UofT MMF is inviting CCFA Members to attend their upcoming summit in Feb 4-7, 2016 ! ! !

http://symposium.mmf.utoronto.ca/

Global Perspectives on Financial Innovation 

 The consequences of the crisis of 2008 are still being felt in the financial sector.  

While stock markets are at their all time highs, and interest rates at their all time lows, the changes in regulation are definitely having an impact in the evolution of financial market participants, especially banks. 

On the other hand, the fintech sector, contemporary Davids threatening the empire of Goliath, and shadow banking activity open in the mainstream, one may wonder where the world of quantitative finance is going. 

The MMF Symposium will bring together practitioners and academics to share their vision with all of us and help us determine what the future will bring us.  

There is a competition between innovation and regulation. The winner will redefine the sector.

Come to the MMF Symposium 2016 to check the score.

- Luis Seco, Director MMF

 

 

    CONFERENCE SESSIONS    

          KEYNOTE SPEAKER           

          The Force           

 

Mike Durland Group Head and CEO of Global Banking and Markets // Scotiabank

I first met Mike Durland in 1996, as RiskLab-Toronto was being created. He was instrumental in the creation of Risklab and MMF also; in fact, he served in the industrial advisory board for several years, and a lot of the MMF vision and curriculum was created with his input. To this day we still feel his vision in the program, and I am specially proud and happy that he will be joining us at the Symposium this year. - Luis Seco, Director MMF

 

 

           QUESTIONS & ANSWERS           

 The secrets of the Galactic Empire 

Interview with:

	By
Camilla Sutton Managing Director & Head Global Foreign Exchange // Scotiabank		Megan Vesely        Chief Counsel // Sigma Analysis and Management

 

 

Interview with:

 

	By
Michael Zerbs         Executive Vice President & Co-Head IT & Enterprise Technology // Scotiabank		Dan Rosen         Managing Director of Risk and Analytics // S&P Capital IQ

 

 

 

          TED TALK         

    Obi-Wan’s wisdom    

"From MMF to Audit – Adaptation in an Evolving Regulatory Environment" 

Alyson Bailey-Flynn   Regional Chief Auditor Europe // Scotiabank

It is 1998, and the first class of MMF is sitting in a U-shaped table arrangement, waiting for me to teach them risk management. Amongst them there is one, a graduate from Saint Mary's University, a physicist, whose understated presence did not fool me: I knew she was brilliant. Seventeen years later she has graduated to a higher galaxy, Regional Chief Auditor for Scotiabank in London. Innovation versus regulation? She is the best of both. - Luis Seco, Director MMF

 

 

 

           PRESENTATIONS           

        Reports from the Jedi         

 

	Breakthroughs in distributed ledger technology - A crash course on blockchains and smart contracts. Virgile Rostand Founder & M.D // Coinsquare
	Outlook for the Robo Advisor Industry's Evolution Richard Kang Chief Investment Officer // FTSE Group
	Advanced Portfolio Insurance Techniques for funding ratio management. Adina Grigoriu Founding Partner & CEO // Active Asset Allocation
	Investing in Ontario’s Public Infrastructure: A Prosperity at Risk Perspective Paul Smetanin President and CEO // Canadian Centre for Economic Analysis
	Financial Innovation: The Case of a Hedge Fund Index Replicator Pierre Laroche M.D. - R&D - Derivatives Products // National Bank Financial Products

 

 

 

 

                PANELS             

           Inside the ship      

ASSET ALLOCATION AND HEDGE FUNDS: A GLOBAL PERSPECTIVE

This panel will examine various elements of investing in hedge funds, in addition to the convergence of different worlds (long-only, hedge funds, private equity).  Nuggets of wisdom in Due diligence - investment, operational, and structural will be furnished. Quantitative equity asset management, asset allocation, and risk management will also be discussed.  The impact of investing via managed accounts will be discussed.  This panel will have a global lens.

  

	Ryan Gonzalvez Vice President // The Carlyle Group		Srikanth Iyer M.D., Head of Systematic Strategies // Guardian Capital
	Ranjan Bhaduri Chief Research Officer // Sigma Analysis and Management

 

DEBATE PANEL ON TRADING

Predatory trading, dark pools, high frequency trading, MNPI: do these terms denote a new profession is under development?

