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<br /> Global FX and the liquidity mirage<br /> Cheers: here's to a truly liquid asset<br /> Improving transparency for private equity<br /> What if risk-free assets weren't risk free?<br /> Frontier markets: beyond the headlines<br /> A portfolio roundtable with top managers<br /> May/June 2011<br /> SLUDGE<br /> Is a toxic culture poisoning<br /> your investment firm?<br /> “When you have a lot<br /> of sludge in the system,<br /> you are not going to be<br /> making good decisions,”<br /> says James Ware, CFA<br /> HARVARD BUSINESS SCHOOL in partnership with CFA INSTITUTE<br /> 10 – 14 JULY 2011 BOSTON, MASSACHUSETTS, USA<br /> Global perspectives. Innovative thinking. Fearless analysis.<br /> Legendary among investment executives for transforming investment thinking and<br /> firm management over the past four decades, the IMW selects leaders from the world's<br /> top firms to come together and meet the tough ga<a title="May/June 2011 CFA Magazine page 1" href="http://viewer.zmags.com/publication/4ba2e869?page=1"> Global FX and the liquidity mira</a> <a title="May/June 2011 CFA Magazine page 2" href="http://viewer.zmags.com/publication/4ba2e869?page=2"> HARVARD BUSINESS SCHOOL in partnership with CFA I</a> <a title="May/June 2011 CFA Magazine page 3" href="http://viewer.zmags.com/publication/4ba2e869?page=3"> 36 May/June 2011 COVER STORY Sludge Is a </a> <a title="May/June 2011 CFA Magazine page 4" href="http://viewer.zmags.com/publication/4ba2e869?page=4"> May/June 2011 63 Market 28 </a> <a title="May/June 2011 CFA Magazine page 5" href="http://viewer.zmags.com/publication/4ba2e869?page=5"> The right analysis can do wonders for your perspe</a> <a title="May/June 2011 CFA Magazine page 6" href="http://viewer.zmags.com/publication/4ba2e869?page=6"> LETTERS Is the Impact of China's Mone</a> <a title="May/June 2011 CFA Magazine page 7" href="http://viewer.zmags.com/publication/4ba2e869?page=7"> these ts </a> <a title="May/June 2011 CFA Magazine page 8" href="http://viewer.zmags.com/publication/4ba2e869?page=8"> IN SUMMARY The Arena for Thoughtful Action “Eg</a> <a title="May/June 2011 CFA Magazine page 9" href="http://viewer.zmags.com/publication/4ba2e869?page=9"> RENEW YOUR CONNECTIONS “We have the same la</a> <a title="May/June 2011 CFA Magazine page 10" href="http://viewer.zmags.com/publication/4ba2e869?page=10"> In Focus Finding the Way Forward in Emerging Mark</a> <a title="May/June 2011 CFA Magazine page 11" href="http://viewer.zmags.com/publication/4ba2e869?page=11"> CFA Institute: Upcoming Events June July </a> <a title="May/June 2011 CFA Magazine page 12" href="http://viewer.zmags.com/publication/4ba2e869?page=12"> Viewpoint Improving Transparency in the Private E</a> <a title="May/June 2011 CFA Magazine page 13" href="http://viewer.zmags.com/publication/4ba2e869?page=13"> CREATE MORE VALUE The Oxford Private</a> <a title="May/June 2011 CFA Magazine page 14" href="http://viewer.zmags.com/publication/4ba2e869?page=14"> Viewpoint Frontier Markets: What the Headlines Do</a> <a title="May/June 2011 CFA Magazine page 15" href="http://viewer.zmags.com/publication/4ba2e869?page=15"> Stories like these add up to impressive gr</a> <a title="May/June 2011 CFA Magazine page 16" href="http://viewer.zmags.com/publication/4ba2e869?page=16"> associate it with the holder being analytical, po</a> <a title="May/June 2011 CFA Magazine page 17" href="http://viewer.zmags.com/publication/4ba2e869?page=17"> Viewpoint Algorithmic Trading and FX Market Liqui</a> <a title="May/June 2011 CFA Magazine page 18" href="http://viewer.zmags.com/publication/4ba2e869?page=18"> trades, and HFT is only one type of algo strategy</a> <a title="May/June 2011 CFA Magazine page 19" href="http://viewer.zmags.com/publication/4ba2e869?page=19"> former concentration