Gb08_engl Umschlag:GB 2005 - DVFA

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14 featu DVFA Club +++ DVFA Club +++ DVFA Equities_ Club The DVFA Club was introduced in 2007 as a new event format focusing on current capital market topics, which serves primarily as a networking opportunity. u u DVFA Club “Credit derivatives and the current crisis” February 2008 On 19 February, a Club evening was held focussing on “Credit derivatives and the current crisis". The event coincided with the European Bond Commission meeting at the DVFA Center, which meant that a number of guests from other countries were in attendance. Dr. Thomas Klepsch of State Street, Klaus Holschuh from DZ BANK and Uwe Burkert, Head of Credit Research at LBBW spoke about products incorporating credit derivatives, the specific effects of the crisis on liquidity and the probability of a recession in the US. DVFA Club “Certificates” June 2008 Certificates are a relatively new asset class that is currently enjoying a boom in popularity. But, it is becoming progressively more difficult to keep track of the high number of products available. The third DVFA Club on 09 June 2008 therefore focused on the topic of “Certificates”. The high degree of creative flexibility in the construction of new structured products makes it particularly important that investors be qualified and informed. Given the diversity of product names and features, they must actively follow developments in the market. To this end, DVFA invited two experienced bank managers to talk about the topic. Ralf Frank hosted the evening. Lars Hille, member of the DZ BANK AG Management Board, is responsible for equity and retail securities business at DZ Bank. He is also a member of the DVFA Board. In addition to his position as Managing Director of NewMark Finanzkommunikations GmbH, Hubertus Väth has various university teaching engagements. His areas of expertise include a specialisation in derivative financial products. After the presentation, there was an active discussion, primarily about the future of the certificate industry.
featu DVFA Club +++ DVFA Club +++ DVFA Equities_ Club u u DVFA-Club “The role of ratings and rating agencies” September 2008 With more than 70 participants, the DVFA Club on “The role and methods of rating agencies" was a good success. Prof. Jens Leker of the Westfälische Wilhelms Universität, in Münster held a talk entitled “Financial rating systems - model development and assessment”. Frank Cerveny, ABS & Structured Credit Research, also spoke about the "Role and methods of rating agencies". The follow-up discussion with the participants was very lively, given the acute relevance of the topic. It was concluded that a differentiation of rating categories in the investment grade sector is impossible and/or statistically irrelevant. The determination of ratings without historical data was also deemed extremely problematic. This, in conjunction with conflicts of interest at rating agencies, was seen as a significant factor in the emergence of the subprime crisis. DVFA-Club “Role and activities of the FREP” December 2008 On 15 December, Dr. Herbert Meyer, President of the FREP, offered participants of the fifth DVFA Club a comprehensive insight into the German Financial Reporting Enforcement Panel. The FREP is a privately sponsored association, which audits the annual and consolidated financial statements and management reports of capital market-oriented companies as part of the two-tier enforcement process in Germany. Response to the fifth DVFA CLUB was outstanding. Ralf Frank, DVFA Managing Director, introduced the speaker and spoke about the importance and necessity of generally accepted accounting standards in company financial reports. 15
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Page 8 and 9: 06 the board Report of the Board_ a
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Page 34 and 35: 32 EFFAS Since 2000, when Fritz H.
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