 

	Peter Berdeklis Portfolio Manager and Head of Algorithmic Trading // Maple Securities		Rob Almgren M.D. - R&D - Derivatives Products // National Bank Financial Products
	Gloria Tam Portfolio Manager // Cubist Systematic Strategies		Luis Seco Director // MMF

 

Dear CCFA Xmas Party Guests,

Thank you for your strong support. 

Below please find the seating arrangements for those who requested seating upfront. For those who did not get a chance to request the seating arrangement, we encourage you to check the form below to identify your ideal vacant seat and come to the event at 5pm to check in and pick your seat at the site. Please bring your invoice to facilitate the check-in process. Please find your table before 5:45 so we can start the event on time. See you all on Sunday。

Please follow these links to obtain the table arrangement for the CCFA Christmas Party.

Order by Table Number:

Table Arrangement List For Post 20151213001.xlsx

Order by Invoice Number:

Online Registrants' Seatings For Post 20151213001.xlsx

The bird on the tree has flown away!

What’s left on the ground?

 

December 13 is less than two weeks away and the early birds are already flapping their wings! But if you go online, you won’t find any lean and industrial birds, but only a lazier one with more feathers. 

Yes, this is about this year’s Bay Street Chinese Xmas Party.  As previously announced, the online availability for the early bird price of $60 per person was closed at midnight yesterday (November 30). 

But space is still available, that is, if you want to grab one of those remaining seats.  What can you do?  You have two options: take the short cut to go online at http://theccfa.net/event-2069380/Registrationand pay a premium for the convenience of just a few key clicks, or go offline, seeking out one of those ticket reps to get a seat still at the early bird price!  You can find their names here: http://theccfa.net/event-2069380. Either way you choose, hurry up because space is truly limited!

If you do go offline, please thank the ticket rep whole heartedly!  It’s the dedication and generosity of people like them who make this event even possible!

By the way, there has been some slight update on the tables.  Please check below.  If any table appeals to your taste, please forward the receipt or digital ticket to Jinke (xmas.jinke@gmail.com) and reserve your desired tables.  Please note: You need to submit at least three table names and it will be offered as First-Come-First-Served!  Of course you can opt to keep the suspense and find out your table when you check in at the door.

