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Academy of Economic Studies Scholarship

The ICMA Centre is pleased to announce up to five scholarships of a maximum of £15,000 for our full-time Masters programmes are now available to students studying at the Academy of Economic Studies in Bucharest.

Scholarship Entry Criteria

  • Achieved or expect to achieve excellent results at undergraduate level from a UK institution or the equivalent international qualification
  • Submit a minimum GMAT score of 650
  • Submit a statement (no more than 250 words) addressing the following statement: “Why should the ICMA Centre make this contribution to your education and how will it benefit you and the international securities market?”.
Deadline for submission of application: 12 July 2013

 

Major International Finance Conference at the ICMA Centre – Henley Business School

The ICMA Centre – Henley Business School will be hosting the 2013 European Financial Management Association (EFMA) annual meeting on 26-29 June. The conference program includes 252 research papers that will be presented by authors from 36 countries and 5 continents. Among the 84 parallel sessions that will take place over the 4 days of the conference, 4 will be completely dedicated to the financial crisis, 5 on bank management and regulation, 4 on risk management and related issues and 12 on corporate governance and management compensation. Other topics that will  be discussed at the meetings, which span all areas of finance, are portfolio management and asset allocation, mergers and acquisitions, real estate, commodities, behavioural finance, currency markets and exchange rates, derivative securities pricing and hedging and law, ethics and finance.

Professor John Campbell, Chair of the Economics Department at Harvard University, is the keynote speaker for the 2013 meeting and will talk on the timely topic of ‘Understanding Volatility Risk’. Plenary session organisers and speakers include Dr Co-Pierre Georg, Deutsche Bundesbank, on ‘Transparency and Systemic Risk’, and Alex Edmans, Professor of Finance at The Wharton School, University of Pennsylvania, on ‘Executive Compensation and Corporate Governance’.

Research that will be presented and discussed at the conference has been authored by top finance academic and industry practitioners. Represented academic institutions are Harvard University, Stanford Law School, Stern School of Business, University of Chicago, Columbia University, Boston College, Cornell University, Wharton, INSEAD, University of Carlos III, Bocconi University, Athens University, Erasmus University, Fudan University, Goethe University, Hanken School of Economics, Hong Kong University, IESE Business School of Barcelona, Imperial College, Indian Institute of Technology, London Business School, LSE, Peking University, Schulich School of Business, Singapore Management University, Stockholm School of Economics, Tel Aviv University, University of Sydney, Tilburg University, Tokyo Keizai University, Universitat Pompeu Fabra, University of Brasília, University of Oxford, University of Toronto and Vienna University of Economics and Business.

Represented regulators and corporations include the Federal Reserve Board, European Central Bank, Deutsche Bundesbank, Bank of Canada, Banque de France, BM&FBOVESPA Stock Exchange, China Credit Rating Co., CONSOB, Edison SpA, Fidessa Group plc, J-POWER, Newedge, Swedish Agency for Growth Policy Analysis, and UNIQA Capital Markets.

The opening ceremony of the conference will be held on 26 June at the Reading Town Hall and will be hosted by MP Rob Wilson. All delegates and guests will convene for a gala dinner on 28 June which will take place at the majestic Henley Business School Greenlands Campus, one of the selected venues visited by HM Queen Elizabeth II for her Jubilee celebrations last June.

The ICMA Centre – Henley Business School gratefully acknowledges the help and support of the conference sponsors and award sponsors including, among others, the Bank of England the Global Association of Risk Professionals (GARP) and the New York Stock Exchange – Euronext.

For more information about attending the conference, the speakers or to enquire about the numerous sponsorship opportunities available in connection with the event, please contact the conference chair at efma2013@icmacentre.ac.uk

Simone Varotto
Programme Chair 2013 Meeting
ICMA Centre, Henley Business School,
University of Reading
Whiteknights, Reading, RG6 6UR, United Kingdom
 
Part of the triple accredited Henley Business School, the ICMA Centre was formed as the first active collaboration between the securities industry and a university finance department. We offer a range of undergraduate, postgraduate and executive education, as well as professional and policy development research and consultancy. The ICMA Centre’s aim is to deliver the highest standard in financial markets focused teaching, learning and research. Our unique integration of theory with practice is achieved through the use of the Centre’s three state-of-the-art dealing rooms. All equipped by Thomson Reuters, the terminals run the latest industry simulation software as well as the Centre’s own simulation software platform; ICTrader.
 
Email: efma2013@icmacentre.ac.uk / s.varotto@icmacentre.ac.uk

CISI Educational Trust Award

The ICMA Centre is pleased to announce the CISI Educational Trust Award.

