JP Morgan tour
219516574_因特拉肯：风光旖旎的瑞士小镇
瑞士位于欧洲中部，东邻奥地利，西邻法国，南邻意大利，北与德国接壤，地处北温带，四季分明，气候宜人，不仅经济发达，还是世界上最富裕的国家之一。
瑞士山清水秀，自然风光十分秀美，因此有“欧洲心脏”“世界花园”等美誉。
不久前，我走进这个美丽的国度，在游览了伯尔尼、日内瓦、苏黎世等大城市后，当地一位好友建议我：“瑞士的中心城市你都看了，不如再到一些小镇看一看，那里环境清新、风光旖旎，别有一番韵味！”好友的提议一下勾起了我的兴趣，于是我们决定去离苏黎世不远的一座小镇—因特拉肯。
小镇景色：蓊郁苍翠，风光旖旎第二天一早，我们乘火车从苏黎世出发。
车上好友向我介绍：“因特拉肯坐落在图恩湖和布里恩茨湖之间，又名湖间镇。
因气候温和湿润、四季分明、山清水秀、风光旖旎而备受世人喜爱，是瑞士乃至欧洲最古老的旅游和疗养胜地之一，每年世界各地慕名来此观光、休假的人络绎不绝……”我们说着、聊着，经过大约两个小时，火车抵达了因特拉肯。
走出车站，首先映入眼帘的是一面迎风飘扬的瑞士国旗，那舒展的形态以及在微风吹拂下不断发出的哗啦啦声响，好像在问候每一位远道而来的宾客：“您好！”走进小镇，一股清新的气息扑面而来，举目四望，到处蓊郁苍翠、花红柳绿，仿佛一座大花园。
镇中的主要街道叫何维克街，街道中心有一块宽阔的大草坪，茵茵What A Wonderful World世界真奇妙2023年06月05日·第11期Copyright©博看网. All Rights Reserved.7071绿草，青翠欲滴，仿佛一块铺陈开来的毛绒地毯，草坪中栽种着各色花卉，五颜六色的鲜花斑斓夺目，绽放着笑脸，尽吐芬芳，散发出的阵阵清香，弥漫在空气中，吸一口顿时有沁人心脾之感。
花丛中许多蝴蝶、蜜蜂扑扇着翅膀，围绕花蕊上下翻飞，无忧无虑地嬉戏、玩耍着。
这一静一动，将百花的静态之美和蝴蝶蜜蜂的灵动之美展现得淋漓尽致，吸引着很多过往之人情不自禁地放缓脚步，边观赏美景，边尽情品味花香。
世界城市摩天大楼排名
Guangzhou International Finance Center (440m) Kingkey 100 (442m)
Chongqing Poly Tower (287m, u/c) Republic Plaza (280m)
Tower Palace Three, Tower G (264m) Petronas Tower 1 (452m)
Incheon (Seoul
metro)
Paris (inc La Defense
& périphérique suburbs)
Philadelphia (inc
Camden)
Comcast Center (297m)
Buenos Aires Calgary Boston (inc
Cambridge)
58
Aspire Tower (300m)
42 The Landmark (324m, u/c) 125 108 100 61 76 110 68 62 113 69
Tianfu Times Tower (180m) Taipei 101 (508m)
Istanbul Las Vegas Qingdao Mexico City Dallas (inc Las
Hong Kong
China
3054
[2] 2
36915
New York (inc. Jersey
City, Fort Lee, Guttenburg, W New York)
USA
885
One World Trade Center (1WTC) (541m, u/c) not yet topped out; listed as tribute to 9/11 victims
JPMorgan Bank Introduce 摩根大通银行历史介绍
2004 JPMorgan Chase merges with Bank One
2005 JPMorgan Fleming Asset Managemen t becomes JPMorgan Asset Managemen t
2008 Plays an important role in helping manage the credit crisis through the acquisition of Bear Stearns
>200 Offices, 3,000+ branches 60 Countries ~180,000 Employees Connectivity to over 100 Market Data vendors Access by hundreds of thousands of clients
Your Role
Role-specific competency across Technology, Financial Products, and Core Skills
- Develop Role-specific Technology knowledge and skills - Learn all relevant applications and associated data - Learn the applicable business and financial products - Take initiative in your work and develop as a leader - Form relevant opinions on your work
Global IT Headcount: ~30,000 Presence in 33 countries PCs & Workstations: >250,000 Distributed Servers: >60,000 100+ Data Centers Annual Storage: 10,600+ Terabytes Market Data: 11,600 users Applications: ~3,700
JP摩根大数据报告
美国东部线路自由行全攻略
美国东部线路自由行全攻略第1天纽约市（法拉盛自由行）抵达纽约，根据回酒店时间，前往一街之隔的天景豪苑（SKYVIEW），或是法拉盛中心点：在短暂的时间内感受到到极具特色的亚裔文化，畅游集购物、休闲、美食、文化、娱乐、生活一体的亚裔生活中心。
第2天纽约市区游览上到纽约市地标-帝国大厦嘹望观景台，欣赏中央公园和纽约全景。
乘坐观光环岛游轮游览哈德逊河，与自由女神像和布鲁克林桥摄影留念。
登上花费1.2亿美元重新整修开放的国家历史文物-大无畏号航空母舰，并参观协和号超音速客机和各种战机。
漫步世界金融、证券交易中心华尔街，与三一教堂，象征牛市的铜牛雕塑和纽约股票交易所合影留念。
参观大都会博物馆，时代广场，杜莎夫人蜡像馆与总统奥巴马等名人合影。
途经第五大道，洛克菲勒中心，联合国总部，世贸遗址……第3天费城–华盛顿特区参观国家诞生地费城，漫步在独立公园，在想象中感受1776年在此宣读独立宣言时的振奋心情。
与华盛顿雕像，旧国会大厦和独立宫合影留念，参观自由钟或者自由活动。
华盛顿特区，参观林肯纪念堂和倒影湖，越战纪念碑，朝鲜战争纪念碑，在航天航空博物馆了解人类征服太空的伟大历程和对未来的展望。
并与美国总统府-白宫和最高权力机构-国会大厦分别合影留念，乘坐游船沿着波多马克河和太斗湖饱览首都美景。
如遇冬季首都游船关闭，可前往国际间谍博物馆。
该博物馆是美国独一无二也是世界上最大的收集间谍相关装备及物品的博物馆。
这里有詹姆斯.邦德电影中最大的道具陈列和邦德的两辆座驾：捷豹和阿斯顿.马丁。
游览华盛顿期间还会途经杰弗逊总统纪念堂，华盛顿纪念碑，二战纪念碑等。
华盛顿纪念碑华盛顿纪念碑是为纪念美国首任总统乔治·华盛顿而建造的，它位于华盛顿市中心。
在总统官邸白宫的正南方向，绿草成茵，华盛顿纪念碑拔地而起，高耸入云。
它的金字塔式小尖顶，是华盛顿的制高点。
国会山庄在这里可以了解到美国更多的历史文化。
在地理上，国会山庄虽然位于华盛顿偏东的位置，但却常常被看作为华盛顿特区的中心。
世界1000家银行名单
银行编号 排名 1 UBSW CH ZH 2 BNPA FR PP 3 DEUT DE FF 4 RBOS GB 2M 5 AGRI FR PP 6 BGBR 002 7 CHAS US 33 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 BCHE 006 SMBC JP JT BOTK JP JT INGB NL 2A BNLD 001 SOGE FR PP BSCH ES MM BOFA US 3N CHA CEPA FR PP DRES DE FF CITI US 33 EUC ICBK CN BJ MHBK JP JT GEBA BE BB RABO NL 2U HYVE DE MM BOFS GB 21 001 NOCU JP JT COBA DE FF MIDL GB 22 LOYD GB 2L MHCB JP JT BKCH CN BJ ABOC CN BJ GENO DE FF PCBC CN BJ SOLA DE ST BYLA DE MM KFWI DE FF BSUI FR PP BBVA ES MM ROYC CA T2 PNBP US 33 CHA DABA DK KK NWBK GB 2L NDEA SE SS BCIT IT MM WFBI US 6S UNCR IT MM CMCI FR PA 银行英文名称 UBS AG BNP Paribas Deutsche Bank AG Royal Bank of Scotland Group Plc (The) Crédit Agricole S.A. Barclays PLC JPMorgan Chase Bank National Association Credit Suisse Group Sumitomo Mitsui Banking Corporation The Bank of Tokyo-Mitsubishi UFJ Ltd ING Bank NV ABN Amro Holding NV Société Générale Banco Santander Central Hispano SA Bank of America NA Caisse Nationale des Caisses d'Epargne et de Prévoyance - CNCE Dresdner Bank AG Citibank NA THE INDUSTRIAL & COMMERCIAL BANK OF CHINA Mizuho Bank Ltd Fortis Bank NV/SA Rabobank Nederland Bayerische Hypo-und Vereinsbank AG Bank of Scotland Norinchukin Bank (The) Commerzbank AG HSBC Bank plc Lloyds TSB Bank plc Mizuho Corporate Bank Bank of China Limited Agricultural Bank of China DZ BANK AG Deutsche ZentralGenossenschaftsbank China Construction Bank Corporation Landesbank Baden-Wuerttemberg Bayerische Landesbank Kreditanstalt für Wiederaufbau (KfW) Calyon Banco Bilbao Vizcaya Argentaria SA Royal Bank of Canada Wachovia Bank NA Danske Bank A/S National Westminster Bank Plc Nordea Bank AB (publ) Banca Intesa SpA Wells Fargo Bank, NA UniCredito Italiano SpA Banque Fédérative du Crédit Mutuel 银行地址 Bahnhofstrasse, 45 - P.O. Box Boulevard des Italiens, 16 Taunsusanlage, 12 St. Andrew Square, 42 Boulevard Pasteur, 91-93 Lombard Street, 54 london 270 Park Avenue New York USA Paradeplatz, 8 - P.O. Box 1 1-2, Yurakucho 1-chome, Chiyoda-ku Marunouchi 2-chome, 7-1 - Chiyoda-ku Amstelveenseweg 500 Foppingadreef, 22 - P.O. Box 283 Tour Société Générale Ps de Pereda 9-12 39004 Santander Cantabria SPAIN 100 North Tryon Street Charlotte, USA Rue de la Tome-Issoire, 27-29 JuRGEN-PONTO-PLATZ 1, D-60329 FRANKFURT AM MAIN, GERMANY Park Avenue, 399 55 FUXINGMENNEI DAJIE, XICHENG DISTRICT, BEIJING 100031, CHINA 1-5 Uchisaiwaicho, 1-chome, Chiyoda-ku Montagne du Parc 3 1000 Brussels BELGIUM Croeselaan 18 3521 CB Utrecht Netherlands Am Tucherpark, 14 The Mound - P.O. Box 5 Yurakucho 1-chome, 13-2 Kaiserplatz 8 Canada Square 25 Gresham Street london 3-3 Marunouchi, 1-chome, Chiyoda-ku 1, Fuxingmen Nei Dajie 100, Xisanhuan Beilu Haidian District Platz der Republik D-60265 Frankfurt am Main Germany 国家名称 SWITZERLAND FRANCE GERMANY UNITED KINGDOM FRANCE UNITED KINGDOM USA SWITZERLAND JAPAN JAPAN NETHERLANDS NETHERLANDS FRANCE SPAIN USA FRANCE GERMANY USA
美国十大银行
美国十大银行
1.金融巨头财富500强公司——美国银行（Bank of America），资产规模为
2.4万亿美元。
2.资产规模为2.3万亿美元的摩根大通（JPMorgan Chase）。
3.资产规模为1.7万亿美元的庞大银行——庞摩士银行（Wells Fargo）。
4.国民级银行——花旗银行（Citigroup），资产规模为1.6万亿美元。
5.洛杉矶的一家跨国金融机构——美国信托银行（US Bancorp），资产规模为5430亿美元。
6.波士顿总部的银行——总部位于波士顿的摩根士丹利（State Street Corporation），资产规模为3930亿美元。
7.位于纽约市的第五大银行——第五三银行（Fifth Third Bank），资产规模为2020亿美元。
8.坐落于密歇根州底特律市的同业公会银行——兴业银行（Huntington Bank），资产规模为1230亿美元。
9.总部设在新泽西州的金融服务公司——山姆信托公司（PNC Financial Services Group），资产规模为1390
亿美元。
10.资产规模为1200亿美元的苏格兰皇家银行集团
（Royal Bank of Scotland Group，RBS）。
需要注意的是，以上排名是根据资产规模来排名的，不一定代表了这些银行在业务规模、盈利能力等方面的综合实力。
Uptime数据中心可用性TIER等级
2
2011 Uptime Institute
Who Is the Uptime Institute?
By users, for users Independent, vendor neutral, third party Global
North America (1993) Europe (2006) Brazil and Dubai (2011) Asia Pacific and Russia (2012) China (2013)
avoiding downtime Data centers may be data centers, but not all
data centers are not the same
10
2011 Uptime Institute
Uptime Network “Make Better Decisions”
2010
2012
Trend Line Continues Upward: 2008, 2009 & 2010 Data above Line
FLASH Report: UPS Manufacturer Product Defect
PROBLEM
“B” Phase termination on output filters showing excessive heat.
1 2 3 4 5 6 7 8 9 10 11 12 13 14
7
2011 Uptime Institute
Uptime Network Objectives
Uptime effectiveness
Increased availability Reduced CapEx and OpEx Managing perceptions, defending budgets,
新加坡写字楼租金指南说明书