No	Table Name	Head of Table	Company	Main Function
1	Dianna's Table, reserved	Dianna Zhang	VP, Scotia	Economic Capital and Capital Efficiency
2	Houben's Table, reserved	Houben Huang	VP, BMO	Model vetting
3	Media Table, reserved	Media	Media	Media
4	Ian's Table	Ian Michael	Partner, McCarthy Tetrant LLP	Business Law
5	Geff's Table	Geoffrey Rubin	Managing Director, CCPIB	Total Portfolio Management
6	Chris's Table	Chris Gibson	VP, TD Securities	Fixed Income, Currencies, & Metals
7	Eric's Table	Eric Xiao	Partner, Ernst & Young LLP	Transaction Advisory Services
8	Luis's Table	Luis Seco	Professor, UofT	Mathematics and Mathematical Finance
9	John's Table	John Hull	Professor, Rotman	Finance
10	Peter and Susan's Table	Peter and Susan Christoffersen	Professor, Rotman	Finance
11	Judy's Table	Judy Lee	VP, RBC	Commercial Financial Services
12	Xiaobo's Table	Xiaobo Wang	Scotia	Group Liquidity
13	清水涟漪 Lian's Table	Lian Duan	BMO	Internal Audit
14	Yadong's Table	Yadong Wang	Scotia	Model development and Market Risk
15	冬雪红梅 Cathy's Table	Cathy Li	Investment advisor	RBC wealth management RBC dominion securities
16	雨后天晴 Rainbow on the Horizon	Hong Xie	Manulife	Models and Analytics/Variable Annuity Hedging
17	我们还年轻 Cycle to work	Michael Wang	Manulife	Variable annuity hedging system solutions
18	漫步贝街 Random Walk on Bay Street	Jie Chen	TD Securities	Quantitative Engineering and Development
19	大跃进 Quantum Leap	Joe Lu	Consulting	Investment Banking
20	骑行天下 Cycle Mania	Tao Wang	Aon Consulting	Variable annuity hedging system solutions
21	大甩卖 Big Short	Yicent Chen	BMO	Model Vetting
22	审之又审 Internal Audit	Yaping Jiang	TD	Audit
23	慎之又慎Vet Again	Yeqi He	RBC	Model Vetting
24	爱吃•爱美•爱拼 Empower Our Future	Luyang Yan	Scotia	Business Analysis
25	贝街合唱团 Choir on Bay	Rui Pan	CIBC	fixed income analytics and data sales
26	退役摄影爱好者 Snapshots of Bay	Daju Gu	Razor Risk Technologies	TMX Technology Solutions
27	万锦信贷 MoneyBroker.ca	Christine Xu	Mortgage Architects	mortgage services
28	8090后之打酱油 Beat Soy Sauce	Truman Chen	EY	Valuation and Business Modelling
29	金融IT Rock to Gold	James Shen	CPPIB	Portfolio management and Analytics
30	峭壁临风Margin Calls	Alan Xiang	TDAM	Performance Analysis
31	始于足下All about Assumption	Laurent Wu	Scotia	Model Vetting
32	安居乐业Your Home, My Work	Derek Jing	CIBC	Mortgage Origination
33	无债一身轻No Leverage	Jennie Wang	TD	Asset/Liability Management
34	风华正茂We are the One	Owen Ou	CIBC	Capital Markets Risk Management
35	消费者红娘 Enlight	Mia Wang	LoyaltyOne	Consumer engagement strategies/CPAC training
36	背包客之 I love travel	Angela Yang	CIBC	product management
37	Qian's Table	Qian Jin	CIBC	Enterprise Risk Management
38	Rebecca’s Table	Rebecca Pang	CIBC	Channel Strategy and Analytics

You must have experienced this: you come to a party without really knowing who’s who.  You are seated to a table, hoping someone will open the chitchat.  Then you find everyone is doing the same thing, feeling awkward not knowing how to start a conversation.  You look around and notice a few special tables with prominent guests but you have no clue who they are and how to approach them.  You leave feeling a bit of loss: why am I coming to this party in the first place?

Not in this party!  In this year’s Bay Street Chinese Xmas Party, we shall have around 40 named tables, each hosted by the head of that table.  Check them out below.  Would you still feel at loss how to break the ice?

So if you feel you could identify with some “head” of table, if you feel it would be just fun simply to find out what the table is about, or if you feel you now have an urge to table-hop and propose a toast, join us at the party! 

Simply go to http://theccfa.net/event-2069380/Registration to register your name and email address!  Then forward the receipt or digital ticket to Jinke (xmas.jinke@gmail.com) and reserve your desired tables.  You need to submit at least three tables names and it will be offered as First-Come-First-Served!  Of course you can opt to keep the suspense and find out your table when you check in at the door.

Yes, it’s that simple!

