Usman Hayat, CFA

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Usman Hayat, CFA, is director of Islamic Finance and ESG at CFA Institute, where he focuses on Islamic finance and socially responsible investing. Previously, he worked as an independent consultant in the capital market in Pakistan in the areas of market development and risk management for clients, including the securities regulator, stock exchanges, clearing company, and the securities depository. Hayat has been an active columnist on capital market issues. He has earned the Financial Risk Manager designation from the Global Association of Risk Professionals, the Islamic Finance Qualification from the UK Securities and Investment Institute, and a Certificate in Islamic Finance from the Chartered Institute of Management Accountants. Hayat holds an MBA from Lahore University of Management Sciences and an MA in development economics from University of Sussex. Topical Expertise: Islamic Finance and ESG Investing

Poll: Does High-Frequency Trading Do More Harm Than Good?

High-frequency trading (HFT) accounts for more than half of equity trades in the United States and represents a growing share of traded volume in Europe and Asia. Although there is no sole definition of HFT, it is often thought of as proprietary trading done through powerful IT hardware and programs to get an edge in order execution over very short time intervals. Read more

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Poll: Which ESG Factors Are You Most Able to Include in Your Investment Decisions?

For many investors, environmental, social, and governance (ESG) issues are material considerations in investment decisions. ESG issues include air and water pollution, climate change, employee retention, data protection, executive remuneration and separation of the roles of chairman and CEO. The bankruptcy of Enron Corp., the oil spill in the Gulf of Mexico, and the death of miners in Marikana, South Africa, are but a few examples of the importance of ESG issues in investments. Read more

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The Sherlock Holmes of Accounting: Howard Schilit Explains the Mystery of His Art

The Sherlock Holmes of Accounting: Howard Schilit Explains the Mystery of His Art

Because of his track record in detecting the manipulation of financial results, Howard Schilit, CFA, has been called the Sherlock Holmes of accounting. Whereas most forensic accountants come in after the fact for the investigation and litigation, Schilit is the rare exception who comes in to detect accounting manipulation before it is widely discovered. Read more

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History Shows Ethics, Or Lack of It, Will Shape the Future of Finance

SAC Capital Advisors

It seems that barely a month goes by without another headline about the ethical failure of an investment professional. Most recently, of course, was SAC Capital’s decision to plead guilty to all five counts of insider trading violations and pay a record $1.2 billion penalty, becoming the first large Wall Street firm in a generation to confess to criminal conduct. While these record penalties seem to be broken fairly frequently, one is left wondering: Is there anything new about the nature of the ethical issues involved? Read more

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