ASKING RENTAL GUIDEBUILDING NAMEWoodlands Spectrum I Woodlands Spectrum IIBUILDING NAMEThe Kendall Solaris Nucleos Aperia EastViva Business Park Akzonobel House Honeywell The Signature North / Northeast –West Icon@IBPNordic European Centre Acer BuildingADDRESS2 Woodlands Sector 1209/211 Woodlands Avenue 9ADDRESS50 Science Park Road 1 Fusionopolis Walk 21 Biopolis Road 8, 10, 12 Kallang Avenue750/A-E Chai Chee Road 3 Changi Business Park Vista 17 Changi Business Park Central 151 Changi Business Park Central 26 Serangoon North Avenue 53A International Business Park 3 International Business Park 29 International Business ParkASKING RENTS (S$ PSF PER MONTH)$1.50$1.60 - $1.70ASKING RENTS (S$ PSF PER MONTH)$4.50$6.50$4.95 - $6.50$5.90 - $6.91$3.00 - $5.50$4.50$4.50$3.70 - $4.50$2.50$4.10$4.40$4.2020 the SME magazineNotes: T erms and conditions apply . All rents stated are in per sq ft/month. All rents are as of January 2018. Source: Colliers International SingaporeNotes: All rents stated are in per sq ft/month. All rents are as of January 2018. Source: Colliers International Singapore.BUILDING NAMERaffles Place / New Downtown Republic Plaza IOne Raffles Place T owers 1 & 2PWC Building Prudential T owerT anjong Pagar / Shenton Way 80 Robinson Robinson Point Mapletree AnsonMarina / City Hall / Beach Road Suntec T owers The Concourse The Gateway Orchard RoadVisioncrest Commercial 51 Cuppage Road (Formerly known as Starhub Centre) UE Square City FringeHarbourfront T owers 1 & 2Novena Square T owers A & B PSA BuildingADDRESS9 Raffles Place 1 Raffles Place 8 Cross Street 30 Cecil Street80 Robinson Road 39 Robinson Road 60 Anson Road5/6/7/8/9 T emasek Boulevard 300 Beach Road 150/152 Beach Road103 Penang Road 51 Cuppage Road83 Clemenceau Avenue1/3 Harbourfront Place 238A/B Thomson Road 460 Alexandra RoadASKING RENTS (S$ PSF PER MONTH)$9.00 - $11.00$10.00 - $11.50$9.50$8.00 - $8.50$7.50$8.00 - $8.30$8.70$9.50 - $10.00$7.80$7.50 - $7.80$9.00$7.50$7.50 - $8.00$6.90 - $7.50$8.00$6.30 - $7.60Notes: All rents stated are in per sq ft/month. All rents are as of January 2018. Source: Colliers International Singapore.BUILDING NAME––WestcomADDRESS20 Gul Way 76 Pioneer Road 1 T uas South Avenue 6ASKING RENTS (S$ PSF PER MONTH)$1.20$1.30 - $1.50$1.30Notes: All rents stated are in per sq ft/month. All rents are as of January 2018. Source: Colliers International Singapore.TRANSACTION DA T APROJECT NAME ADDRESS TENURE AREA (SQ FT) TRANSACTED UNIT PRICE CONTRACT DA TEPRICE (S$) (S$ PSF)CentralGOLDEN MILE COMPLEX5001 Beach Road #03-49 99 Yrs From 04/08/1969 194 $300,000 $1,548 19-Dec-17 SBF CENTER160 Robinson Road #21-02 99 Yrs From 21/12/2011 753 $2,183,700 $2,898 20-Dec-17 GOLDEN MILE COMPLEX5001 Beach Road #06-33 99 Yrs From 04/08/1969 205 $255,000 $1,247 21-Dec-17 BALESTIER PLAZA400 Balestier Road #02-30 Freehold 301 $668,000 $2,216 21-Dec-17 SBF CENTER160 Robinson Road #23-03 99 Yrs From 21/12/2011 732 $2,100,000 $2,869 22-Dec-17 ICON@CHANGI228 Changi Road #04-09 Freehold 409 $595,000 $1,455 22-Dec-17 NorthWOODS SQUARE12 Woodlands Square #05-63 99 Yrs From 15/07/2014 560 $988,000 $1,765 21-Dec-17 WestVISION EXCHANGE 2 Venture Drive #14-28 99 Yrs From 10/06/2013 517 $1,284,000 $2,485 14-Dec-17 Note: Based on available sales caveats lodged from December 19, 2017. Source: URA REALIS/Colliers International Singapore Research (as at 29 January 2018).PROJECT NAME ADDRESS TENURE AREA (SQ FT) TRANSACTED UNIT PRICE CONTRACT DA TEPRICE (S$) (S$ PSF)CentralOXLEY BIZHUB 262 Ubi Road 1 #04-13 60 Yrs From 10/06/2011 990 $558,000 $563 15-Dec-17P A Y A UBI INDUSTRIAL P ARK51 Ubi Avenue 1 #03-28 60 Yrs From 10/03/1997 3,584 $950,000 $265 15-Dec-17MA YFAIR INDUSTRIAL BUILDING51 Jalan Pemimpin #04-04 999 Yrs From 06/07/1885 2,034 $1,030,000 $506 18-Dec-17CT HUB 2114 Lavender Street #03-50 99 Yrs From 14/01/1976 1,884 $1,230,000 $653 18-Dec-17 BIZTECH CENTRE627A Aljunied Road #06-11 Freehold 958 $870,000 $908 19-Dec-17 UB. ONE81 Ubi Avenue 4 #06-02 60 Yrs From 31/12/2008 1,044 $600,000 $575 20-Dec-17 OXLEY BIZHUB 262 Ubi Road 1 #03-02 60 Yrs From 10/06/2011 1,905 $860,000 $451 20-Dec-17 ALJUNIED INDUSTRIAL COMPLEX623 Aljunied Road #03-05 Freehold 1,066 $712,000 $668 20-Dec-17 ZERVEX8 Ubi Road 2 #04-13 60 Yrs From 30/06/2008 1,055 $500,000 $474 20-Dec-17 UBI TECHP ARK10 Ubi Crescent #03-17 60 Yrs From 05/07/1997 1,270 $533,400 $420 20-Dec-17 TONG LEE BUILDING35 Kallang Pudding Road #05-08 Freehold 904 $500,000 $553 21-Dec-17 TONG LEE BUILDING35 Kallang Pudding Road #05-07 Freehold 1,141 $600,000 $526 26-Dec-17 UBI TECHP ARK10 Ubi Crescent #06-85 60 Yrs From 05/07/1997 1,109 $488,000 $440 28-Dec-17 MACTECH BUILDING 2 Kallang Pudding Road #08-14 Freehold 1,259 $880,000 $699 29-Dec-17North EastNORTHST AR @ AMK7030 Ang Mo Kio Avenue 5 #02-27 60 Yrs From 01/01/2007 1,141 $570,000 $500 20-Dec-17 LINK@AMK 3 Ang Mo Kio Street 62 #05-34 60 Yrs From 28/06/2011 2,153 $950,000 $441 27-Dec-17 NorthNORTH POINT BIZHUB 2 Yishun Industrial Street 1 #04-11 57 Yrs From 18/09/2012 2,648 $628,888 $238 15-Dec-17 WOODLANDS 1111 Woodlands Close #04-34 60 Yrs From 05/07/2010 1,927 $740,000 $384 18-Dec-17 NORTH SPRING BIZHUB 5 Yishun Industrial Street 1 #02-10 60 Yrs From 01/02/2011 1,539 $660,000 $429 21-Dec-17 WIN 5 15 Yishun Industrial Street 1 #06-12 30 Yrs From 05/12/2012 1,744 $410,000 $235 21-Dec-17 NORTH LINK BUILDING10 Admiralty Street #03-87 60 Yrs From 09/10/1999 5,188 $800,000 $154 27-Dec-17 NORTH LINK BUILDING10 Admiralty Street #02-09 60 Yrs From 09/10/1999 5,188 $900,000 $173 28-Dec-17 NORTH LINK BUILDING10 Admiralty Street #02-77 60 Yrs From 09/10/1999 5,188 $910,000 $175 29-Dec-17 WestUNITY CENTRE51 Bukit Batok Crescent #07-12 60 Yrs From 13/03/1997 1,550 $555,000 $358 20-Dec-17 PIONEER CENTRE 1 Soon Lee Street #03-22 30 Yrs From 10/03/2010 1,485 $326,800 $220 20-Dec-17 WCEGA TOWER21 Bukit Batok Crescent #23-74 60 Yrs From 13/03/1997 958 $450,000 $470 21-Dec-17Note: Based on available sales caveats lodged from December 15, 2017. Source: URA REALIS/Colliers International Singapore Research (as at 29 January 2018).Strata warehouse spacePROJECT NAME ADDRESS TENURE AREA (SQ FT) TRANSACTED UNIT PRICE CONTRACT DA TEPRICE (S$) (S$ PSF)CentralMACTECH BUILDING 2 Kallang Pudding Road #02-05 Freehold 2,013 $1,388,000 $690 01-Dec-17 EastGORDON WAREHOUSE BUILDING 9 Kaki Bukit Road 2 #02-16 60 Yrs From 25/07/1981 1,744 $420,000 $241 10-Dec-17 Note: Based on available sales caveats lodged in December 2017. Source: URA REALIS/Colliers International Singapore Research (as at 29 January 2018).the SME magazine 21。
《商业银行管理》课后习题答案IMChap15
CHAPTER 15MANAGING NONDEPOSIT LIABILITIES AND OTHER SOURCES OF BANK FUNDS Goal of This Chapter: To discover the major nondeposit sources of borrowed funds banks use today and to learn the factors a banker must consider in choosing among various deposit and nondeposit funds sources.Key Terms Presented in This ChapterCustomer Relationship Doctrine Commercial Paper MarketLiability Management Repurchase Agreement (RP)Federal Funds Market Funds GapDiscount Window Interest-Rate RiskNegotiable CD Credit Availability RiskEurocurrency DepositChapter OutlineI. Introduction: The Consequences of Deposit Shortfalls and the Need to Use NondepositSources of FundsII. Liability ManagementA. Customer Relationship DoctrineB. Purpose of Liability ManagementIll. Alternative Nondeposit Sources of Bank FundsA. Federal Funds MarketB. Borrowing from the Federal Reserve Bank in the DistrictC. The Development and Sale of Large Negotiable CDsD. Eurocurrency Deposit MarketE. The Commercial Paper MarketF. Repurchase Agreements as a Source of Bank FundsG. Long-Term Nondeposit Funds SourcesIV. Choosing Among Alternative Nondeposit SourcesA. Measuring a Bank's Total Need for Nondeposit Funds - The Funds GapB. Nondeposit Funding Sources: Factors to Consider1. Relative Costs2. The Risk Factor3. Length of Time for Which Funds Are Needed4. The Size of the Borrowing Bank and Its Funding Need5. RegulationsV. Summary of the ChapterConcept Checks15-1. What is liability management?181182Liability management involves the conscious control of the funding sources of a bank,using the interest rates (yields) offered on deposits and other borrowings to regulate the inflow of funds to match the bank's immediate funding needs.15-2. What advantages and risks does the pursuit of liability management bring to a bank?Improved control over funding sources enables a bank to plan its growth more completely, but liability management opens up certain risks, particularly of the interest-rate risk and solvency (default or failure) risk variety, because it tends to be more sensitive to changes in market interest rates.15-3. What is the customer relationship doctrine and what are its implications for bank fund-raising?The customer relationship doctrine places lending to customers at the top of a bank's priority list. It argues that a bank should make all good loans - that is, all loans that meet the bank's quality and profitability standards - and then find the funds needed to fund those loans the bank decides to make. Funds uses thus become a higher immediate priority item than funds sources.15-4. For what kinds of bank funding situations are federal funds best suited?Federal funds are best suited for banks short of reserves to meet their legal reserve requirements or to satisfy customer loan demand. It satisfies this demand by tapping immediately usable funds.15-5. Chequers State Bank loans $50 million from its reserve account at the Federal Reserve Bank of Philadelphia to First National Bank of Smithville, located in the New York Federal Reserve Bank's