strategy, and capital dynamics. For data management, improving data quality is crucial for developing models with more accurate prediction. For credit management, IFRS9 requires more proactive and forward looking credit risk models. For portfolio strategy, IFRS9 impact can be drilled down more deeply into specific business unit or portfolio, and therefore affects future business decisions. For capital dynamics, the financial institutes would consider the impact of IFRS9 and revisit their risk appetites under BASEL requirement and potentially adjust capital planning and allocation. Other considerations of IFRS9 impact are on stress testing and forecasting including adjustment of scenario weights; model risk management by massively enlarging model inventory; and managed services including potential model validation automation and outsourcing.


    IFRS9影响的关键领域包括数据管理,信用风险管理,银行业务的策略和监管资本。对于数据管理,提高数据质量对于开发具有更准确预测的模型至关重要。对于信用风险管理,IFRS9需要更前瞻性的信用风险模型。对于银行业务条线的策略,IFRS9深入地影响到各个细分特定业务单位或业务条线,从而影响未来的业务决策。对于监管资本,金融机构可以考虑IFRS9的影响,并重新审视其在BASEL要求下的风险偏好,调整资本规划和资本的分配。 IFRS9影响的其他因素包括对于未来的预测和压力测试,包括调整情景分析中因素的权重;扩大模型库来管理模型风险;以及牵涉到的各种服务,包括潜在的模型验证自动化服务及外包服务。

    The second part of the discussion introduced Tableau Software as an effective and useful data analytics and visualization tool for understanding IFRS9 impact. It has user-friendly interface with powerful features such as connecting the expected credit loss (ECL) with earning and profit with various simulated scenario change from baseline to stress; nice visualization package and dynamic functions for quick dive-in analysis. This analytic tool helps to increase understanding of portfolio sensitivities and how provisions would evolve under various scenarios; provide more granular and improved understanding of portfolio risk profiles, loss contributions, and profitability; increase confidence in the capital assessment used to steer management actions and financial planning within the business; improve accuracy of capital assessments and adapt to more sophisticated regulatory requirements and results in better risk management.


    We received positive feedbacks from the audience about the study session, and will look forward to the next CCFA risk study session upcoming in May. In the end, we would like to thank PwC for sponsoring the venue and food for the lunch and learn session.


    After-session Insights:

    Dianna shared her thought that the current state in IFRS 9 implementation focuses on incorporating PCL and ACl into financial planning and forecasting, conducting sensitivity and scenario analysis. The outlook for the future impact on the industry is to consider hedging and proactive managing. 

    Next CCFA Risk Study session is tentatively scheduled as below:

    Topic: Liquidity Risk Management

    Presenter: Ed Medeiros, Managing Director, Group Liquidity & Global Cash Management, Group Treasury

    Date: Friday, May 31, 2019

    Time: 12:00 pm - 1:00 pm

    Place: MacLeod - 63rd floor, Scotia Plaza 

    CCFA 风险管理群群主: 

    Yicent Chen, VP, BMO Capital Markets

    Photographer: Di Wang

  • 15 Feb 2019 9:56 PM | Deleted user

    2019年加中金融协会(CCFA)推陈出新,本年度首个标志性活动 – 崭新的卓越演讲者系列在2月12日下午正式启动。多伦多市上演了多年未见的大雪暴,以此作为盛大隆重的开幕式来欢迎与会嘉宾。

    “中国传统中瑞雪兆丰年,下雪代表着好运和繁荣,” CCFA主席顾大局宣布活动开始并寄语。此次活动的主题是“经济和投资机会 - 2019年展望中国和全球视角。” 我想我们大家都会收益于富有洞察力的演讲,由此迎接繁荣的猪年。”

    “CCFA旨在邀请来自中国和加拿大的知名行业领袖和专家交流意见,加深对具有行业意义的关键问题的理解。” CCFA前主席兼论坛发起人Ti Wang表示。


    Fiera Capital Inc.的高级副总裁Govind Menon先生则是另一位主要发言人。Govind是一位经验丰富的投资组合经理,拥有超过20年的投资经验。在加入Fiera资本之前,他曾在加拿大最大的两家养老基金——安大略省教师养老基金和加拿大养老金基金投资委员会合计工作了12年。他还有丰富的客户关系经验,例如家族办公室和投资顾问,并在多个业务渠道中支持机构投资者。 Govind拥有印度管理学院艾哈迈达巴德分校的MBA学位。Govind分享了大量选股的实战经验和很多研读企业研究报告的投资窍门。

    紧接着2个主题演讲之后是小组讨论。讨论由多伦多本地投资业界知名人士,曾同在加拿大养老基金的投资组合经理Steven Wang主持,讨论更距离阐明了两位演讲人的投资理念。两位卓越的演讲嘉宾还分别向观众推荐了几本书。


    此次活动由安永会计师事务所(Ernst and Young Canada)和真融宝(Zhenrongbao)赞助,后者是投入金融科技的弄潮儿。两个赞助商都承诺将继续赞助该系列支持加中金融协会, 并长期为促进加拿大中国金融业双边对话不遗余力。

