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Interest rate turmoil leads to Chicago Mercantile Exchange trading record
Financial Times
While Wall Street watched with trepidation as markets recently whipsawed violently, 800 miles away the mood at the Chicago Mercantile Exchange was rather lighter. Interest rate turmoil has been a boon for the largest U.S. futures exchange, providing further evidence of an evolving shift in how America’s markets function in an era of tougher financial regulation.
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What is the global impact of the Chinese shadow banking system?
CFA Chicago
While Chinese economy has continued to grow at 7-8 percent per annum, Chinese finance is undergoing dramatic changes which are not yet widely understood. In response to the global financial crisis in 2008-2009, a flood of credit was created to underwrite robust investment growth. Recently to prevent fears of overcapacity, Chinese policymakers began to engineer an economic slowdown through restrictions on formal lending to reform and re-balance the economy towards consumption. However, to date, credit continues to fuel investment through the "shadow banking" sector. This rapid credit growth has raised concerns about future defaults and their macro impact on the Chinese and global economy. Join us on Nov. 19 as three veteran analysts of China's economy present both the facts and their differing opinions on the evolution of the Chinese shadow banking system.
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Jeremy Siegel: 'Stocks for the Long Run'
CFA Chicago
Jeremy Siegel is the Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania. In addition to being one of the most respected business school professors in the nation, Siegel has a long and storied career in finance, as well as highly-acclaimed books on investments. Join CFA Chicago for the Jeremy Siegel Distinguished Speaker Series, on Nov. 13. The event will be held from 12 p.m. - 1 p.m. at The University Club. Tickets will sell quickly, so register today.
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Progressive networking luncheon: Another opportunity to market yourself
CFA Chicago
Join CFA Chicago on Wednesday, Nov. 12 for a progressive networking luncheon at Petterino's. The luncheon will feature a three-course meal, and attendees will switch tables after each course. Please bring at least 50 business cards, marketing materials to pass out, and prepare your two minute "elevator speech" about yourself.
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Is venture capital a Giffen good?
CFA Institute's Enterprising Investor
During the Victorian era in the United Kingdom, Scottish economist Sir Robert Giffen stumbled on a curious trend: Demand for certain inferior goods would rise as their prices rose, which violated the law of demand. Such goods have become known as Giffen goods. Some economists suggest that potatoes were a Giffen good during Ireland’s Great Famine in the 19th century. Potatoes were a large part of people’s diets, so when potato prices rose, it had a large income effect. People responded by cutting back on the luxury of meat to buy more potatoes. The higher price of potatoes actually raised the quantity demanded. This works in the other direction as well.
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  Beyond Need for Speed

Watch Benjamin Van Vliet, Ph.D., Assistant Professor of Finance at IIT Stuart School of Business, discuss how successful high frequency trading firms look beyond speed by anticipating and embracing change as the proxy for opportunity. More info

Hedge funds confront the future
Institutional Investor
When the California Public Employees' Retirement System made its first-ever hedge fund investment in 2002, institutional investors around the U.S. sat up and took notice. CalPERS, then and now the nation's largest public pension plan and widely viewed as an investment trendsetter among its peers, was the first such fund of significant size to invest in what was a burgeoning corner of the alternative-investment industry. Other public plans followed: Hedge fund assets swelled from $626 billion in 2002 to, by some estimates, nearly $3 trillion today, with the bulk of that growth coming from institutional investors.
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Federal Reserve to take away the punch bowl
Unless it springs a major surprise, the U.S. Federal Reserve will call time on its program of government bond purchases, which at one point was pumping $85 billion a month into financial markets and the economy. James Bullard, who heads the St. Louis Fed, has suggested that sticking with bond purchases for a few more months would give policymakers time to assess a deteriorating inflation outlook.
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Mayor taps former Preckwinkle aide to replace Treasurer Stephanie Neely
Mayor Rahm Emanuel has tapped a former top aide to Cook County Board President Toni Preckwinkle to replace City Treasurer Stephanie Neely, who is stepping down at the end of November. WBBM Newsradio Political Editor Craig Dellimore reports former Preckwinkle chief of staff Kurt Summers Jr. pledged to keep his eye on where he came from as he faces new challenges plaguing the city’s pension funds.
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Women angels for women-led startups
Bloomberg Businessweek
When Amy Norman and Stella Ma started pitching investors in 2009 on their geography-oriented startup, Little Passports, both had young children and Norman was pregnant. The majority of the investors they met were men, several of whom asked whether the business would be profit-focused or a lifestyle company — read: A glorified hobby. All of them passed, and word got around Silicon Valley that “there’s no way women like these could grow a company fast enough” to satisfy venture capitalists, Norman says.
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Credit Suisse to Citigroup said to face mortgage-bond probe
Bloomberg via Chicago Tribune
Credit Suisse Group and Citigroup are among banks grappling with a round of U.S. probes into mortgage-bond sales, as the government uses a 1989 law to extend scrutiny of Wall Street's role in the credit crisis and seek additional penalties from the industry. The Justice Department is examining whether both companies violated the Financial Reform, Recovery and Enforcement Act, which targets misconduct affecting federally insured financial firms, according to people briefed on the situation. JPMorgan Chase and Bank of America also are facing FIRREA inquiries, people familiar with those cases have said.
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Missed last week's issue? See which articles your colleagues read most.

    Why the stock market's scary ride is a win for Chicago exchanges (Crain's Chicago Business)
Big banks start charging clients for Euro deposits (The Wall Street Journal)
How to explain alternative investments to clients (Investment News)
Marketing opportunities abound at the progressive networking luncheon (CFA Chicago)
Top investors, strategists take pummeling in Wall Street sell-off (Reuters via Chicago Tribune)

Don't be left behind. Click here to see what else you missed.

Texas bank takes over as Chicago bank is 5th in state to fail in 2014
Chicago Sun-Times
A bank with locations in the Near West Side and West Ridge neighborhoods became the fifth in Illinois to fail this year, and will be taken over by a Texas-based bank, the FDIC announced. National Republic Bank of Chicago, with branches at 1201 W. Harrison and 2615 W. Devon, was closed by the federal Office of the Comptroller of the Currency, which named FDIC as receiver, a statement from the federal agency said.
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Managers more serious about compliance
Pensions & Investments
Private equity and hedge fund managers, prodded by their institutional clients, are taking compliance more seriously as federal examiners and enforcers up their game targeting practices they say put investors at a disadvantage. “This is a new environment because the SEC, especially in the private equity context, is focusing less on complying with a set of rules and more on whether a manager, without adequate explanation to its clients, is taking actions primarily for its own benefit,” said Deborah Prutzman, founder and CEO of New York-based Regulatory Fundamentals Group, a compliance consultant to institutional investors. “Managers may find that practices they considered well-settled are less accepted than they thought.”
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CFA Society Chicago NewsBrief

Colby Horton, Vice President of Publishing, 469.420.2601
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