district, for 24 hours with the funds scheduled to be returned the next day. The proper accounting entries in this case would be:Step 1 - Lending the $50 millionChequers State BankStep 2 - Using the borrowed First National Bank of Smithvillefunds can also be shown, though it is not mentioned in the problem. You could show First National Bank of Smithville making a loan for $50 million under Assets, giving up $50 million from its reserve account.Step 3 - Repaying the Loan of Federal FundsChequers State BankFirst National Bank of Smithville15-6. Hillside Security Bank has an excess balance of $35 million in a deposit at its principal correspondent, Sterling City Bank, and instructs the latter institution to loan the funds today to another bank, returning them to its correspondent deposit the next business day. Sterling loans the $35 million to Imperial Security National Bank for 24 hours. The proper accounting entries would be:Step 1 - Lending Federal Funds to a CorrespondentHillside Security BankSterling City BankAssets LiabilitiesFederal fundspurchased +$35 mill.RespondentBank's deposit -$35 mill.183Step 2 - The Correspondent Bank Loans Funds to Another BankSterling City BankImperial Security National BankStep 3 - Repaying the Loan to the Respondent BankHillside Security BankSterling City Bank15-7. What are the advantages of borrowing from the Federal Reserve banks?Borrowing from the Federal Reserve banks is usually the lowest interest-cost source of funds. However, there are strict rules for borrowing by banks and borrowing for rate arbitrage is prohibited, although there is some evidence it does occur.15-8. How is a discount window loan from the Federal Reserve secured?A discount window loan must be secured by collateral acceptable to a Federal Reserve bank (usually U.S. government securities). Most banks keep government securities in the vaults of the Federal Reserve for this purpose. The Federal Reserve bank will also accept some government agency securities and high-grade commercial paper as collateral.18415-9. Posner State Bank borrows $10 million in adjustment credit from the Federal Reserve Bank of Cleveland. Can you show the correct entries for the granting and repayment of this loan? The proper entries are:Step 1 - Securing a Loan from the Fed.Posner State BankFederal Reserve Bank of ClevelandStep 2 - Repaying the Loan to the Fed.Posner State BankFederal Reserve Bank of Cleveland15-10. Why were negotiable CDs developed?Negotiable CDs were developed by banks to attract large corporate deposits and savings from wealthy individuals.15-11. What are the advantages and disadvantages of CDs as a bank funding source? Negotiable CDs offer a way to attract large amounts of funds quickly and for a known time period. However, these funds are highly interest sensitive and often are withdrawn as soon as the maturity date arrives unless a banker aggressively bids in terms of yield to keep the CD.18515-12. Suppose a bank customer purchases a $1 million, 90-day CD, carrying a promised 6 percent annual yield. How much in interest income will the customer earn when this 90-day instrument matures? What total volume of funds will be available to the depositor at the end of 90 days?Interest Income = Principal * Days to Maturity * Annual RateTo Customer 360 days Of Interestx 0.06= $1,000,000 x 1360= $15,000Total amount = Principal + Interestdue Customer = $1,000,000 + $15,000= $1,015,00015-13. Where do Eurodollars come from?Eurodollars arise from dollar deposits made in banks and at branch offices outside U.S. territory. Many Eurodollar deposits arise from U.S. balance-of-payments deficits that give foreigners claims on U.S. assets and from the need to pay in dollars for some international commodities (such as oil) that are denominated principally in U.S. dollars.15-14. How does a bank gain access to funds from the Eurocurrency markets?Access to these funds is obtained by contacting correspondent banks by telephone, wire, or cable.15-15. Suppose that JP Morgan-Chase elects to borrow $250 million from one of its London branches, then loans the borrowed funds for a week to a security dealer, and then returns the borrowed funds to its branch office in London. Can you trace through what accounting entries must be made? What if JP Morgan-Chase had decided instead to borrow the $250 million from a foreign bank not related to JP Morgan-Chase? How do the accounting entries differ in these two cases?If JP Morgan-Chase borrows from its own branch office the entries would appear as possible:Home Office of JP Morgan-Chase BankForeign Branch Office of JP Morgan-ChaseAssets Liabilities186When JP Morgan-Chase's home office makes a loan to a security dealer the entries are:Home Office of JP Morgan-Chase BankWhen the Loan is repaid and funds are returned to JP Morgan-Chase’s foreign branch we have:Home Office of JP Morgan-Chase BankForeign Branch Office of JP Morgan-ChaseIf, instead, JP Morgan-Chase borrows from another bank abroad not affiliated with JP Morgan-Chase, the entries would appear as follows:JP Morgan-ChaseU.S. Bank Serving as Correspondent to Foreign BankForeign Bank Lending to JP Morgan-Chase Bank187Deposit at U.S.CorrespondentBank +$250 mill.Eurodollar loan toJP-Morgan ChaseBank -$250 mill.When JP Morgan-Chase repays its loans we have:JP Morgan-Chase BankU.S. Bank Serving as Correspondent to Foreign BankForeign Bank Lending Eurodollars15-16. What is commercial paper?Commercial paper is a high-quality, short-term debt obligation issued by a large corporation with an excellent credit rating to provide for short-term cash needs.15-17. Suppose that the finance company affiliate of Citicorp issues $325 million in 9 day commercial paper to interested investors and uses the proceeds to purchase loans from Citibank. What accounting entries should be made on the balance sheets of Citibank and Citicorp's finance company affiliates?The appropriate entries for the above transaction are:Step 1 - Commercial Paper is Sold by the Affiliated Finance Company188CitibankFinance AffiliateStep 2 - The Affiliated Finance Company Purchases Loans from CitibankCitibankFinance Affiliate15-18. How do RPs arise?RPs are agreements to sell securities temporarily by a borrower of funds to a lender of funds with the borrower agreeing to buy back the securities at a guaranteed price at a set time in the future.15-19. What are the principal advantages to the borrower of funds under an RP agreement?RPs are a low-cost and low-risk way of borrowing loanable funds for short periods of time (usually 3 or 4 days). They are low risk because they are essentially a collateralized loan. The securities that are sold as part of the agreement act as collateral.15-20. What long-term nondeposit funds sources do banks draw upon today? How do these interest costs differ from most money market borrowings?Long-term nondeposit funds include mortgages, capital notes, and debentures. Generally, the interest costs on these funds sources are substantially higher than money market loans but are more stable usually.15-21. What is the funds gap for a bank?189The funds gap is the difference between current and projected credit and deposit flows that creates a need for raising additional bank reserves or for profitably investing any excess reserves that may arise.15-22. Suppose that Bankers Trust Company of New York estimates next week's new loan demand at $325 million and customer drawings on confirmed credit lines of $510 million, while new deposits next week are projected to equal $680 million. If the bank also plans to acquire $420 million in corporate and government bonds next week, what is the bank's projected funds gap?The expected funds gap (with all figures in millions of dollars) would be:Projected = $325 + $510 + $420 - $680 = $575.Funds Gap15-23. What factors must a bank manager weigh in choosing among the various nondeposit sources of bank funding available today?A bank manager must weigh factors such as relative costs, risk, length of time funds are needed, size of bank and its funding need, and regulations in choosing what nondeposit funds sources to use. Other factors held constant, bank management will seek out the lowest cost nondeposit funding sources available subject to the risk of availability problems and the danger of interest-rate volatility. When funds are needed for longer periods, negotiable CDs and Eurodollars are usually the preferred sources whereas very short-term cash needs usually will be met by Federal funds and RPs or by borrowing from the Federal Reserve banks. However, regulations impose reserve requirements on some funding sources (e.g., CDs) which increases their cost and