The award will consist of £2,500 and will be awarded to the student with the best overall marks in one of the ICMA Centre’s full time Masters degree programmes.

The CISI Educational Trust Award will be presented at the ICMA Centre on Graduation Day (Friday 5th July – details to be confirmed).

The award is in an addition to a number of other annual Prizes, that see the best performing students of both undergraduate and postgraduate programmes rewarded each year.

 This is a fantastic prize for our highest achieving student, who will have worked hard all year on the MSc programmes “ stated Professor Adrian Bell, Head of the ICMA Centre “Our relationship with the CISI is one of the most important we have and this is demonstrated by the receipt of this valued award.” 

The award is part of an on going relationship between the ICMA Centre and the CISI. In January 2008 the ICMA Centre was named as a CISI Centre of Excellence, and recognised as offering leadership in academic education on financial markets.

For more information about the CISI and the diploma please visit the website

 

 

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A supplementary note on the systemic importance of collateral and the role of the repo market

A new supplementary paper from the ICMA’s European Repo Council, written by Richard Comotto, explains the importance of collateral to the stability and efficiency of the financial system. The paper highlights how the proposed Financial Transaction Tax (FTT) would impact the movement of collateral, posing significant systemic risks and interrupting the flow of money between banks, to governments and to the real economy.

The supplementary note follows on from an earlier paper titled Collateral damage: the impact of the Financial Tax on the European repo market and its consequences for the financial markets and the real economy. Richard Comotto, Senior Visiting fellow at the ICMA Centre, will be speaking in more detail at the upcoming conference organised by the ICMA European Repo Council, titled “A collateralised future - what really happened in the repo market during the crisis and how will it cope with growing collateral demand, stagnant supply and regulatory uncertainty?” on 11 June 2013.

You can find out more information about the conference here.

New Publication: Handbook of Research Methods and Applications in Empirical finance

A new book, edited by Professors Adrian Bell, Chris Brooks and Marcel Prokopczuk, seeks to present the quantitative techniques that are commonly employed in empirical finance research together with real world, state of the art research examples.

The book, titled  ‘Handbook of Research Methods and Applications in Empirical finance’ is divided into 18 chapters, each written by international experts in their fields. The book’s approach is to describe a question or issue in finance and then to demonstrate the methodologies that may be used to solve it. All of the techniques described are used to address real problems rather than being presented for their own sake and the areas of application have been carefully selected so that a broad range of methodological approaches can be covered.

The Handbook of Research Methods and Applications in Empirical Finance is aimed primarily at doctoral researchers and academics who are engaged in conducting original empirical research in finance, as well as researchers in the financial markets and also advanced Masters-level students who are writing dissertations.

You can find out more about the book here.

PhD student Fahad Alhumaidah published in RBS Reserve Management Trends 2013

Fahad Alhumaidah’s research has been featured in the Central Banking Publications’ (CBP) annual book titled RBS Reserve Management Trends 2013. Published in spring each year, the book presents survey results of around 60 participating central banks, responsible for more than $6.7 trillion in reserve assets, on their views of the global financial markets and the key issues facing the international monetary system.  Aside from the survey results, the book also features other chapters relevant to the subject of central bank reserve management contributed by various authors.

The research of Mr. Alhumaidah was included in the book as a separate chapter titled Reserve Adequacy in Asset-Liability Framework.  The chapter seeks to determine central banks’ obligations in order to align assets against their liabilities, for which reserve adequacy measures have traditionally been used.  Focusing on countries operating pegged exchange rate regimes and taking the example of Saudi Arabia, Mr. Alhumaidah presents an alternative asset-liability framework using the country’s balance of payments and the balance sheet of the central bank to identify liabilities that it may wish to provision for.  Such provisions are classified as transaction-related vis-à-vis precaution-related reserves which may both represent the liquidity portfolio of the central bank. “Having sufficiently provisioned for liquidity requirements,” Mr. Alhumaidah notes, “any excess reserves left could be considered as an investment portfolio for which an asset-liability management (ALM) optimisation model could be built”.

Mr. Alhumaidah is currently a PhD candidate at the ICMA Centre, under the joint supervision of Professor Charles Sutcliffe, Professor Simon Archer and Dr Alexander Mihailov. Prior to conducting his PhD, Fahad headed the Fixed Income Team of the External Portfolio Group in the Investment Department at the Saudi Arabian Monetary Agency (SAMA).  His research interests include sovereign and central bank ALM, country risk management, and sovereign balance sheet management for commodity-based countries. 