    加中金融协会 CCFA成立于2001年,旨在成为加拿大和中国金融业和政府值得信赖的顾问和行业倡导者。 CCFA拥有3000多名会员,致力于促进加拿大和中国金融及其相关领域的研究,教育,监管和商业实践方面的信息交流。在过去的17年里,CCFA已经发展成为促进金融业双边关系的重要平台之一。卓越演讲者系列将进一步提升CCFA品牌的专业性和独特性,从而共同建立两国的紧密的商业合作关系。

    On February 12, CCFA launched its first event of 2019 new signature initiative – Distinguished Speaker Series. City of Toronto welcomes everyone with the grand opening ceremony of snowstorm, a big one that Torontonians have never seen for years.

    "The snow shower in Chinese tradition represents luck and prosperity." Daju Gu the president of CCFA kicked-off the event. The event featured with the topic “Economy and Investment Opportunities–2019 outlook from Both China and Global Perspectives. “I hope that the speakers’ insightful views will benefit us all in having a prosperous new year of PIG." Daju said in the opening.

    " CCFA aims to invite distinguished industry leaders and experts from China and Canada to exchange views and deepen the understanding of key issues of industry significance." said Ti Wang, CCFA former president and the initiator of the forum.

    The session ran for 2 hours. Mr. Li Hualun, the well known founder and Chief Investment Officer of Rosefinch Investment and the Co-Chair of China AMAC Hedge Fund Committee was one of the honored speakers. Mr Li, who travelled all the way from China, shared his view on the global market with specific focuses on selected great investment opportunities in several industry sectors in China. Mr. Govind Menon, CFA, SVP, Fiera Capital Inc. was the other speaker. Mr. Menon is a seasoned portfolio manager and stock picker with over 20 years’ investment experience, including 12 years with the two of Canada’s largest pension funds – Ontario Teachers’ Pension Plan and Canada Pension Plan Investment Board. Govind provided a lot of insights on corporate research and investment tips.

    A panel discussion was held following the 2 keynote speeches. The discussion was moderated by Steven Wang, CFA, a former portfolio manager at CPPIB and well known to the investment industry. The discussion brought a closer look at the individual speakers’ investment philosophies. Both speakers have recommended several books to the audience.

    About 60 participants consisting of local industry leaders, high net worth individuals (HNWI) and professional investors attended the session。

    The event was sponsored by Ernst and Young Canada and Zhenrongbao – a growing player in the fintech space. Both sponsors are commitment to sponsoring the series as part of CCFA’s effort to promote Canada China bilateral dialogue in financial industries.

    Established in 2001. the CCFA aims to be a trusted advisor and leader for Canadian and Chinese Financial Industries and governments. With over 3000 members, CCFA seeks to facilitate information exchanges in research, education, regulation and business practices of finance and its related areas in Canada and China. For the past 17 years CCFA has evolved to be one of the important platforms to promote bilateral relationships in the financial industry. The distinguished speaker series will further enhance the CCFA brand on its professionalism and uniqueness to collectively build up business relations from both countries.

  • 29 Nov 2018 11:25 PM | Charley Chen (Administrator)



    加拿大总理特鲁多(Justin Trudeau),中华人民共和国驻多伦多总领事韩涛为论坛发来贺信。中国驻多伦多商务领事李燕华与会。前加拿大退休基金计划投资委员会(CPPIB)的Steven Wang主持了论坛。

    加拿大退休基金计划投资委员会(CPPIB)的Steven Wang

    “加中金融论坛打造加中两国金融界交流合作的一个有效平台,每年就两国金融界共同关心的重要议题邀请重量级嘉宾分享独特见解,进行详细深入的讨论。论坛完全有多伦多金融工作者志愿组织,热衷参与。” 加中金融协会会长顾大局表示,“今年,加中金融论坛进入第四届,一如既往安排了一系列精彩的演讲及对话,与会嘉宾围绕市场前瞻与金融科技两个主题进行研讨。” 

    Daju Gu, the President of CCFA, giving opening speech. CCFA主席顾大局

    近年来,人工智能和数据科学在金融领域里的应用获得了长足的进步,备受瞩目。来自宏利金融集团(Manulife Financial)高级分析业务副总裁 Eugene Wen 博士,和真融宝(中国)基金董事长吴雅楠博士,分别就这两项前沿技术在保险业和在中国金融市场的探索和实践进行了专题演讲。 随后两位演讲嘉宾协同加拿大赛士软件(SAS)国家分析与人工智能战略执行官 Steve Holder先生,以及德勤(Deloitte)数据与分析业务的 高级经理 Geoffrey Chen先生,一起进行了生动深入的主题讨论在加拿大帝国商业银行(CIBC)企业分析战略与合作伙伴关系发展总监Hondy Hung