these rules limit access to some sources (e.g., borrowings from the Fed's Discount Window).Problems15-1. Robertson State Bank of Clayton decides to loan $70 million of its reserves at the Fed to Tenison National Security Bank for 24 hours. In turn, Tenison National plans to loan the funds to a security dealer for 24 hours and then return the funds to Robertson State Bank. The correct accounting entries are:Step 1 - Lending the $70 millionRobertson State Bank190Tenison National BankStep 2 - Loaning the Borrowed FundsTenison National BankStep 3 - Repaying the Loan of Federal FundsRobertson State BankTenison National Bank15-2. Masoner National Bank holds most of its correspondent deposits with Flagg Metrocenter Bank which automatically reinvests any surpluses which Masoner may have. This morning Masoner has a correspondent deposit surplus of $11 million expected to last for 48 hours. Flagg will loan this surplus for two business days to Secoro Central City Bank and then the funds will be returned to Masoner's correspondent deposit at Flagg Metrocenter Bank.Step 1 - Lending Federal Funds to a CorrespondentMasoner National Bank191loaned +11 mill.Flagg Metrocenter BankStep 2 - The Correspondent Bank Loans Funds to Another BankFlagg Metrocenter BankSecoro Central City BankStep 3 - Repaying the Loan to the Respondent BankMasoner National BankFlagg Metrocenter Bank19215-3. Relgade National Bank secures adjustment credit from the Federal Reserve Bank of San Francisco in the amount of $32 million for a term of 7 days. Please show the proper entries for granting this loan and then paying off the loan.The correct entries are:Step 1 - Receiving a Loan from the FedRelgade National BankFederal Reserve Bank of San FranciscoStep 2 - Repaying the Fed's loanRelgade National BankFederal Reserve Bank of San Francisco15-4. Itec Corporation purchases a 45-day negotiable CD with a $5 million denomination from Payson Guaranty Bank and Trust, bearing a 6.75 percent annual yield. How much in interest will the bank have to pay when this CD matures? What amount in total will the bank have to pay back to Itec at the end of 45 days?Interest Owed 45To Itec Corp. = $5,000,000 * 360 * 0.0675By Bank= $42,187.50193Total amountowed Itec = $5,000,000 + $42,187.50in 45 days in principle in interest= $5,042,187.5015-5. International Commerce Bank borrows $125 million overnight through a repurchase agreement (RP) collateralized by Treasury bills. The current RP rate is 4.5 percent. How much in interest cost will the bank have to pay?Interest cost= $15,624.50of RP = $125,000,000 x 0.045 x 136015-6. National Commerce Bank of New York expects new deposit inflows next month of $330 million and deposit withdrawals of $275 million. The bank's economics department has projected the new loan demand will reach $621 million and customers with approved credit lines will need $266 million in cash. The bank will sell $480 million in securities, but plans to add $155 million in new securities to its portfolio. What is the bank's projected funds gap?The estimated funds gap (with all figures in millions of dollars) is:Projectedfunds gap = $621 + $266 + [ $155 - $480 ] - [ $300 - $275 ]= $537 million15-7. First National borrowed $150 million in Federal funds from JP Morgan Chase Bank in New York City for 24 hours. After the loan was repaid JP Morgan-Chase loaned $100 million in federal funds to Texas Commerce Bank of Houston.(a) Illustrate these transactions using T-account entries.194(b) The interest income generated for JP Morgan-Chase from the above transactions was:1. Manufacturers' Loan: 0.0785 X $150 Million X 1/360 = $32,7082. Texas Commerce Loan: 0.0792 X $100 Million X 2/360 = $44,00015-8. BancOne of Ohio issues a 3-month (90-day) negotiable CD for $14 million to Travelers Insurance, bearing an annual 360-day yield of 8.47 percent. The value of the CD (including interest income) on its maturity date is:= Principal + (Principal * Days to Maturity / 360 * Annual Interest Rate)= $14 million + ($14 million * 90 / 360 * 0.0847) = $14.29645 millionThe amount of interest income Travelers will earn is:$14 million *90 / 360 * 0.0847 = $296,450.On the basis of a 365-day year Travelers' will earn365/360 * 0.0847 = 0.0859 or 8.59%.15-9. As a result of heavy loan demand experienced by banks within its holding company,195Interstate National Bank plans to raise $850 million in short-term funds this week, of which about $835 million will be used to meet these new loan requests. Current annual interest rates on alternative sources of funds are:Market Interest Rates Noninterest Cost RatesFederal Funds 8.73% 0.25%Negotiable CDs 8.69 0.25Eurodollars 9.11 0.35Commercial paper 8.65 0.50Fed. Discount Rate 7.25 0.25Calculate the effective cost rates on the above sources for Interstate and make a management decision on what sources to use.Effective Federal Funds Cost Rate =Million$835Million $850x0.0025Million$850x0.0873+=million835$million$2.125million $74.205+= 9.14%Effective CD Cost Rate =million$835million $850*0.0025million$850*0.0869+=million$835million$2.125million $73.865+= 9.10%Effective Eurodollar Cost Rate =million$835million $850*0.0035million$850*0.0911+=million$830million$2.975million77.435$+= 9.63%Effective Commercial Paper Cost Rate =million835$million $850*0.0050million$850*0.0865+196=million$835million$4.25million $73.525+= 9.31%Effective Cost of Borrowing from the Fed =million835$million $850*0.0025million$850*0.0725+=million835$million$2.125million$61.625+= 7.63%The cheapest source of all would be borrowing from the Federal Reserve bank. However, the bank has borrowed from the Fed in each of the past two weeks. Thus, it has probably come close to "wearing out its welcome" at the Reserve bank and, at least for the next week, should probably plan on borrowing from the next cheapest source - in this case, the Federal funds market.15-10. Hamilton Security Bank wants to raise $80 million in money market funds to cover a loan request from one of its largest corporate customers, who needs a 6-week loan. However, current forecasts call for a rise in money market interest rates over the next six weeks. Current money market rates are given below:Source Current RateFederal Funds 8.72%Discount Window at the Federal Reserve 7.00CDs (prime rated): One Month 8.45Three Months 8.49Six Months 8.58Eurodollar Deposits(Three Months) 8.58Commercial Paper: One Month 8.55Three Months 8.42What would you recommend to the bank's funds management department regarding how and where to raise the funds needed?Federal funds could be used to fund this loan, but not only do they happen to be the most expensive source in terms of interest cost right now, but also the Fed funds rate is very sensitive to market pressures and, therefore, will rise along with other market interest rates if the bank's forecast turns out to be correct. The Discount Window at the Federal Reserve looks very attractive, but the Fed prohibits borrowing to relend. Either 3-month CDs or 3-month commercial paper appear to represent good alternatives because the bank, presumably, can lock in the interest cost to fund this loan for the entire life of the loan. Assuming that the money market shares the expectations of the bank that interest rates will rise over the next six weeks, the bank will very likely have to pay a premium over the current rates on either the CDs or commercial paper. However, locking in these rates would still represent the better alternative.197Alternative Scenario:Given: Hamilton's economists are wrong and money market rates decline significantly over the next six weeks. How might your recommendations to the bank's funds management department change on how and where to raise the funds needed?Significantly declining interest rates would make shorter-term sources much more attractive to the bank. Federal funds, for example, although currently the most expensive source, may well be a good alternative, since the federal funds rate is very sensitive to interest rate changes. One-month CDs would also be a good alternative, as would one-month commercial paper. With the shorter maturities, the bank could readjust its costs downward as the interest rates continue to fall, maintaining the spread between the rate the bank is charging the borrower, which will be declining as rates fall, and the rate it is paying for its funds.Web Site Problems1. Which banks in the U.S. banking system seem to rely most heavily on deposits as a source of funding and which on nondeposit borrowings and liability management? To find out, select the name of a small local bank (or banks) in your area and look it up in the appropriate FDIC web site. Enter the bank’s name, city and state and determine its ratio of total deposits to total assets in the latest report available. Now compare this ratio to the same deposit to asset ratio for Bank of America and JP Morgan-Chase Bank. What did you find? Can you explain the reasons behind the different ratio values you observed?After examining the UBPR for the First National Bank of Edmond as well as Bank of America and JP Morgan-Chase (of New York) the following table can be formed.As can be seen, the First National Bank of Edmond has a much higher depositor base. Both of the other banks are very large banks and large banks tend to rely less on core deposits. However there are differences even between these large banks. JP Morgan-Chase is in New York City and has even less of a depositor bases that Bank of America. It must rely more heavily on liability management than Bank of America.198。