of liquidity in interdealer </a> <a title="May/June 2011 CFA Magazine page 20" href="http://viewer.zmags.com/publication/4ba2e869?page=20"> BY DOROTHY KELLY, CFA, AND JULIA MCDONOUGH, ESQ. </a> <a title="May/June 2011 CFA Magazine page 21" href="http://viewer.zmags.com/publication/4ba2e869?page=21"> Not sure whether to disclose? Direct questions re</a> <a title="May/June 2011 CFA Magazine page 22" href="http://viewer.zmags.com/publication/4ba2e869?page=22"> Ethics FORUM agreements with blanket non-disclo</a> <a title="May/June 2011 CFA Magazine page 23" href="http://viewer.zmags.com/publication/4ba2e869?page=23"> V(A). In addition, Belland's insider trading an</a> <a title="May/June 2011 CFA Magazine page 24" href="http://viewer.zmags.com/publication/4ba2e869?page=24"> Market INTEGRITY SEC Rules on Wall Street Pay —</a> <a title="May/June 2011 CFA Magazine page 25" href="http://viewer.zmags.com/publication/4ba2e869?page=25"> Hedging Bets with Better Disclosure CFA Institut</a> <a title="May/June 2011 CFA Magazine page 26" href="http://viewer.zmags.com/publication/4ba2e869?page=26"> Market INTEGRITY Derivatives Danger Financial </a> <a title="May/June 2011 CFA Magazine page 27" href="http://viewer.zmags.com/publication/4ba2e869?page=27"> “It is a fine line that regulators have to</a> <a title="May/June 2011 CFA Magazine page 28" href="http://viewer.zmags.com/publication/4ba2e869?page=28"> Market INTEGRITY Wish and PRIPs European Commi</a> <a title="May/June 2011 CFA Magazine page 29" href="http://viewer.zmags.com/publication/4ba2e869?page=29"> two-page document that conveys the pertinent char</a> <a title="May/June 2011 CFA Magazine page 30" href="http://viewer.zmags.com/publication/4ba2e869?page=30"> Portfolio PERFORMANCE Guts, Courage, and Stra</a> <a title="May/June 2011 CFA Magazine page 31" href="http://viewer.zmags.com/publication/4ba2e869?page=31"> I posit that it is simply the application of expe</a> <a title="May/June 2011 CFA Magazine page 32" href="http://viewer.zmags.com/publication/4ba2e869?page=32"> Analyst AGENDA An Incommodious Commodity? KE</a> <a title="May/June 2011 CFA Magazine page 33" href="http://viewer.zmags.com/publication/4ba2e869?page=33"> benchmark. The ratio started life at 1.8 when the</a> <a title="May/June 2011 CFA Magazine page 34" href="http://viewer.zmags.com/publication/4ba2e869?page=34"> Private CLIENT CORNER Bridging th</a> <a title="May/June 2011 CFA Magazine page 35" href="http://viewer.zmags.com/publication/4ba2e869?page=35"> investing. “As you educate women, their risk tole</a> <a title="May/June 2011 CFA Magazine page 36" href="http://viewer.zmags.com/publication/4ba2e869?page=36"> Standards IN PRACTICE The Other CE</a> <a title="May/June 2011 CFA Magazine page 37" href="http://viewer.zmags.com/publication/4ba2e869?page=37"> top priority, with ethics becoming secondary,” ca</a> <a title="May/June 2011 CFA Magazine page 38" href="http://viewer.zmags.com/publication/4ba2e869?page=38"> Is a toxic culture poisoning your investment firm</a> <a title="May/June 2011 CFA Magazine page 39" href="http://viewer.zmags.com/publication/4ba2e869?page=39"> If you are really serious as a leader about Are t</a> <a title="May/June 2011 CFA Magazine page 40" href="http://viewer.zmags.com/publication/4ba2e869?page=40"> The Center for Creative Leadership back and fired</a> <a title="May/June 2011 CFA Magazine page 41" href="http://viewer.zmags.com/publication/4ba2e869?page=41"> That is what you want as a leader — say, “Then ge</a> <a title="May/June 2011 CFA Magazine page 42" href="http://viewer.zmags.com/publication/4ba2e869?page=42"> The Tower 40 CFA MAGAZINE / MAY–JUNE </a> <a title="May/June 2011 CFA Magazine page 43" href="http://viewer.zmags.com/publication/4ba2e869?page=43"> of What will happen to the investment scaffolding</a> <a title="May/June 