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22 activities of the commissions Fixed Income Forum The Forum was established in 2005 and meets as many as two times per year. The organisers are the two members of the DVFA Board responsible for Fixed Income: Dr. Peter Merk (LBBW) and Stefan Bielmeier (DZ BANK). Participants in the Fixed Income Forum prepare presentations on current topics as a basis for discussion. Four presentations were held at the Fixed Income Forum in January 2011. Dr. Guido Zimmermann (LBBW) gave a speach entitled The euro crisis in historical context – lessons and conclusions’. He was followed by Dr. Thomas Meißner (DZ BANK), with ‘EMU crisis: what can monetary and fiscal policy do?’. Oliver Piquardt presented “Bank restructuring – creditor participation in losses”. In the final presentation, Dr. Markus Walchshofer (Union Investment) and Christoph Klein (DB Advisors), both Chairmen of the Expert Group Bond Communication, spoke about the ‘Minimum standards for bond communication’. This new publication is highly relevant given the present wave of SME bond issues. Deutsche Börse AG has implemented rules based on the DVFA recommendations. Commission Rating Standards Fixed Income_ The Commission Rating Standards comprises four Expert Groups. In February 2010, Expert Group III, under the leadership of Prof. Dr. Thomas Heidorn published the paper ‘Requirements for structured finance ratings’. The aim of the publication is to define the basis for rating of structured products, in order to strengthen investor confidence in the usefulness of ratings, as well as in the product class itself. To this end, requirements have been developed for the asset pool and for the originator/servicer. Rating differences vis-à-vis corporate issuers have also been identified. Expert Group IV, led by Dr. Oliver Everling, examines issues relating to interpretation and usefulness of rating scales, such as types of ratings, requirements for the development of rating symbols, the number of rating classes, investment grade and non-investment grade, demands on the specificity of rating symbols and rating thresholds. There are already expectations with respect to these aspects within the markets, against which the rating agencies are the foremost opponent. The Expert Group is working to formulate a standard.
featu Equities_ Alumni_ DVFA Alumnis: Expansion of the network The DVFA Alumni Network that was established in 2009 now counts more than 90 members and promotes active networking through measures like multiple yearly events. Until now, the organisation has only been open to graduates and instructors of the CIIA programme and its predecessors the CEFA and DVFA Investment Analyst programmes. Given the numerous requests from graduates of other programmes, DVFA Alumni has been expanded, and now admits all DVFA postgraduates. Thus, the organisation is now open for all CeFM, EFA, CRM, CCrA or CREA participants. All current and former instructors and Academic Directors of these programmes are also warmly invited to join the network. Olaf Liebeskind (right) of Deutsche Bank AG is Chairman, Andreas Deeng (left) of HelabaTrust is Deputy Chairman of the DVFA Alumni Network. Two successful networking events in 2010 On 3 March 2010, the year's first networking event was held. The topic of the evening was ‘Not naughty banks - naughty bank’. At the second event on 21 October, Norbert Abraham from ingeniam - Executive Search & Human Capital Consulting spoke about ‘Networking and career acceleration’. Abraham presented the audience with interesting insights into his activity as a career coach. 23
Page 1: 50 YEARS Society of Investment Prof
Page 4 and 5: Imprint Publisher: DVFA e.V. Mainze
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Page 44 and 45: 42 featu Training and Qualification
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