美国加州优胜美地高尔夫度假村土地投资项目
美国加州优胜美地高尔夫度假村土地投资项目优胜美地高尔夫度假村处于加州北部，地面积6,677亩，依山傍湖。
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QFII(合格境外机构投资者)名录(2017年12月)
258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300
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高观投资有限公司 台新国际商业银行股份有限公司 花旗集团基金管理有限公司 爱斯普乐基金管理公司 彭博家族基金会 石溪集团 麻省理工学院 万金全球香港有限公司 高盛国际 安盛基金管理有限公司 国投瑞银资产管理（香港）有限公司 工银瑞信资产管理（国际）有限公司 申万宏源投资管理（亚洲）有限公司 宾夕法尼亚大学校董会 广发资产管理（香港）有限公司 麦盛资产管理（亚洲）有限公司 玉山商业银行股份有限公司 汇添富资产管理（香港）有限公司 加利福尼亚大学校董会 富国资产管理（香港）有限公司 文莱投资局 台湾银行股份有限公司 淡水泉（香港）投资管理有限公司 安联证券投资信托股份有限公司 安信资产管理（香港）有限公司 日盛证券投资信托股份有限公司 泛亚投资管理有限公司 建银国际资产管理有限公司 忠诚保险有限公司 挚信投资顾问（香港）有限公司 瀚亚证券投资信托股份有限公司 柏瑞证券投资信托股份有限公司 农银国际资产管理有限公司 融通国际资产管理有限公司 国泰全球投资管理有限公司 第一商业银行股份有限公司 元大证券股份有限公司 工银国际资产管理有限公司 中国光大证券资产管理有限公司 领航集团有限公司 中邮创业国际资产管理有限公司 财通国际资产管理有限公司 摩根大通证券股份有限公司
jp_morgan_wc_report_2
Europe Equity Research18 May 2010England to Win the World Cup!A Quantitative Guide to the 2010 World CupEquity Quant EUROPEMatthew Burgess AC(44-20) 7325-1496matthew.j.burgess@J.P. Morgan Securities Ltd.Marco Dion AC(44-20) 7325-8647marco.x.dion@J.P. Morgan Securities Ltd.Equity Quant EMERGINGMARKETSSteve Malin(852) 2800 8568steven.j.malin@J.P. Morgan Securities (Asia Pacific) Limited Robert Smith(852) 2800 8569robert.z.smith@J.P. Morgan Securities (Asia Pacific) LimitedEquity Quant AUSTRALIAThomas Reif(61-2) 9220-1473thomas.w.reif@J.P. Morgan Securities Australia LimitedBerowne Hlavaty(61-2) 9220-1591berowne.d.hlavaty@ J.P. Morgan Securities Australia Limited See page 67 for analyst certification and important disclosures, including non-US analyst disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making theirinvestment decision.Figure 1: J.P. Morgan Cazenove Multi-Factor Quant Model: Long-only vs MSCISource: MSCI, IBES, Factset, J.P. Morgan Whilst this report should be taken with a pinch of salt, we find it an interesting exercise and an ideal opportunity to lightheartedly explain Quantitative techniques and demystify the typicalQuant framework.• Quant Models are mathematical methods built to efficiently screen and identify stocks. • They are based on information and data (analyst upgrades, valuation metrics etc) proven to help predict stock returns. • Having developed a rather successful Quant Model over the years, we intend to introduce it to our readers and also use its methodology to apply it to a fruitful field for statistics: Football and the World Cup. • In this Model, we focus on market prices, FIFA Ranking, historical results, our J.P. Morgan Team Strength Indicator etc to come up with a mathematical model built to predict match results. • Ultimately our Model indicates Brazil as being the strongest team taking part in the tournament. However, due to the fixture schedule our Model predicts the following final outcome: - 3rd: Netherlands - 2nd: Spain - World Cup Winners: England • Alternatively, we point out that the 3 favourite teams (from market prices recorded on 30 April of 3.9-to-1 for Spain, 5-to-1 for Brazil and 5.4-to-1 for England) represent a 52.5% probability of winning theWorld Cup. Table 1: World Cup Model “Score” Model Score Model Score Brazil 1.68 United States 0.01Spain 1.53 Uruguay -0.06 England 0.91 Slovakia -0.13 Netherlands 0.63 Cameroon -0.18 Argentina 0.48 Australia -0.27 Slovenia 0.47 Ghana -0.29 France 0.47 Nigeria -0.29 Italy 0.43 Switzerland -0.37 Ivory Coast 0.35 Denmark -0.52 Portugal 0.30 Paraguay -0.55Chile 0.24 Honduras -0.63Germany 0.13 Korea Republic -0.76 Algeria 0.12 New Zealand -0.81 Serbia 0.03 South Africa -0.92 Greece 0.03 Japan -0.96Mexico 0.02 Korea DPR -1.11 Source: , , J.P. Morgan2(44-20) 7325-8647marco.x.dion@ Table of ContentsIntroduction ..............................................................................4 Methodology.............................................................................5 What is Quant?.............................................................................................................5 What information is our mathematical Model using?..................................................6 Our “Valuation” metrics...........................................................7 FIFA World Ranking...................................................................................................7 “Market” Valuations....................................................................................................9 Our “Price Trend” metrics.........................................................................................10 Trend in Probability to Win.......................................................................................11 Trend in FIFA’s Ranking...........................................................................................12 Our “Market and Analyst Sentiment” metrics......................13 Result Expectations....................................................................................................13 Recent Team Shape...................................................................................................14 Our “Fundamentals” metrics ................................................16 Consistency in Market Sentiment..............................................................................16 J.P. Morgan Cazenove Success Ratio Indicator.........................................................18 Creating a World Cup Quant Model......................................20 Quant Model creation................................................................................................20 Ranking produced by our World Cup Model.............................................................21 How to deal with draws and penalty shoot-outs?.......................................................21 The World Cup Wall Chart.....................................................23 Conclusion..............................................................................25 Value..........................................................................................................................59 Price Momentum........................................................................................................60 Growth/Earnings........................................................................................................61 Quality.......................................................................................................................62 Multi Factor Model....................................................................................................63 Current Long Opportunities (64)3(44-20) 7325-8647marco.x.dion@ AppendicesAppendix I: Fixtures, Prices and Rankings (26)France (26)Mexico (27)South Africa (28)Uruguay (29)Argentina (30)Greece (31)Korea Republic (32)Nigeria (33)Algeria (34)England (35)Slovenia (36)USA (37)Australia (38)Germany (39)Ghana (40)Serbia (41)Cameroon (42)Denmark (43)Japan (44)Netherlands (45)Italy (46)New Zealand (47)Paraguay (48)Slovakia (49)Brazil (50)Ivory Coast (51)Korea DPR (52)Portugal (53)Chile (54)Honduras (55)Spain (56)Switzerland (57)Appendix II: Quant Factor Analysis - Equity Model (58)Appendix III: Z-Score Normalisation - Getting Technical!..654(44-20) 7325-8647marco.x.dion@Introduction As the big kick-off approaches, we present a Quantitative Guide to the World Cup! With many investors overwhelmed or instantly turned off by the mere mention of the word ‘Quant’, we intend to present a simple Quant methodology applied to a field outside of finance: sports and football in general. Our goal is indeed to highlight potential World Cup winners by applying Quantitative/mathematical methodology traditionally used with balance-sheet, valuations and consensus information to data from the football world. To do so, we focus on data including: • probabilities to win from a range of bookmakers and exchanges • official FIFA World Rankings • results from previous World Cup tournaments and qualifying competitions • etc Our goal is to construct a mathematical Model 1, similar to ones used by the Quant community to pick up stocks, and run the resulting numbers through a World Cup ‘wall chart’. We then identify who will win the World Cup according to this Quantitative framework. As a handy reference guide, we also provide fixtures and trends in both probabilities to win and FIFA World Rankings for all countries. Whilst this report should be taken with a pinch of salt, we find it an interesting exercise and an ideal opportunity to lightheartedly present some simple Quantitative techniques within an easy to understand and topical framework . 