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  Issue 28 | Archive August 2016

RMI Research Seminars
April & May 2016

RMI conducted two research seminars in April and May 2016. On 28 April 2016, A/P Jussi Keppo gave a seminar on ¡°Opaque Bank Assets and Optimal Equity Capital.¡± The seminar was based on A/P Keppo¡¯s joint work with Prof. Min Dai and Dr. Shan Huang, in which they model the accounting asset values as partially observed variables that have a static uncertainty term for the opaque bank assets. The findings from observing the model behaviour indicates that the banks consider the accounting noise and its benefits when optimizing their equity capital level. A/P Keppo also mentioned an additional finding of their research that showed that the banks' assets were more opaque during the recent financial crisis than other times, as a result of a substantial shock on the asset values.

On 10 May 2016, RMI hosted another seminar by Prof. Jason Wei, Professor of Finance in the Department of Management at the University of Toronto-Scarborough. His seminar was titled, ¡°Retail and Institutional Trades and the Cross-Section of Corporate Bond Returns¡± in which he discusses the investigation of cross-section association between retail and institutional trades and corporate bond returns. The results of his investigation established that retail investors suffer from certain behavioural biases, consistent with the findings for the stock market. Nonetheless, when the spread between the purchase and sell prices is factored into the returns, no profitable trading strategy exists. Another finding that Prof. Wei mentioned is that risky bonds attract institutional investors while less risky bonds attract retail investors.

FRM® Certification Training Program ¨C May Intake
May 2016

On 28 May 2016 RMI welcomed the second cohort of the year to join the Financial Risk Manager (FRM®) Certification Training Program. This program helps prepare professionals from the financial industry for the rigorous examinations to obtain the FRM® certification. With rapid and consequential changes happening in the financial services industry globally, professionals in related fields are seeing the growing need to demonstrate a globally standardized level of up-to-date industry knowledge, which is the foundation of the two part practice-oriented FRM® examination. Given this the training course at RMI follows the FRM® curriculum closely and provides the certification training program in two parts with two modules each. Participants can choose from the complete course or individual modules that best fit their needs and schedule.

RMI has successfully conducted this Program bi-annually for three years from 2013 and prepared over 140 participants for the examination that takes place twice a year in May and November. The certification is globally recognized and administered by the Global Association of Risk Professionals (GARP).

MFE Class of 2016
9 July 2016

On 9 July 2016, RMI hosted a graduation luncheon for around 90 Master of Science in Financial Engineering (MFE) graduates of 2016 at the University Club. The students, faculty, and staff enjoyed a scrumptious lunch along with conversations of their MFE journey and shared memories.

The class of 2016 consisting of 143 graduates, who had their Commencement Ceremony on 9 July, were a mix of local and international, part-time and full-time students. They joined the proud network of over 900 MFE alumni that currently hold various positions across the financial industry both locally and internationally.

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Published quarterly by Risk Management Institute, NUS
Editor: Shivani Nakhare (rminsr@nus.edu.sg)