Olivier Fines, CFA, is Head of Advocacy and Capital Markets Policy Research for EMEA at CFA Institute. With teams based in London and Brussels, Olivier leads the effort in researching, and commenting on, the major trends that affect the investment management industry, changes to the profession, policy and regulatory developments. The positions taken on these issues and the research pieces that are published are meant to promote the fundamental principles upheld by CFA Institute, that of investor protection, professional ethics and market integrity. Olivier has joined CFA Institute in March 2019 after a 15-year career in investment management, spanning research, portfolio management, product management and regulatory compliance work at firms based in Paris and London. Prior to joining CFA Institute, Olivier was Head of Risk and Compliance at Rothschild & Co in London for the private equity and private debt division.
“Money in COVID Times” is an analysis of how the role of central banks in the market and the economy has changed since 2008. From this perspective, the COVID-19 situation has only exacerbated the transformation of central banks into entities that act as lender and market maker of last resort, every time markets experience a level of stress that could reverberate across money markets, including credit and financial assets used as collateral. Together, the various stratums of money markets have replaced traditional banks as a supply chain for capital markets activity.
Our research reviewed how such a transformational interpretation of the role of central banks and their independence in conducting monetary policy could have unintended consequences for financial markets and the economy. CFA Institute also wanted to draw the attention of policy makers to the socioeconomic aspects of this crisis.
CFA Institute say the total size of assets under management is not a sufficiently clear-cut measure to declare that an asset management firm could be systemic just as a bank would be by looking at its balance sheet assets.
An exclusive CFA Institute global survey on the impact of Covid-19 on the financial markets examines the liquidity, volatility, and asset mispricing issues along with thoughts on appropriate regulatory response and the intervention of government and central banks.
CFA Institute surveyed European members on product governance practices over time and the specific effects major regulatory developments like MiFID II and PRIIPs have had in this respect.
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