    宏利金融集团(Manulife Financial)高级分析业务副总裁 Eugene Wen 博士


    First Panel Discussion on Fintech

    短暂的茶歇后,本届论坛进入第二部分议程。 这一部分的主题是当下的投资机会。 来自Goodreid Investment Counsel的高级副总裁兼投资组合经理Brian Madden先生就2019年宏观经济视角下的各类金融资产的挑战和机会一一阐述娓娓到来。 在紧接着的专题讨论上,加拿大丰业银行多元文化亚太区主管 JessieHuang女士邀请万锦市(Markham)经济发展总监 Stephen Chait先生, 启泰(McCarthy  Tetrault)律师事务所商业法务组高级律师兼中国业务组联系主席王海贝先生, 加拿大丰业银行财富管理业务副总裁Alan Mulveney 先生, Beneco PackagingSoOPAK.com的创始人Yajun Jiang女士, 和高博(Greybrook)房地产私募基金的执行董事 Joshua Hoo先生,分别围绕着跨行业展开视角充分深刻地探讨、分享当下投资热点,并邀请听众互动。

    Goodreid Investment Counsel的高级副总裁兼投资组合经理Brian Madden先生

    Second Panel Discussion on Investment Opportunities

    论坛的最后,CCFA前会长,加拿大丰业银行风险与资本分析业务副总裁张文琦女士做了总结发言。 这样一年一度的金融同业盛会,将多伦多加拿大及海外的金融专业人士集聚,充分显示了多伦多作为北美金融重镇的专业实力,为加中双边金融人才交流,市场观点交换,金融领域互相学习分享提供了热土。她感谢所有与会者,并发出了下一届加拿大中国金融论坛的邀请。

    Dianna Zhang, the Former President of CCFA, giving closing speech. CCFA前主席张文琦

    CCFA Group Photo

  • 25 Nov 2018 5:29 PM | Yicent Chen (Administrator)



    2018 年海外金融人才招聘岗位情况汇总表



  • 22 Nov 2018 10:50 PM | Yicent Chen (Administrator)








  • 30 Nov 2017 8:59 PM | Deleted user

    多伦多职场华人年度盛典-CCFA 2017.12.09圣诞晚会

    Bay Street Chinese Christmas Party






    2017 Bay Street Chinese Christmas Party















    WeChat ID: luyang_yan




  • 20 Sep 2017 8:53 PM | Deleted user


    The Manager is responsible for the quarterly production and analysis of the Bank’s Economic Credit Capital (ECC). This requires understanding the key inputs, outputs, and methodology for the ECC engine, Risk Frontier and Return on Economic Capital metrics. You will work on the bank’s credit portfolio data and the related risk parameters, such as PD, LGD, asset correlation R-squared etc. The manager is also responsible for  the IFRS 9 Expected Credit Loss (ECL) reporting to international subsidiaries and units. This role involves analytical work around ECL and EC and supporting internal stakeholders and senior managements’ requests.


    ·         Understand key components of the bank’s EC models.

    ·         Develop / enhance strategic credit risk analytics and advisory applications, maintain / automate existing applications; design and develop “ad hoc” presentations and special projects in SQL and C++.

    ·         Keep abreast with advances in credit risk analytics developments, products, and applications by vendors, consultants, regulatory agencies and competitors. Recommend/develop enhancements appropriate for the Bank.

    ·         Perform independent analysis of potential enhancements to the existing ECL and EC models and communicate and document the results or findings

    ·         Responsible for Quarterly EC production / concentration report and annual stress testing exercise.

    ·         Understand the ECL calculator (the structure and script using SQL and Python) and ECL methodology

    ·         Collaborate with internal stakeholders such as Internal Ratings Management, Enterprise Stress Testing, Information Technology & Systems (IT&S) business lines, and Enterprise Risk Management for methodology improvement to ECL and capital.  Apply specialized knowledge of Expected credit loss methodology, in ECL analytics and implementation. Assist the internal and external ECL reporting and disclosure.

    ·         Ensure compliance with relevant internal policies, procedures and regulatory requirements. Manage timely resolution of audit and regulatory issues.


    ·         Master’s degree in Math, Engineering, Finance, Physics, or other quantitative areas is required

    ·         3 years of relevant work experience (compensation will be corresponding to experience) is preferred

    ·         Knowledge in regulatory capital requirements, credit product knowledge and capital modeling.

    ·         Comfort and experience working in a project context and juggling multiple competing priorities

    ·         Strong skills in statistical analysis, organizational and analytical skills.

    ·         Strong programming skills in SQL, VBA, Matlab and/or SAS.

    ·         Critical thinking skills and ability to work under tight timelines.

    ·         Good verbal and written communication skills and proven problem solving skills.


    ·         The incumbent works in a standard office environment under occasionally stressful conditions.  Due to the complexity of measurements and models, problems arise frequently which the incumbent must resolve within tight deadlines.

    ·         The incumbent uses a PC or workstation for a substantial part of the day and uses sight extensively.

     Location(s):  Canada: Ontario: Toronto


    Contact Person: YoungBin Choe



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