1 Also known as “Multi-Factor Quant Model”.Quantitative framework toidentify possible World Cupwinner!Handy reference guide tofixtures, prices and rankings5(44-20) 7325-8647marco.x.dion@ MethodologyWhat is Quant?Quantitative Analysis (“Quant”) is an investment methodology based on data andmathematical formula to identify Long/Short trading opportunities .While to some, Quant sounds overwhelming complex and overly scientific (even‘black box’), it is simply a way of putting together different efficient elements ofinformation.Typically, those elements of information are valuation metrics, price trends,analyst opinion, quality of the balance-sheet etc (all information which isgenerally used – consciously or unconsciously – by more fundamental investorswhen making investment decisions).In practice, Quants tend to use 4 types of information in their mathematical models:1. Valuation metrics2. Market and Analyst sentiment3. Company fundamentals4. Price trendsLike most Quants, we have over the years created a “Quant Model” integratingthose different sources of information.This is simply a mathematical Model which relies on data and market statistics toproduce Long and Short trading ideas.With this Model being relatively successful 1, and as the sporting field being highlynumerical (match scores, win/loss ratios, probability to win etc being available), we decided to translate our Model into the football field focusing primarily on the WorldCup.1 See Appendix for the backtesting results .6(44-20) 7325-8647marco.x.dion@What information is our mathematical Model using? As previously mentioned, we have over the years developed a rather successful Quant Model. This mathematical model relies on the following information: Figure 2: J.P. Morgan Cazenove Quant stock-picking Model 1Source: J.P. Morgan Running through statistics we consider make sense in the sporting world, we decided to “translate” this Model into a football-specific Model. We do so as follows using the below statistics:Figure 3: J.P. Morgan Cazenove Quant world cup-picking Model Source: J.P. Morgan 1 See “The New & Improved Q-Snapshot” (September 2008) for more info.7(44-20) 7325-8647marco.x.dion@ Our “Valuation” metricsQuant Models often use Valuation metrics as a source of information. They intuitively make sense as investors do indeed care about valuations and use valuation metrics to differentiate between stocks. Backtesting numbers also prove it is worth taking valuations into consideration when making investment decisions (ie, cheap stocks have a tendency to outperform expensive stocks in the long run). Typically Quant Models use Price to Book, PE, Price-to-sales etc. When we created our World Cup Model we decided to focus on FIFA World Ranking and “Market” Valuations . FIFA World Ranking World Ranking Points One could consider that the official FIFA World Ranking 1 points as a reasonable “Valuation” metric. This calculation identifies successful countries and takes into account: 1. Match Result: Win/Lose/Draw 2. Match Status: Friendly/Qualifier/World Cup3. Opposition Strength: (200 - latest ranking position)/100, subject to aminimum value of 0.5.4. Regional Strength: The average of the regional/confederation'strength' of the 2 teams.5. Assessment Period: Results over the past 4 years are included. Morerecent results are assigned a higher weighting in the calculation.In fact, the methodology used by FIFA to assign World Ranking Points is a simpleQuantitative model in itself.1 /worldfootball/ranking/FIFA already uses a simpleQuantitative model to calculateWorld Ranking Points8(44-20) 7325-8647marco.x.dion@ Table 2: FIFA World RankingCountry FIFA Ranking Points FIFA Rank Country FIFA RankingPointsFIFA Rank Brazil 1611 1 Nigeria 883 20 Spain 1565 2 Australia 883 20 Portugal 1249 3 Slovenia 860 23 Netherlands 1221 4 Switzerland 854 26Italy 1184 5 Ivory Coast 846 27Germany 1107 6 Paraguay 822 30 Argentina 1084 7 Algeria 821 31 England 1068 8 Ghana 802 32 France 1044 10 Denmark 767 35 Greece 968 12 Slovakia 742 38 United States 950 14 Honduras 727 40 Chile 948 15 Japan 674 45 Serbia 944 16 Korea Republic 619 47 Mexico 936 17 New Zealand 413 78 Uruguay 902 18 South Africa 369 90 Cameroon 887 19 Korea DPR 292 106 Source: (as of 30 April 2010) The chart below however shows that there are a couple of divergences worth noting while looking at the FIFA ranking and the probability of winning.Source: , tip-ex, J.P. Morgan As the chart points out, Portugal , Netherlands and Greece offer a disagreement with high FIFA World Ranking and low indicated probability to win the World Cup. England , Argentina and Ivory Coast also offer disagreement with a low World Ranking and an indicated high probability of winning. According to the FIFA World Ranking Factor, Brazil, Spain Netherlands and Portugal are most likely to win the World Cup. Top countries according FIFAWorld Ranking:Brazil, Spain, Netherlands,Portugal9(44-20) 7325-8647marco.x.dion@ “Market” ValuationsProbability of winning the World CupFor our second “Valuation metric”, we decided to focus on “Market” Valuations asexpressed by a country’s probability of winning the World Cup.Those are calculated from the underlying odds offered by exchanges and fixed odds bookmakers (i.e. the market price)1 as a valuation metric.Table 3: “Market” Valuations (“win only” market)Market Price (Probability) Exchange(Probability) Market Price ExchangeSpain 20.2% 19.2% 4.9 to 1 5.2 to 1Brazil 16.7% 16.1% 6.0 to 1 6.2 to 1England 15.6% 13.8% 6.4 to 1 7.3 to 1Argentina 10.6% 9.5% 9.4 to 1 10.5 to 1Italy 7.5% 6.5% 13.4 to 1 15.5 to 1Germany 7.0% 6.5% 14.2 to 1 15.5 to 1Netherlands 7.0% 5.9% 14.2 to 1 17.0 to 1France 5.9% 5.0% 17.0 to 1 20.0 to 1Portugal 4.1% 2.9% 24.4 to 1 34.0 to 1Ivory Coast 3.5% 3.1% 28.4 to 1 32.0 to 1Chile 2.1% 1.3% 48.2 to 1 75 to 1Paraguay 2.0% 1.0% 50 to 1 100 to 1Serbia 1.6% 1.2% 64 to 1 85 to 1Ghana 1.3% 1.3% 75 to 1 80 to 1Mexico 1.3% 0.9% 75 to 1 110 to 1United States 1.3% 1.2% 75 to 1 85 to 1Cameroon 1.1% 0.7% 93 to 1 140 to 1Uruguay 1.1% 0.7% 94 to 1 140 to 1Nigeria 1.0% 0.6% 97 to 1 170 to 1Denmark 1.0% 0.6% 104 to 1 170 to 1Australia 0.9% 0.7% 116 to 1 140 to 1Greece 0.9% 0.4% 117 to 1 240 to 1South Africa 0.8% 0.7% 126 to 1 150 to 1Switzerland 0.6% 0.4% 181 to 1 280 to 1Japan 0.5% 0.2% 201 to 1 510 to 1Slovakia 0.5% 0.3% 211 to 1 390 to 1Korea Republic 0.5% 0.4% 221 to 1 275 to 1Slovenia 0.5% 0.2% 221 to 1 483 to 1Algeria 0.2% 0.2% 414 to 1 570 to 1Honduras 0.2% 0.1% 621 to 1 1,000 to 1Korea DPR 0.1% 0.1% 1,201 to 1 1,000 to 1New Zealand 0.1% 0.1% 1,901 to 1 1,000 to 1Source: , J.P. Morgan (as of 30 April 2010)1 From , decimal prices using Betfair for exchange prices and the average from a list of 5 fixed odds bookmakers.Probability =1 / (Market Price)10(44-20) 7325-8647marco.x.dion@Regardless of whether we look at probabilities from traditional market makers or betting exchanges, we (unsurprisingly) find the countries ordered in a similar manner with only a couple of countries appearing out of sync on the 2 lists. According to “Market” Valuations Factor: Spain, Brazil, England and Argentina are the most likely to win the World Cup. Our “Price Trend” metrics Prices reflect information in the market and provide an opinion in terms of investors’ preference towards a stock. Backtesting numbers also prove that while in disagreement with the efficient market theory, price trends provide important information about future stock performance (stocks trending up having a tendency to outperform stocks trending down in the long run). Typically Quant Models use 12 months Price Trend, 1 month Price Trend, RSI, technical indicators, etc Using the World Cup data we have compiled, there are a few ways in which we can replicate these Price Trends. We came up with 2 Factors for Price Trend: Trend in Probability to Win and Trend in FIFA’s Ranking . Top countries according to the “Market” Valuation