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<br /> Jan/Feb 2013<br /> The Member Magazine for Investment Professionals<br /> THE FUTURE OF<br /> ASSET MANAGEMENT<br /> CUSTOMIZED BETA:<br /> NOW BOARDING<br /> A “DOOMSDAY SCENARIO”<br /> FOR DARK POOLS<br /> The<br /> Biological<br /> Investor<br /> $'"*/45*565&<br /> 3&4&"3$)$)"--&/(&<br /> 5IF$'"*OTUJUVUF3FTFBSDI$IBMMFOHFJTBHMPCBMDPNQFUJUJPOUIBU<br /> UFTUTUIFFRVJUZSFTFBSDIBOEWBMVBUJPO JOWFTUNFOUSFQPSUXSJUJOH <br /> BOEQSFTFOUBUJPOTLJMMTPGVOJWFSTJUZTUVEFOUT5IJTBOOVBMFEVDBUJPOBM<br /> JOJUJBUJWFQSPNPUFTCFTUQSBDUJDFTJOFRVJUZSFTFBSDIBNPOHUIFOFYU<br /> HFOFSBUJPOPGBOBMZTUTUISPVHIIBOETPONFOUPSJOHBOEJOUFOTJWF<br /> USBJOJOHJODPNQBOZBOBMZTJTBOEQSFTFOUBUJPOTLJMMT<br /> 70-6/5&&30110356/*5:l3&1035(3"%&3<br /> &WBMVBUJPOPGUIFSFQPSUTQSPEVDFECZUIFTUVEFOUUFBNTJTWJUBMUPUIFTVDDFTTBOEJNQBDUPGUIF<br /> 3FTFBSDI$IBMMFOHFFYQFSJFODF3FQPSU(SBEFSTIBWFUIFVOJRVFPQQPSUVOJUZUPJOUSPEVDFTUVEFOUTUP<br /> JOEVTUSZMFWFMSFTFBSDIUFDIOJRV<a title="January/February 2013 CFA Institute Magazine page 1" href="http://viewer.zmags.com/publication/f841b56f?page=1"> </a> <a title="January/February 2013 CFA Institute Magazine page 2" href="http://viewer.zmags.com/publication/f841b56f?page=2"> $'"*/45*565& 3&4&"3$)$)"--&/(& 5IF$'"*OTUJUVUF3</a> <a title="January/February 2013 CFA Institute Magazine page 3" href="http://viewer.zmags.com/publication/f841b56f?page=3"> Jan/Feb 2013 28 The Future of </a> <a title="January/February 2013 CFA Institute Magazine page 4" href="http://viewer.zmags.com/publication/f841b56f?page=4"> Jan/Feb 2013 </a> <a title="January/February 2013 CFA Institute Magazine page 5" href="http://viewer.zmags.com/publication/f841b56f?page=5"> IN SUMMARY Breaking the Link “Of your own mo</a> <a title="January/February 2013 CFA Institute Magazine page 6" href="http://viewer.zmags.com/publication/f841b56f?page=6"> SNL provides hand sourced financial data, breaking</a> <a title="January/February 2013 CFA Institute Magazine page 7" href="http://viewer.zmags.com/publication/f841b56f?page=7"> CFA INSTITUTE NEWS IN FOCUS What Is the Futur</a> <a title="January/February 2013 CFA Institute Magazine page 8" href="http://viewer.zmags.com/publication/f841b56f?page=8"> CFA INSTITUTE NEWS APAC FOCUS Improving Stake</a> <a title="January/February 2013 CFA Institute Magazine page 9" href="http://viewer.zmags.com/publication/f841b56f?page=9"> C746>;3BC0=30A3) 0585CH H40A78BC>AH>5C74250270AC4</a> <a title="January/February 2013 CFA Institute Magazine page 10" href="http://viewer.zmags.com/publication/f841b56f?page=10"> CFA INSTITUTE NEWS EMEA VOICE Enhancing Discl</a> <a title="January/February 2013 CFA Institute Magazine page 11" href="http://viewer.zmags.com/publication/f841b56f?page=11"> l.BZ]4JOHBQPSF "3&:0613&1"3&%'03 5)&"4*"/$</a> <a title="January/February 2013 CFA Institute Magazine page 12" href="http://viewer.zmags.com/publication/f841b56f?page=12"> 8IZTIPVME </a> <a title="January/February 2013 CFA Institute Magazine page 13" href="http://viewer.zmags.com/publication/f841b56f?page=13"> CFA INSTITUTE NEWS Moving the Needle CALIFORNI</a> <a title="January/February 2013 CFA Institute Magazine page 14" href="http://viewer.zmags.com/publication/f841b56f?page=14"> CFA INSTITUTE NEWS LQYROYHGLQWKLVSURMHFWLQVRP</a> <a title="January/February 2013 CFA Institute Magazine page 15" href="http://viewer.zmags.com/publication/f841b56f?page=15"> The CIPM Designation: Beyond Performance and Risk</a> <a title="January/February 2013 CFA Institute Magazine page 16" href="http://viewer.zmags.com/publication/f841b56f?page=16"> CFA INSTITUTE NEWS $VVHW6HUYLFLQJ´7KHSUHYLRXV</a> <a title="January/February 2013 CFA Institute Magazine page 