No	Table Name	Head of Table	Company	Main Function
1	VIP Table	Dianna Zhang	Scotia	Economic Capital and Capital Efficiency
2	VIP Table	Houben Huang	BMO	Model vetting
3	Media Table	Media	Media	Media
4	Ian's Table	Ian Michael	Partner, McCarthy Tetrant LLP	Business Law
5	Geff's Table	Geoffrey Rubin	Managing Director, CCPIB	Total Portfolio Management
6	Chris's Table	Chris Gibson	TD Securities	Fixed Income, Currencies, & Metals
7	Eric's Table	Eric Xiao	Partner, Ernst & Young LLP	Transaction Advisory Services
8	Luis's Table	Luis Seco	Professor, UofT	Mathematics and Mathematical Finance
9	John's Table	John Hull	Professor, Rotman	Finance
10	Peter and Susan's Table	Peter and Susan Christoffersen	Professor, Rotman	Finance
11	Judy's Table	Judy Lee	VP, RBC	Commercial Financial Services
12	Xiaobo's Table	Xiaobo Wang	Scotia	Group Liquidity
13	清水涟漪 Lian's Table	Lian Duan	BMO	Internal Audit
14	Yadong's Table	Yadong Wang	Scotiabank	Model development and Market Risk
15	冬雪红梅Cathy's Table	Cathy Li	RBC dominion securities, wealth management	Financial advisor
16	雨后天晴Rainbow on the Horizon	Hong Xie	Manulife	Models and Analytics/Variable Annuity Hedging
17	我们还年轻 Cycle to work	Michael Wang	Manulife	Variable annuity hedging system solutions
18	漫步贝街 Random Walk on Bay Street	Jie Chen	TD Securities	Quantitative Engineering and Development
19	大跃进 Quantum Leap	Joe Lu	Consulting	Investment Banking
20	骑行天下 Cycle Mania	Tao Wang	Aon Consulting	Variable annuity hedging system solutions
21	大甩卖 Big Short	Yicent Chen	BMO	Model Vetting
22	审之又审 Internal Audit	Yaping Jiang/Ti Wang	TD/RBC	Audit/Structured finance
23	慎之又慎Vet Again	Yeqi He	RBC	Model Vetting
24	爱吃•爱美•爱拼 Empower Our Future	Luyang Yan	Scotia	Business Analysis
25	贝街合唱团 Choir on Bay	Rui Pan	CIBC	fixed income analytics and data sales
26	退役摄影爱好者 Snapshots of Bay	Duan Qian	Scotia	Financial Engineering
27	万锦信贷  MoneyBroker.ca	Christine Xu	Mortgage Architects	mortgage services
28	8090后之打酱油 Beat Soy Sauce	Truman Chen	EY	Valuation and Business Modelling
29	金融IT Rock to Gold	James Shen	CPPIB	Portfolio management and Analytics
30	峭壁临风Margin Calls	Alan Xiang	TDAM	Performance Analysis
31	始于足下All about Assumption	Laurent Wu	Scotia	Model Vetting
32	安居乐业Your Home, My Work	Derek Jing	CIBC	Mortgage Origination
33	无债一身轻No Leverage	Jennie Wang	TD	Asset/Liability Management
34	风华正茂We are the One	Owen Ou	CIBC	Capital Markets Risk Management
35	消费者红娘 Enlight	Mia Wang	LoyaltyOne	Consumer engagement strategies/CPAC training
36	背包客之 I love travel	Angela Yang	CIBC	Product management
37	Qian's Table	Qian Jin	CIBC	Enterprise Risk Management
38	Rebecca's Table	Rebecca Pang

 

CCFA Lunch & Learn Speaker Series

Title: The Art and Science of Valuation

Time: Friday, 27 November 2015 from 12:00 PM to 1:00 PM (EST)

Location: East York Room, 2nd Floor, 4 King Street West, Toronto, ON, Canada

Speaker: Rebecca Pang, Senior Director of Channel Strategy and Analytics, CIBC

Registration link: https://www.eventbrite.ca/e/ccfa-lunch-learn-speaker-series-the-art-and-science-of-valuation-tickets-19427121042

Audience are encouraged to bring their own lunch.

Valuation matters more than ever – valuing a company before you make a stock investment, valuing a franchise business for purchase, watching the recent booming of M&A with valuations getting back into the dangerous zone, etc. This talk will explore the arts and science sides of the valuation and will provide participants with a practical insight into business valuation. You will learn about various valuations tools, business valuation interpretation as well as the mechanics of the valuation process. We will also explore different career paths of valuation professionals.

Speaker’s Bio:

Rebecca Pang is the senior director of channel strategy and analytics for CIBC, where she leads the retail channel analytics team to develop and evaluate strategic programs or initiatives related to integrated channel strategy. Prior to the current role, Pang was working in the mergers and acquisitions, investment banking and Strategy & Corporate Development teams at CIBC. Pang has also worked as a senior manager for T-Mobile USA, an investor relations officer for China Netcom in Beijing and a business analyst for McKinsey and Company in Hong Kong.

Pang earned her honor’s bachelor of business administration from the Chinese University of Hong Kong, and then served as an HSBC scholar at Columbia University. She received her MBA from Stanford University’s Graduate School of Business and later earned her Chartered Financial Analyst and Chartered Business Valuators designations.