Factor:Spain, Brazil, England, Argentina(44-20) 7325-8647marco.x.dion@ Trend in Probability to WinChange in Probability of WinningTo discover which country’s probability of winning has increased/decreased the most over a given time period, we can look at a simple change in the market price/probability of a country winning the World Cup. We calculate the probabilities at a given point in time by taking the average probability from a range of market makers 1. Consequently, we calculate the Trend in Probability to Win for 3 and 6 month durations. Table 4: Trend in Probability to Win 2 6mth Trend in Probability to Win 3mth Trend in Probability to Win Slovenia 53% -10% France 25% -11% Ivory Coast 20% -7% Greece 16% -11% Uruguay 15% 0% Spain 12% 6%Argentina 9% 21%England 6% -6%United States 5% 4%Italy 5% -8%Nigeria 3% -13%Cameroon 2% -8%Mexico 1% 4%Korea Republic 1% 0%Chile -3% -12%Ghana -7% 0%Brazil -8% -2%Netherlands -8% 1%Slovakia -11% -6%Honduras -15% -10%Germany -18% -5%South Africa -19% 3%Paraguay -19% -20%Serbia -19% 6%Switzerland -20% -10%Portugal -22% 7%Australia -22% -5%Denmark -23% -12%Japan -30% -10%Korea DPR - -5%Algeria - -9%New Zealand - -26%Source: , J.P. Morgan (as of 30 April 2010)1Information kindly provided by 2 6 month history of odds was not available for Korea DPR, Algeria and New Zealand.Top countries according toTrend in Probability to Win:Slovenia, France, Ivory Coast,Greece(44-20) 7325-8647marco.x.dion@ According to the Trend in Probability to Win Factor: Slovenia, France 1, IvoryCoast and Greece are the most attractive options , having received the greatestincrease in probability over the past 6 months.Trend in FIFA’s RankingChange in FIFA’s World Ranking PointsTo a similar extent, we can calculate trend in the FIFA World Ranking points over a given period – our Trend in FIFA’s Ranking metric. We display each of the 12, 6 and 3 month Factors in the table below but decided to focus on the (longer term) 12 month trend in FIFA’s Ranking (as investors would do with regards to Price Momentum).Table 5: Trend in FIFA’s Ranking12mth Chg FIFA Ranking 6mth Chg FIFA Ranking 3mth Chg FIFA Ranking 12mth Chg FIFA Ranking 6mth Chg FIFA Ranking 3mth Chg FIFARankingAlgeria 64% 5% 0% United States 6% -7% -3% Slovenia 63% 30% 12% France 4% 0% -7% Serbia 33% 6% 3% Switzerland 3% -11% -8% Slovakia 30% -2% -1% Korea 0% -8% -1% Chile 28% 4% 1% England -1% -3% -1% Brazil 28% -1% 3% Cameroon -1% -7% -14% Portugal 22% 20% 6% New Zealand -3% 8% 3% Australia 22% 4% 2% Japan -5% -8% -5% Ivory Coast 20% -6% -9% Spain -6% -4% -4% Mexico 19% 4% 1% Netherlands -7% -9% -5% Nigeria 13% 16% 4% Italy -8% -3% -2% Greece 12% 5% -5% Paraguay -9% -6% 2% Ghana 12% 8% 7% Korea DPR -10% -19% -22% Denmark 9% -8% -6% Argentina -11% -2% 0% Uruguay 8% 8% -1% Germany -19% -5% -6% Honduras 8% -4% -1% South Africa -21% -3% -2% Source: , J.P. Morgan (as of 30 April 2010)According to the Trend in FIFA’s Ranking, Algeria, Slovenia, Serbia andSlovakia have the biggest change in World Ranking Points and should bepreferred.1For France, It should be noted that a significant amount of this momentum is associated withprice changes around their Play-Off fixture vs. Ireland (18 November 2009) which may lead tosome exaggeration.Top countries according to theTrend in FIFA’s ranking:Algeria, Slovenia, Serbia,Slovakia(44-20) 7325-8647marco.x.dion@ Our “Market and Analyst Sentiment”metricsQuant Models often use “sentiment” based information. “Sentiment” metrics arebased on translations of investor reaction to market events (like earningsannouncement change in dividend policies) and change in analyst expectations abouta company.There is indeed a strong behavioural argument for investors to follow or invest instocks on which consensus displays strong opinion or on which analysts haverecently changed their recommendations, their growth forecasts etc.Backtesting tests also prove that, amongst other things, over the long run stockswhich got recently upgraded by consensus (and/or highly ranked analysts)outperform stocks which got downgraded.When we created our World Cup Model we decided to focus on country’s ResultExpectations and on our Recent Team Shape .Result ExpectationsResult expectations from a team’s track record in past World CupsAs an approach to calculating World Cup “expectations”, we developed a simplescoring technique to reward countries based purely on their historical World Cuptrack record as it helps greatly to understand a country’s result “expectations”.We call this metric the country’s Result Expectations. This metric could beassociated in the Quant space to “Historical past growth”.For each historical World Cup played, 50 points are therefore assigned to the winner,25 to the runner up, 15 to 3rd place and 10 to 4th place.(44-20) 7325-8647marco.x.dion@Table 6: Result Expectations Top 4 Finish Result Expectation Price Top 4 Finish Result Expectation Price Brazil 10 340 6.0 Mexico 0 0 75 Germany 11 305 14.2 Ghana 0 0 75 Italy 8 275 13.4 Cameroon 0 0 93 Argentina 3 125 9.4 Nigeria 0 0 97 France 5 115 17.0 Denmark 0 0 104 Uruguay 3 70 94 Australia 0 0 116 England 2 60 6.4 Greece 0 0 117 Netherlands 3 60 14.2 South Africa 0 0 126 Portugal 2 25 24.4 Switzerland 0 0 181 Chile 1 15 48.2 Japan 0 0 201 Spain 1 10 4.9 Slovakia 0 0 211 Korea Republic 1 10 221 Slovenia 0 0 221 Ivory Coast 0 0 28.4 Algeria 0 0 413 Paraguay 0 0 50 Honduras 0 0 621 Serbia 0 0 65 Korea DPR 0 0 1,201 United States 0 0 75 New Zealand 0 0 1,901 Source: J.P. Morgan Using this methodology we, unsurprisingly, find at the top of the country’s Result Expectations metric the likes of Brazil, Germany, Italy and Argentina. Recent Team Shape Average Ranking Points won per match To incorporate recent form and shape (what could be associated with “Recent Growth”), we use the Recent Team Shape metrics. This is calculated by taking the average FIFA World Ranking points earned over a given time period. We provide the data for the last 3, 6 and 12 month period but focus on the team “shape” over the 12 months. Top countries according toResult Expectations Factor:Brazil, Germany, Italy, ArgentinaTop countries according toRecent Team Shape Factor:Netherlands, Spain, Brazil,Portugal(44-20) 7325-8647marco.x.dion@Table 7: Recent Team shape12mth Recent Team Shape 6mth Recent Team Shape 3mth Recent Team Shape 12mth Recent Team Shape 6mth Recent Team Shape 3mthRecentTeamShapeNetherlands 1,121 1,283 0 Denmark 646 483 600 Spain 1,039 846 866 United States 646 658 1,014Brazil 894 777 184 Algeria 626 601 546Portugal 859 936 999 Mexico 618 857 516Chile 811 676 1,169 Uruguay 592 631 665Slovakia 794 743 619 New Zealand 592 592 592England 779 790 465 Paraguay 566 1,188 1,103Serbia 752 597 656 Ghana 563 329 159Italy 747 844 673 Argentina 528 520 1,040Switzerland 734 715 543 Slovenia 520 635 518Côte dIvoire 731 577 204 Nigeria 477 562 682France 729 618 759 Honduras 470 532 370Greece 702 630 875 Japan 446 0 0Germany 690 689 906 Korea DPR 422 0 0Cameroon 689 956 854 Korea Republic 411 0 0Australia 662 0 0 South Africa 0 0 0 Source: , J.P. Morgan (as of 31 December 2009)We only include World Cup qualifying and World Cup Finals results in thiscalculation as opposed to all international fixtures used in the official FIFArankings.As there have been no World Cup fixtures in 2010, we take this data from 31December 2009.According to 12 month Recent Team Shape 1, Netherlands, Spain, Brazil andPortugal are the preferred countries 2.1With South Africa not having played a qualifying fixture over the past 12 months, KoreaRepublic, Korea DPR, Japan and Honduras rank the worst on Recent Form, although againshorting/laying these countries has little profit margin. 2 Interestingly, Argentina scores poorly on this metric, implying that they have recently faredpoorly against stronger opposition.