17" href="http://viewer.zmags.com/publication/f841b56f?page=17"> VIEWPOINT Investing in Worldly Wisdom HOW CAN </a> <a title="January/February 2013 CFA Institute Magazine page 18" href="http://viewer.zmags.com/publication/f841b56f?page=18"> essays, in-class debates and other hall- marks of</a> <a title="January/February 2013 CFA Institute Magazine page 19" href="http://viewer.zmags.com/publication/f841b56f?page=19"> VIEWPOINT LETTERS WHY FARMS HAVE RAT HOLES $IW</a> <a title="January/February 2013 CFA Institute Magazine page 20" href="http://viewer.zmags.com/publication/f841b56f?page=20"> PROFESSIONAL PRACTICE PORTFOLIO PERFORMANCE A</a> <a title="January/February 2013 CFA Institute Magazine page 21" href="http://viewer.zmags.com/publication/f841b56f?page=21"> RI$VLDQLQVWLWXWLRQVDQG RI$PHULFDQRQHV:RUOG- wi</a> <a title="January/February 2013 CFA Institute Magazine page 22" href="http://viewer.zmags.com/publication/f841b56f?page=22"> PROFESSIONAL PRACTICE ANALYST AGENDA Cracked </a> <a title="January/February 2013 CFA Institute Magazine page 23" href="http://viewer.zmags.com/publication/f841b56f?page=23"> 5DM5DMDUDWQDP -DPHV)OHLVKPDQDIRUPHUHPSOR\HHRI H[S</a> <a title="January/February 2013 CFA Institute Magazine page 24" href="http://viewer.zmags.com/publication/f841b56f?page=24"> PROFESSIONAL PRACTICE ANALYST AGENDA Acco</a> <a title="January/February 2013 CFA Institute Magazine page 25" href="http://viewer.zmags.com/publication/f841b56f?page=25"> of Ethics is my guide here. Fortunately, this cod</a> <a title="January/February 2013 CFA Institute Magazine page 26" href="http://viewer.zmags.com/publication/f841b56f?page=26"> PROFESSIONAL PRACTICE TRADING TACTICS “An Ugl</a> <a title="January/February 2013 CFA Institute Magazine page 27" href="http://viewer.zmags.com/publication/f841b56f?page=27"> An order-cancellation tax might cause this li</a> <a title="January/February 2013 CFA Institute Magazine page 28" href="http://viewer.zmags.com/publication/f841b56f?page=28"> PROFESSIONAL PRACTICE PRIVATE CLIENT CORNER U</a> <a title="January/February 2013 CFA Institute Magazine page 29" href="http://viewer.zmags.com/publication/f841b56f?page=29"> RIAs face a built-in challenge when managing</a> <a title="January/February 2013 CFA Institute Magazine page 30" href="http://viewer.zmags.com/publication/f841b56f?page=30"> THEFUTUREOF ASSET MANAGEMENT </a> <a title="January/February 2013 CFA Institute Magazine page 31" href="http://viewer.zmags.com/publication/f841b56f?page=31"> CREATE-Research and Principal Global Inves- tors </a> <a title="January/February 2013 CFA Institute Magazine page 32" href="http://viewer.zmags.com/publication/f841b56f?page=32"> individuals. We</a> <a title="January/February 2013 CFA Institute Magazine page 33" href="http://viewer.zmags.com/publication/f841b56f?page=33"> 41% will restructure the skill sets of their tale</a> <a title="January/February 2013 CFA Institute Magazine page 34" href="http://viewer.zmags.com/publication/f841b56f?page=34"> Bank of England's Financial Policy Committee, tol</a> <a title="January/February 2013 CFA Institute Magazine page 35" href="http://viewer.zmags.com/publication/f841b56f?page=35"> #&) '*/" 'SPN5IF l"QSJM $IBSMPUUFTWJMMF "7*03"</a> <a title="January/February 2013 CFA Institute Magazine page 36" href="http://viewer.zmags.com/publication/f841b56f?page=36"> AFTER DARK T</a> <a title="January/February 2013 CFA Institute Magazine page 37" href="http://viewer.zmags.com/publication/f841b56f?page=37"> WKLVRQHYHU\VRSKLVWLFDWHGWUDGLQJÀUP lost nearly h</a> <a title="January/February 2013 CFA Institute Magazine page 38" href="http://viewer.zmags.com/publication/f841b56f?page=38"> </a> <a title="January/February 2013 CFA Institute Magazine page 39" href="http://viewer.zmags.com/publication/f841b56f?page=39"> What are the advantages in going international? 