Pang currently serves as a member of the Dean’s Advisory Council for the Ted Rogers School of Management of Ryerson University, and a board member for the Toronto chapter of the Multiple Sclerosis Society.

CCFA的年度圣诞节前晚会（宴）始于1994年12月的12个金融街华人分析员。从那一年开始，一批又一批的中国人来到金融街就业和创业，并积极参与这一贝街华人最主要的年度社交活动。

不论是9•11后短暂的萧条，还是在2008年的全球金融危机后漫长的几年，CCFA圣诞晚会依然是年年创新，越来越火；虽然TSX300指数的成份公司的名字变来变去，数量越变越少，但是CCFA圣诞晚会的规模和影响力可是越来越大。

今年，勇于创新、与时俱进的CCFA圣诞晚会将以崭新的内容和精心的安排，来充分满足各位贝街同仁“会老友、结新朋”的社交愿望：

• 今年晚宴的场地有一个很大的lobby和bar service，可供大家晚宴前后充分地自由交流
• 主持人介绍嘉宾和嘉宾代表致辞会尽量采用多媒体，内容更加简要丰富而时间更加紧凑
• 晚会和晚宴自始至终的背景音乐都会很轻柔，为各位聊天寒暄提供方便
• 取消往年的CCTV春晚式表演栏目；改设内容相关、大家都可以参与的、充满正能量的评比和奖励活动。评奖由各位晚会参与者通过手机上的app现场投票，根据得票数量多少来决定，保证公正和公平。具体评比项目包括：

o    2015 CCFA追求幸福奖（The pursuit of Happiness Award）- 你一定有过这样的时刻：历经艰苦跋涉，你终于登顶，回望来路，心中充满无比自豪；你彻夜不眠，暝思苦想，终于灵光一现，欣喜若狂；一个大胆设想，诱惑你倾注所有，废寝忘食，执意向前，终于收获无穷的笑脸，熟悉的和陌生的。幸福是什么？就是在你追求自己的梦境后的那种自豪，那种欣喜，以及那些围绕你的笑容。跟我们分享你的那一时刻吧！我们鼓励CCFA成员毛遂自荐或举荐候选素材。一经CCFA晚会筹备委员会审议通过后，我们会协助设计并录制不超过2分钟的视频介绍你自己2015年的一个真实故事，来记录CCFA会员超越自我、自强不息、丰富多彩的加国人生轨迹
o    2015 CCFA导师百花奖（Most Popular Mentor Award）-  你是否有过导师在你迷茫的时候，无论是生活上，还是工作上，为你指点迷津？ 你是否有过MENTOR在连你自己都不相信自己的时候一直坚定的鼓舞你鞭策你？ 在过去的一年里，你的生活中是否有过这样一个人，做过这样的一些事，让你真心的想说声感谢？   欢迎大家踊跃向CCFA晚会筹备委员会提名，并说明提名的理由。
o    2015 CCFA圣诞晚会最优雅女士奖（Best Dressed Lady Award）- CCFA保留节目 - 巧笑倩兮，美目盼兮，华服灿灿，欢聚一堂。摒弃平日的灰黑兰，show出你最闪亮的风姿风采！

• 当然少不了我们的另一个保留节目，压轴大合唱。今年我们会安排一次晚会前的Kala合练，让大家提前熟悉歌词韵律，希望踊跃报名。

我们每个人都很忙，真的都很忙！

但是，相信您绝对不想错过这场完全由许许多多的志愿者们为您精心准备的年度精神盛宴和朋友聚会：

如果你曾经是当年CCFA最早的先驱者，请您一定要拨冗光临今年的晚会，和多年不见的老友在轻柔的音乐中叙叙旧，共同回顾当年那激情燃烧的岁月；

如果你已经从业多年，业务上独当一面，但是很想了解一下同龄人们都在想些什么，忙些什么，投资了什么，请您一定不要错过这个晚上；

如果您入行不久，等待事业起飞；或者正在寻找你的dream job或者创业的idea，你不妨鼓起勇气加入我们，多和那些热心的过来人请教和切磋。或许哪位高人点拨你几句，就能省去许多黑暗中的盲目摸索和弯路。