(44-20) 7325-8647marco.x.dion@Our “Fundamentals” metrics Lastly, we wanted to mention that Equity Quant Models indeed often use Fundamentals/Balance Sheet as source of information. We are all aware that fundamentals do matter and can help greatly in separating sound companies from riskier counterparties. Backtesting numbers also prove that metrics like ROE, ROA, leverage etc are worth taking in consideration when making investment decisions (“better” stocks outperforming less good expensive stocks over the long run). When we created our World Cup Model we decided to focus on Consistency in Market Sentiment and on our “J.P. Morgan Cazenove Success Ratio” Indicator . Consistency in Market Sentiment Agreement within the “market” on the probability of a team winning. Using “market” information and prices, the Consistency in Market Sentiment metric aims to look at the uniformity of probability offered across a range of “probability to win” providers 1 . This ensures that we reward both a high probability of winning and a high level of agreement between probability providers. Our metric is calculated as: Average(Probability of Winning) / (Max(Probability of Winning)-Min(Probability of Winning)) 1 Using 5 fixed odd bookmakers (from )(44-20) 7325-8647marco.x.dion@Whilst this may not provide us with any concrete information as to who may win the World Cup (although it can be argued that if “price providers” are in agreement on the favorites’ probability to win then one can be more confident that the country will progress in the tournament) it will provide us with an idea as to where potential issues and opportunities exist. This also gives us confidence in the country probability and the lack of surprise at play. Table 8: Consistency in Market Sentiment Consistency in Market Sentiment Latest Odds Consistency in Market Sentiment Latest Odds Brazil 33.33 6.0 Portugal 3.2 24.4 England 13.80 6.4 Italy 3.0 13.4 Spain 9.20 4.9 South Africa 2.5 126Ivory Coast 8.87 28.4 Uruguay 2.3 94Argentina 8.59 9.4 Chile 2.2 48 Germany 6.87 14.2 Japan 1.9 201 Ghana 5.39 75 Korea Republic 1.9 221 United States 5.39 75 Slovakia 1.9 211Mexico 5.19 75 Greece 1.5 117 Nigeria 4.84 97 Denmark 1.4 104 Cameroon 4.45 93 Paraguay 1.4 50 Australia 4.24 116 Slovenia 1.4 221France 4.13 17 Algeria 1.3 413 Netherlands 3.94 14.2 Honduras 1.0 621 Switzerland 3.42 181 New Zealand 1.0 1,901Serbia 3.39 64 Korea DPR 0.8 1,201 Source: tip-ex, J.P. Morgan (30 April 2010)According to the Consistency in Market Sentiment Factor we can be mostconfident that Brazil, England, Spain and Ivory Coast provide less risk in terms of result surprise and that they are correctly priced 1.1 It is interesting to note that Brazil, England and Spain account for 52.5% of total probabilityof winning the World Cup, also constituting the top 3 positions according to the above“Consistency in Market Sentiment” Factor. One can conclude that it would be a surprise if oneof these nations were to not win the World Cup .Top countries according toConsistency in MarketSentiment:Brazil, England, Spain, IvoryCoast。
摩根大通
Consumer Businesses
Commercial Banking Businesses
Commercial Banking Businesses
Middle Market Corporate Client Banking Commercial Real Estate Business Credit Equipment Finance Commercial Term Lending Community Development
JPMorgan Chase & Co. is one of the oldest, largest and best-known financial institutions in the world. The firm's legacy dates back to 1799 when its earliest predecessor was chartered in New York City. Our firm is built on the foundation of more than 1200 predecessor institutions. Its major heritage firms — J.P. Morgan, Chase Manhattan, Chemical, Manufacturers Hanover (in New York City) and Bank One, First Chicago, and National Bank of Detroit (in the Midwest) were each closely tied, in their time, to innovations in finance and the growth of the United States and global economies. As JPMorgan Chase & Co does today, these firms also made significant contributions to their local communities.
史上最经典的slogan广告词
经典的slogan 广告词1．Good to the last drop．滴滴香浓，意犹未尽。
（麦斯威尔咖啡）2．Obey your thirst．服从你的渴望。
（雪碧）3．The new digital era．数码新时代。
（索尼影碟机）4．We lead. Others copy．我们领先，他人仿效。
（理光复印机）5．Impossible made possible．使不可能变为可能。
（佳能打印机）6．Take time to indulge．尽情享受吧！（雀巢冰激凌）7．The relentless pursuit of perfection．不懈追求完美。
（凌志轿车）8．Poetry in motion, dancing close to me．动态的诗，向我舞近。
（丰田汽车）9．Come to where the flavor is. Marlboro Country．光临风韵之境，万宝路世界。
（万宝路香烟）10．To me, the past is black and white, but the future is always color．对我而言，过去平淡无奇；而未来，却是绚烂缤纷。
（轩尼诗酒）11. Just do it. 只管去做。
（耐克运动鞋）12. Ask for more. 渴望无限。
（百事流行鞋）13. The taste is great. 味道好极了。
（雀巢咖啡）14. Feel the new space. 感受新境界。
（三星电子）15. Intelligence everywhere.智慧演绎，无处不在。
（摩托罗拉手机）16. The choice of a new generation.新一代的选择。
（百事可乐）17. We integrate, you communicate.我们集大成，您超越自我。
（三菱电工）18. Take TOSHIBA, take the world.拥有东芝，拥有世界。
J.P.摩根大通
1.1摩根大通的概况
• 摩根大通(JPMorgan Chase & Co.)是全球大型金 融服务集团之一。总部设在纽约，零售与商业银 行总部设在芝加哥。
• 摩根大通在全球50多个国家和地区为个人、企业 及政府提供多种金融服务，包括股票发行、并购 咨询、私人银行、资产管理、私募股权等。
• 2019年摩根大通的总资产超过1.35万亿美元。截 至2019年9月30日合并总资产1.24万亿美元，其 中，美国国内资产占57%。
是为基础服务和 全面服务提供技 术支持和保障， 主要由专业人士 组成。
全面服 务功能
是人力资源管理 工作的主要形式， 针对不同业务部 门和区域提供个 性化服务，体现 了人力资源部门 与业务部门的合 作伙伴关系。
wondershare
摩根大通还强调
服务应该是 个性化
服务对象需求是多元化
业 务 多 面 手
1.4 摩根大通主营业务/ 品牌
• JP Morgan 是一家领先性的国际金融公司，能够 满足商业、企业、政府和个人的紧急金融需求。 它为公司策略提供咨询服务，集资，开拓金融市 场工具，管理投资财产。同时 Morgan 为抓住市 场机遇，将自己的资产承诺于知名企业、好的投 资和交易项目。
专题（四） 文化建设
J.P.摩根大通
华尔街的宠儿 华 尔街的皇帝——
华尔街之子J.P摩根，摩根集团的创 始人
• 正如《摩根财团》 中所言：今后再 也不会有哪家银 行能像摩根财团 那样强大，那样 神秘和富裕。
• 公司名称： 摩根大通 • 外文名称： JPMorgan Chase &Co. • 总部地点： 美国纽约市公园大道
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2、员工能力与绩效管理
商务英语写作公司简介 Company Profile
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In 1991, ... In 1995, ... In 1996, ... ... In 2000, ...
To Describe Current Situation
A company profile will undoubtedly focus on the description of the company’s current situation. This part mainly consists of the products or services provided by the company, strategies and missions, size of the company , business performance , corporate culture, etc. These contents need to be presented clearly and professionally to highlight the competitive advantages of the company.
To Review the History
If the company has a good reputation as well as a long history, it is necessary to introduce its development. To some extent, a long history gives the impression that the quality of the products or services can be guaranteed. If the company is merged with two or more companies, it is also necessary to mention this information. However, if the company was founded not long ago, this part can be omitted.
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Summary of Julia’s JP Morgan Private banking tour:
●Where
The structure of JP Morgan:
●
Our focus and center is our clients!! Client-oriented
We have different teams in the Private Banking department…
-Bankers
-Investment specialists
-Solutions team (idea generation)
-Capital lending/ credit advisory
-Wealth advisory (*how to sustain wealth?)
-Client service support
●Why
The market is of good prospect and of great potential
Some restrictive areas: Japan, South Korea
Potential market: *China
-develop exponentially (quick learning process)
-not enough industry life cycle
-lack knowledge of Chinese client behaviors
Our challenges and opportunities:
-Asset is not equal to cash. How to help clients turn asset into cash?
-Chinese clients’ buying b ehavior?
-Some political restrictions
-New business… IPO.. act as a match-maker between seller and buyer?
We take exploring the China market as a learning process.
* Hong Kong: mature
JP Morgan focuses on long-time wealth management.
We need to pay attention to client behavior (are they risk averse? Any experience before?)
* Key: whether we can sustain the exponential growth
(*buying behavior!! Not over concentrate! Not over leverage! )
*Brazil: shift of people… due to the development of internatio nal trade.. (some even send their children to Dongguan)
●What does it take to be a wealth management professional?
1) Communicate! Communicate! Communicate! Both externally and internally (private banking is a people-business) (relevant language skills and cultural knowledge)
2) Follow-ups… sustainability (get back to clients ASAP)
3) Network
*it takes years and requires patience
*trust
*relationship
*commitment to stay in this industry
*passion
*work with bankers and other parties to bring in new clients and serve existing clients 4) Don’t panic… Be calm! High pressure, very competitive environment, ups and downs all the time
5) Clients are your assets!!! Care for them and protect their interests!
(work clos ely with clients to make decisions… familiar with clients’ information and portfolios)
6) Be inquisitive, highly motivated and focused.
7) Qualitative and quantitative skills to analyze…
8)Judgment and discretion in working with highly confidential information are also
critical!
9)Help devise customized financial strategies for Private Banking clients (very
demanding people)
10)Interact frequently with senior management
* Key: whether we can sustain the exponential growth
(*buying behavior!! Not over concentrate! Not over leverage! )
*It is extremely important to separate these two money pockets!! The amount of core money should be greater than that of opportunistic money.
* Prioritize…
●Internship
*Try to do more internship… get into the real business
*See every chance of internship as a learning process… Be passionate and be willing to fulfill your work! Put time into it! Build up your network!
* Broad scope。