7</a> <a title="January/February 2013 CFA Institute Magazine page 40" href="http://viewer.zmags.com/publication/f841b56f?page=40"> THEBIOLOGICAL INVESTOR The new science of decisi</a> <a title="January/February 2013 CFA Institute Magazine page 41" href="http://viewer.zmags.com/publication/f841b56f?page=41"> &RDWHV EURXJKW UHDOOLIH H[SHULHQFH</a> <a title="January/February 2013 CFA Institute Magazine page 42" href="http://viewer.zmags.com/publication/f841b56f?page=42"> VXFKDVEUHDWKLQJ5HODWLYHLQFUHDVHVRUGHFUHDVHV in th</a> <a title="January/February 2013 CFA Institute Magazine page 43" href="http://viewer.zmags.com/publication/f841b56f?page=43"> A prevailing theory about the brain is that t</a> <a title="January/February 2013 CFA Institute Magazine page 44" href="http://viewer.zmags.com/publication/f841b56f?page=44"> </a> <a title="January/February 2013 CFA Institute Magazine page 45" href="http://viewer.zmags.com/publication/f841b56f?page=45"> RIORWWHU\FKRLFHV+DOIFRPSDUHGWKHLURXW- FRPHVZLWKWK</a> <a title="January/February 2013 CFA Institute Magazine page 46" href="http://viewer.zmags.com/publication/f841b56f?page=46"> Volcker ? </a> <a title="January/February 2013 CFA Institute Magazine page 47" href="http://viewer.zmags.com/publication/f841b56f?page=47"> 1979 was to say, “We are going to pay atten- tion</a> <a title="January/February 2013 CFA Institute Magazine page 48" href="http://viewer.zmags.com/publication/f841b56f?page=48"> QHFHVVDU\LQRUGHUWRFRQWUROLQÁDWLRQµ6RWKH monetaris</a> <a title="January/February 2013 CFA Institute Magazine page 49" href="http://viewer.zmags.com/publication/f841b56f?page=49"> , GRQ·W WKLQN KH ZRXOG VXSSRUW ULJLGO\ À[HG excha</a> <a title="January/February 2013 CFA Institute Magazine page 50" href="http://viewer.zmags.com/publication/f841b56f?page=50"> 5)& 1"5) 0' */7&45.&/5 &9$&--&/$& *4" -*'&-0/( 16</a> <a title="January/February 2013 CFA Institute Magazine page 51" href="http://viewer.zmags.com/publication/f841b56f?page=51"> 25 Years Kathryn Anischik, CFA </a> <a title="January/February 2013 CFA Institute Magazine page 52" href="http://viewer.zmags.com/publication/f841b56f?page=52"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="January/February 2013 CFA Institute Magazine page 53" href="http://viewer.zmags.com/publication/f841b56f?page=53"> Seeking Optimal OTC Derivatives Regulation By B</a> <a title="January/February 2013 CFA Institute Magazine page 54" href="http://viewer.zmags.com/publication/f841b56f?page=54"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="January/February 2013 CFA Institute Magazine page 55" href="http://viewer.zmags.com/publication/f841b56f?page=55"> CFA Institute Holds Global Advocacy Summit In lat</a> <a title="January/February 2013 CFA Institute Magazine page 56" href="http://viewer.zmags.com/publication/f841b56f?page=56"> ETHICS AND STANDARDS MARKET INTEGRITY AND ADVOCAC</a> <a title="January/February 2013 CFA Institute Magazine page 57" href="http://viewer.zmags.com/publication/f841b56f?page=57"> ETHICS AND STANDARDS PROFESSIONAL CONDUCT DISCIP</a> <a title="January/February 2013 CFA Institute Magazine page 58" href="http://viewer.zmags.com/publication/f841b56f?page=58"> CHAPTER 10 Paradox and Paralysis A PARADOX CAN</a> <a title="January/February 2013 CFA Institute Magazine page 59" href="http://viewer.zmags.com/publication/f841b56f?page=59"> </a> <a title="January/February 2013 CFA Institute Magazine page 60" href="http://viewer.zmags.com/publication/f841b56f?page=60"> The Global Leader in CFA® Exam Pre</a>