最后，别忘了和我们一起参与晚会的压轴节目 – 大合唱《难忘今宵之 – “贝街雄风”》。那种畅快淋漓、豪情满怀的感觉，只有亲身参与过才会知道。。。

来吧！朋友们！无论是下冰雨还是暴风雪，让我们相约星期天，12月13日，5pm。。。

“追求幸福奖”和“导师百花奖”参赛规则

• 1.       参赛资格：CCFA活动的积极参与者或者贝街从业人员，而且必须出席当晚的晚会
• 2.       参赛资格和内容审议委员会：CCFA晚会筹备委员会
• 3.       参赛报名截止日期：November 13， 2015
• 4.       报名形式：

a.        追求幸福奖：可以自荐或推荐，附以推荐人的姓名性别，联系方式，以及被推荐人的故事概要（what was the context, what was the motivation, what have you done and what were the outcome, and finally what one could learn from it）
b.       导师百花奖：推荐，附以推荐人的姓名性别，联系方式，以及被推荐人的主要事迹（what did he or she do and what difference did that make）

• 5.       报名联系方式： stevenwang67@gmail.com

Kala热身合练报名：ruipan@hotmail.com

After the delivery of Fundamental Review of the Trading Book on April 16, 2015, CCFA Risk Study group held the fourth study session. The topic is Enterprise Wide Stress Testing (EWST) on August 12, 2015. It was an honour to invite three experienced practitioners in the field of stress testing to lead the round table discussion. They are: Xiaobo Wang, Director in Liquidity Management at Scotiabank, Jeff Xue, Senior Director from CIBC and Beizhen Lei, Senior Manager of BMO Model Risk Validation. Yicent Chen, Model Risk Specialist from BMO was the facilitator. Other practitioners from leading Canadian financial institutions also joined the discussion and exchanged their views on the industry practice.

The discussion started from a high-level overview of the stress testing practice, including the objectives, approaches and components. Stress testing is a key risk and business management tool to identify and quantify key risks and assess capital adequacy during stressed periods. There are two approaches commonly used for stress testing: A top down approach starts with a systematic adverse scenario defined by the regulator and assesses the impact of such scenario on bank’s financial statements. This approach enables the regulator to assess impacts across different banks under adverse scenario. On the other hand, a reversed approach starts with defining a severely stressed outcome of the bank and then identifies the scenarios that would cause such severe loss. This enables a bank to tailor the stress testing practice to its unique business exposures. Components of stress testing include risk components (credit risk, counterparty credit risk and market risk) as well as stress scenarios (US recession, Emerging Markets, crude oil, etc.).

Then the discussion leads to a closer look on the methodology of corporate credit stress testing, especially the methodology of Probability of Default (PD) stress testing. Stress testing models are built with internal or external historical rating and default data. The conditional transaction matrix approach is commonly used for PD stress testing. Under this approach, first transition matrices are constructed with chosen horizon based on historical data. Then a summary statistic, such as downgrade and default probability (DDP) is constructed to measure the changes in the transitions. After that an econometric model is developed to relate the summary statistic to relevant macroeconomic/financial variables. Finally a stress transition matrix is derived corresponding to the model predicted DDP for a macroeconomic scenario.

The discussion concludes with some cases studies in actual stress testing practice of the banks. It is pointed out that stress testing should be viewed as a system instead of individual components/models. By the end of the day, stress testing seeks to answer the question of financial statements projection under adverse scenarios. Knowledge of business, accounting, strategic planning as well as risk management should be integrated for a meaningful stress testing practice. Stress scenario could potentially affect both asset and liability side on the balance sheet. Output analysis is valuable in the aspect of assessing out-of-sample model performance as well as soundness of model methodology.

The participants in the discussion also exchanged opinions on data collection, modelling methodology and implementation of stress testing. Topic for next study session will be operational risk.    