2011 CFA Magazine page 44" href="http://viewer.zmags.com/publication/4ba2e869?page=44"> Soft Default or Death Spiral? Assuming t</a> <a title="May/June 2011 CFA Magazine page 45" href="http://viewer.zmags.com/publication/4ba2e869?page=45"> When Bad Things Happen to Good Balance Sheets </a> <a title="May/June 2011 CFA Magazine page 46" href="http://viewer.zmags.com/publication/4ba2e869?page=46"> 44 Japanese Government Debt/GDP 200 150 </a> <a title="May/June 2011 CFA Magazine page 47" href="http://viewer.zmags.com/publication/4ba2e869?page=47"> Liquid A TRULY © Newmann/Corbis CFA </a> <a title="May/June 2011 CFA Magazine page 48" href="http://viewer.zmags.com/publication/4ba2e869?page=48"> Jean-Philippe Weisskopf reported that from 1996 t</a> <a title="May/June 2011 CFA Magazine page 49" href="http://viewer.zmags.com/publication/4ba2e869?page=49"> The process of determining the en primeur price f</a> <a title="May/June 2011 CFA Magazine page 50" href="http://viewer.zmags.com/publication/4ba2e869?page=50"> SPIES IN THE HOUSE OF MONEY 48 </a> <a title="May/June 2011 CFA Magazine page 51" href="http://viewer.zmags.com/publication/4ba2e869?page=51"> (The Secret Sharer, Heart of Darkness) showed the</a> <a title="May/June 2011 CFA Magazine page 52" href="http://viewer.zmags.com/publication/4ba2e869?page=52"> Chambers’ second book, The Twain Maxim, revolves </a> <a title="May/June 2011 CFA Magazine page 53" href="http://viewer.zmags.com/publication/4ba2e869?page=53"> asking “What if?” This places financial novelists</a> <a title="May/June 2011 CFA Magazine page 54" href="http://viewer.zmags.com/publication/4ba2e869?page=54"> CFA Institute BRIEFS CFA Program Partners Ini</a> <a title="May/June 2011 CFA Magazine page 55" href="http://viewer.zmags.com/publication/4ba2e869?page=55"> Americas OUTLOOK Latin America: Why Now? BY R</a> <a title="May/June 2011 CFA Magazine page 56" href="http://viewer.zmags.com/publication/4ba2e869?page=56"> Verified, but are you Red flags that you may have a</a> <a title="May/June 2011 CFA Magazine page 57" href="http://viewer.zmags.com/publication/4ba2e869?page=57"> EMEA VOICE Preparing for New Education Prospect</a> <a title="May/June 2011 CFA Magazine page 58" href="http://viewer.zmags.com/publication/4ba2e869?page=58"> 2011 AUSTRALIA INVESTMENT CONFERENCE Asia & Emer</a> <a title="May/June 2011 CFA Magazine page 59" href="http://viewer.zmags.com/publication/4ba2e869?page=59"> Career Support for Members BY ASHVIN VIBHAKAR, </a> <a title="May/June 2011 CFA Magazine page 60" href="http://viewer.zmags.com/publication/4ba2e869?page=60"> </a> <a title="May/June 2011 CFA Magazine page 61" href="http://viewer.zmags.com/publication/4ba2e869?page=61"> The 2010 Graham & Dodd Award for Best Article goe</a> <a title="May/June 2011 CFA Magazine page 62" href="http://viewer.zmags.com/publication/4ba2e869?page=62"> EDUCATION CALENDAR CANADA 3–4 May Wealth M</a> <a title="May/June 2011 CFA Magazine page 63" href="http://viewer.zmags.com/publication/4ba2e869?page=63"> EDUCATION CALENDAR EASTERN US 10–14 July Inve</a> <a title="May/June 2011 CFA Magazine page 64" href="http://viewer.zmags.com/publication/4ba2e869?page=64"> Society BRIEFS The Baltim</a> <a title="May/June 2011 CFA Magazine page 65" href="http://viewer.zmags.com/publication/4ba2e869?page=65"> Chapter 10 The Strange Recurrence of Nonrecurr</a> <a title="May/June 2011 CFA Magazine page 66" href="http://viewer.zmags.com/publication/4ba2e869?page=66"> Chapter 10 In the past, your investment partnersh</a> <a title="May/June 2011 CFA Magazine page 67" href="http://viewer.zmags.com/publication/4ba2e869?page=67"> Jed Schneider, CIPM Executive Director, Performan</a> <a title="May/June 2011 CFA Magazine page 68" href="http://viewer.zmags.com/publication/4ba2e869?page=68"> No Matter How You Say It, AFG Speaks Globa</a>