Financial market losses and research gains

Institute Foundation Board member Dr Philipp Halbherr addressed this year's newly minted graduates of the Master in Advanced Studies in Finance today with a positive take on the credit crisis, - at least from a research perspective!

Addressing the graduates, he explained that he did not wish to add to the sense of financial gloom, and wanted instead to encourage talented people to research financial systems. "The crisis will provide a rich body of data and experiences, giving us a new basis for risk management in the future".

Recently elected as representative of the cantonal banks on the Board of Directors for the SIX Group AG, Dr Halbherr is Head of Investment Banking, and a member of the Executive Board, at Zürcher Kantonalbank.

Countries must not go it alone in terms of banking laws and regulations

I have just attended the Swiss Bankers Association annual press conference, where Association Chairman Pierre Mirabaud spoke about the importance of the strong connections between Swiss banks for weathering financial turmoil.

Mirabaud was keen to emphasize the number of Swiss banks that are not directly affected by the liquidity problems that continue to grip the headlines. He saw a way forward for Switzerland's banking system based on agreed international regulation and cooperation. "Global crises cannot be solved or prevented on a national level," he explained.

Held at the Zurich's Hotel Savoy, the press conference was attended by journalists from throughout Europe and representing all the major agencies. Later in the day Mirabaud announced new elections to the board of the Swiss Bankers Association, including Swiss Finance Institute Foundation Board member Patrick Odier.

Institute's rising activity with Stern

The Institute went public about its joint program with NYU Stern School yesterday and the story was reported in FT.com here with a piece by FT Business Education Editor Della Bradshaw. Briefly, the new executive MBA in banking and financial institutions management will commence in August 2009 with residential modules taking place in New York, Zurich and Singapore.

From FT.com
"As researchers and educators, we must promote a greater understanding of the risks and opportunities confronting our financial institutions," says Thomas Cooley, dean of NYU Stern. "Future executives graduating from this programme will require broader and more integrated financial knowledge, and will need to know how to manage financial institutions in a global context".

The news also received excellent cover in the Swiss press, with reports in Finanz und Wirtschaft and Le Temps.

We are looking forward to hearing more from Dean Cooley at this year's Annual Meeting, where he will participate in a round table discussion about finance in the wake of the credit crisis.