在就交易账户（trading book）市场风险研讨后，CCFA于2015年8月12日迎来了第四次风险管理研讨会，课题是企业整体压力测试。我们有幸请到了在这一领域的几位资深从业者领导讨论，他们是Scotia Bank流动性风险管理主管Xiaobo Wang，CIBC高级主管Jeff Xue和BMO高级经理Beizhen Lei。Yicent Chen担任本次讨论的主持。来自各大金融机构其他与会者也就本议题参与讨论，提供专业见解。

本次研讨开始于对于压力测试的综述，包括其目标、方法和组成部分。压力测试是一种有效的风险管理工具，用于评估金融机构在压力情景下的风险和储备金情况。目前有两种常见的压力测试方法：其一是自上而下（top-down）的方法，测试开始于一个监管机构给定的系统性的压力情景，而银行根据该情景测试其财务报表在压力下的情况。这种方法使得监管机构能够纵向比较各金融机构在同样的压力情景下所受到的影响。第二种方法是反向的压力测试。这种方法开始于定义银行可能会承受的极端损失，然后寻找可能会造成该种损失的压力情景。这使得银行能够针对其特有的资产负债情况有针对性地制定压力情景。而压力测试的主要组成部分有：风险组成（包括信用风险、交易信用风险和市场风险等）和压力情景（例如美国衰退、新兴市场和油价压力情景等）。

随后，与会者就信用风险的压力测试，即违约概率的压力测试进行了深入讨论。压力测试模型是基于金融机构内部或者外部的历史数据构建的。条件转移矩阵是业界常用的违约概率压力测试的建模方法：首先在给定历史时期，基于历史数据我们可以得到信用评级的转移矩阵。该矩阵可以被一个代表性的变量，降级和违约概率（downgrade and default probability）所表征。随后我们建立计量模型，使用该变量随后作为被解释变量， 宏观或金融数据作为解释变量，并进行预测。最后通过预测值，我们可以推导出在压力情景下的条件转移矩阵。

讨论以对压力测试中的几个案例分析结尾。压力测试应该被视作一个系统和整体，而不是零散的模型组成。归根结底，压力测试试图回答的问题是，在压力情景下，金融机构的财务状况会有怎样的变化。为了得到具有参考意义的压力测试结果，从业者需对于企业业务、财务情况、策略规划的深入了解，对风险控制的理论与实践有实际掌握。压力情景下，金融机构的资产和负债可能都会发生变化。此外，对压力测试结果的分析，尤其是模型样本外结果的分析，对于考量模型的方法可靠性有重要的参考意义。

与会者也就数据采集，模型方法和实施等方面交换了意见。 下次研讨会的议题是运营风险。

“Think Asia, Think Hong Kong” Symposium (Open for registration)

Organized by the Hong Kong Trade Development Council (HKTDC) and supported by over 40 Canadian multipliers, the symposium aims to encourage and facilitate Canadian companies to diversify their business to Asia and meet potential investors in a strategic way. In particular, the Finance/Renminbi Breakout Session in the afternoon will be most relevant for your associates and members. Registration is complimentary, grateful for your help to pass the message to your members and encourage them to attend this not-to-be-missed symposium! Below please find the details and an eDM link for your information and use.

Date:                   June 8, 2015, 8:45 am – 5:30 pm

Venue:                The Fairmont Royal York Hotel, Toronto

Programme:       http://www.thinkasiathinkhk.com/2015/en/info_programme.html

eDM:                    http://info.hktdc.com/dm/cp1448223/index_en.html

Admission Fee:   Complimentary

 

CCFA Speaker Series – Why I Care about Charity?

 Title: Why I Care about Charity?

Time: Friday, May 22nd, 12:00 PM – 1:30 PM (ET)

Location: Walker Room, FCP 68th floor, 100 King St. W., Toronto, ON, Canada

No outside food is allowed on this floor，sorry for the inconvenience.

Speaker: Stanley Kwan FCPA, FCA, MBA

Registration link: http://www.eventbrite.ca/e/why-i-care-about-charity-ccfa-speaker-series-tickets-16917736405

CCFA will donate any net-income of this event to the Fu Hui Education Foundation:

http://fuhuieducationfoundation.com/

Stanley will share some stories about his career and involvement in charity work. The presentation will mainly cover two parts. First, how charity work impacts on his business development; Second, how charity work impacts on his personal development. Stanley will also discuss why he is enthusiastic about charity work.