 

 

Welcome to the ICMA Centre

Sneak peek of Welcome to the ICMA Centre video, a truly international finance school

The Future of the Repo Market: an International Conference

Senior Visiting Fellow at the ICMA Centre, Richard Comotto, will be speaking at the upcoming conference organised by the ICMA European Repo Council, titled “A collateralised future - what really happened in the repo market during the crisis and how will it cope with growing collateral demand, stagnant supply and regulatory uncertainty?”Richard Comotto will be a panellist in a workshop session titled: Is repo an unstable source of funding? The issues of procyclicality of leverage, interconnectedness, asset encumbrance, collateral re-use and fire sales.

2013 will be a watershed for the repo market, as it faces tougher regulatory oversight, while at the same time being required to meet the financial system’s increasing demand for collateral. As the operation and the role of repo have in the past not been well understood, this conference seeks to provide insights into the instrument and its pivotal role in the financial system. It will also weight the contradictory evidence about the performance of the market during the crisis and assess regulatory responses based on these contested perceptions.

Looking to the future, the conference will consider how much collateral will be needed, where will it come from? What will be the impact of mandatory collateralisation of the markets, new prudential regulation, shifting capital flows and emerging trading, clearing and settlement technology on the structure and efficiency of the repo market in Europe?
Experts from regulatory authorities, central banks, academic institutions and the market will take part in the debate with a view to reviewing and reassessing the role of repo in the financial crisis.

The conference features keynote addresses by: Andrew Hauser, Head of Sterling Markets Division, Bank of England; Francesco Papadia, Chairman of the Board, Prime Collateralised Securities (PCS) former Director General for Market Operations at the European Central Bank and Manoman Singh, Senior Financial  Economist, IMF.

Among the topics to be debated by expert panels at the conference will be:

  •  What actually happened in the repo and other financial markets in 2007-09? Was there really a ‘run on repo’?
  •  To what extent did repo contribute procyclicality and the build-up of excessive leverage? Are the problems posed by interconnectedness and asset encumbrance exaggerated? Is collateral re-use a source of risk?
  •  The future market for collateral and the prospect of systemic shortages. How can collateral efficiency be improved?

Date: 11 June 2013
Time: 08.30 – 15.45

Venue:
The Thomson Reuters Building
30 South Colonnade
Canary Wharf
London
E14 5EP

Attendance: free but advance booking required.

The full conference agenda is available from this link.

Please register through the ICMA website from this link.

The ICMA Centre strongly represented in Greece

ICMA Centre students on the MSc International Shipping and Finance (ISF) have recently concluded part 2 of their postgraduate programme. 

As part of the programme, the ICMA Centre students attended two modules at ALBA Graduate Business School, in Athens, Greece; Chartering and Charterparty Analysis taught by Dr Photis Panayides and Derivatives and Risk Management in Shipping taught by Dr Visvikis.

‘Part 2’ of the MSc International Shipping and Finance course started on the 18th March and teaching took place at facilities in the ALBA Downtown Campus as well as the American College of Greece Athens Campus.

Together with the taught modules the students in Greece attended two workshops; Maritime Accounting and Strategic Shipping Management, and also had the opportunity to visit a number of companies including; Anangel Shipping, Paragon Shipping (NASDAQ: PRGN) and DANAOS (NASDAQ: DAC).

This gave the students a fabulous opportunity to network and attend presentations by senior shipping professionals. Students were also given the opportunity to attend a field trip to the Piraeus Port Container Terminal, one of the largest seaports in Europe.

The field trip at the port of Piraeus container terminal was facilitated by the Port Authority of Piraeus (OLP) while students also visited the Historic ‘Hellas Liberty Vessel’, which represents the cornerstone of Greek shipping.

Dr. George Alexandridis, Programme Director of the MSc International Shipping and Finance and Roberta Geraci, ICMA Centre Marketing Executive, also attended the British Council Education UK exhibition in Athens.

The event lasted two days and gave prospective students the chance to get information about the ICMA Centre’s programmes, the Henley Business School and the University of Reading. We were pleased to see so many brilliant students interested in our programmes.

Whilst in Athens, Dr Alexandridis met with several Alumni from the large Athens contingent, together with current students, providing a fantastic networking opportunity and a chance to catch up on recent developments.

 

Prof. Adrian Bell meets future ICMA Centre students in Beijing

The 32nd floor of the International Trade Centre in Beijing proved to be an excellent venue for the first welcome event for ICMA Centre students joining programmes in Reading in October 2013.

The view from CafeXplus was amazing overlooking the ‘giant underpants’ building and stimulated informative conversations between our new students and alumni from the previous two years of our programmes. 

Professor Adrian Bell, Head of the ICMA Centre, who hosted the gathering answered questions about the ICMA Centre and Reading and promised the students an intensive and rewarding study experience.  Getting a taxi home proved to be beyond Adrian, until rescued by his friendly future students!