Stanley was formerly the Managing Partner of one of the largest Chinese accounting practices and a senior tax manager at Deloitte. Stanley has been involved with many non-profit organizations in the community including Yee Hong Community Wellness Foundation, Carefirst Seniors & Community Services Association, Chinese Professional Association of Canada, Taiwan Entrepreneurs Society Taipei Toronto and Royal Ontario Museum Trustee, as well as Buddha’s Light International Association of Toronto.

In 2004, with a group of his close friends, Stanley founded Fu Hui Education Foundation, a registered Canadian charity, and mobilized his friends to start providing financial assistance and mentorship to poor children and young people in China.

Stanley graduated from McMaster University in 1975 with a MBA degree. Stanley was awarded a Fellowship by the Institute of Chartered Accountants of Ontario in 2008 and was admitted by McMaster University into its Alumni Gallery in 2009. He was also awarded the Queen Elizabeth Jubilee Award in 2012.

Stanley将与我们分享关于他的事业以及慈善工作方面的一些经历。讲座包括两部分，首先是慈善工作对于他本职工作的推动；其次是慈善工作对于他个人产生的影响。当然，Stanley也会详谈他热衷公益的来龙去脉。

Stanley曾经是中国最大会计实务委员会之一的任事股东，并曾担任德勤的高级税务经理。他与很多社区公益组织有过合作，其中包括颐康基金会，耆暉會，加拿大中国专业人士协会，多伦多台商会，皇家安大略博物馆董事以及多伦多佛光会。

2004年，Stanley和一众亲友创办了福慧教育基金会。作为一个加拿大的注册公益机构，他们四处动员资源，为中国的贫困儿童和年轻人们提供经济上的帮助及相关指导。

Stanley 1975年在McMaster大学获得MBA学位， 2008年被授予安大略省特许会计师协会会员资格，2009年Stanley加入McMaster校友画廊。2012年，他被授予英国女王伊丽莎白禧年奖。

本次活动产生的所有结余CCFA 将会全部捐助给福慧教育基金：

http://fuhuieducationfoundation.com/

 

请注意：本次活动场地不允许自带食物，由此带来的不便，敬请原谅！

CCFA calls for volunteers for 2015 Canada China Finance Summit

CCFA is proud to announce that the association is going to host the Canada China Finance Summit (CCFS) on Thursday, July 9, 2015 in downtown Toronto. This is the biggest professional event in 2015, and also marks the First Canada China Finance Summit held by CCFA since founded in 2001.

The purpose of the Summit is to promote investment and trade across the two countries by bringing in senior leaders from the public and private sectors in both countries to share visions, discover opportunities and forge business and personal relationships.

As the committee is actively preparing for the summit, we also need more CCFA members to join us to make this a successful event. Especially, we need volunteers who have experiences in event marketing, and hosting/panel moderator. If you are interested, please send us a short resume and let us know your area of interests. This would be a fantastic chance to show off your talent. You would have lots of chance to network with senior leaders in financial industry in both countries. You can also take the chance to practice your skills and broaden your vision. This experience will certainly enhance your professional profile in your career.

Please kindly send your interests and resumes to: yadong.wang@scotiabank.com by May 31, 2015, the sooner the better, as we expect a high volume of interests due to this unique and exciting opportunity. We will review the application and get back to you soon as possible.

The following is the summit agenda ( subject to final approval)

The 2015 Canada China Finance Summit      2015加中金融投资高峰论坛

Summit Agenda –

8:30-9:00              Opening Ceremony

9:00-9:45              Panel Discussion: Canadian and Chinese Bank Cross Border Strategies

9:45-10:30           RMB International Settlement and Perspective from the Canadian Banking Supervision

10:30-11:00         Coffee Break

11:00-11:45         Outlook of Global Commodities Price – Impact and Opportunities for Canadian and Chinese Companies and Investors

12:00-1:30           Lunch (buffet)

1:30-2:15              Canadian fund investment strategies in China

2:15-3:00              Merger and Acquisition in Canada — Opportunities for Chinese Companies and Investors

3:00-3:30              Coffee Break

3:30-4:15              Panel Discussion: Merging Canadian Technologies with Chinese Markets

4:15-6:00              Networking Session: Cocktail Reception