@itsalwayslupus
Forum Replies Created
-
Posts
-
Up8
I’m assuming you’re referring to this passage:
Procedures concerning the restriction or review of a firm’s proprietary trading while the firm possesses material nonpublic information will necessarily depend on the types of proprietary trading in which the firm may engage. A prohibition on all types of proprietary activity when a firm comes into possession of material nonpublic information is not appropriate. For example, when a firm acts as a market maker, a prohibition on proprietary trading may be counterproductive to the goals of maintaining the confidentiality of information and market liquidity. This concern is particularly important in the relationships between small, regional broker/dealers and small issuers. In many situations, a firm will take a small issuer public with the understanding that the firm will continue to be a market maker in the stock. In such instances, a withdrawal by the firm from market-making acts would be a clear tip to outsiders. Firms that continue market-making activity while in the possession of material nonpublic information should, however, instruct their market makers to remain passive with respect to the market—that is, to take only the contra side of unsolicited customer trades.
This basically means that if you’re a firm that’s a market-maker to an issuer, and if you now possess material nonpublic information, prohibiting all prop activity itself might be bad for the market, because you’re reducing liquidity and sending (possibly inaccurate) signals just by stopping trading activity.
Say BigBucksBank acts as a market-maker to SmallFry tech company, and this week BigBucksBank receives some material nonpublic information about SmallFry – maybe a substantial credit application. If BigBucksBank has a policy of immediately stopping trade in SmallFry stock, two problems arise:
Since BBB is a market-maker in SF stock, SF stock will have a liquidity problemIf the market sees BBB stopping trade in SF stock when they’re previously market makers, then they may panic as they may think that SF is in trouble (rightly or wrongly)
Up5Good luck everyone!!
Up5why not try, since you’ve already signed up? ‘is it too late’ doesn’t really have an answer, it just gets less and less likely that you’ll pass the later it gets.
Up5A day or so before the exam, run through the entire syllabus focusing on memorizing definitions. Essays usually have a few definition-style questions and if you happen to memorize it before the exam you’ll get a few easy points.
Up5You can look it up individually by college, e.g. https://www.linkedin.com/school/stanford-university/people/?keywords=cfa%20certification
Up4Completely agree – it’s just not worth it. Just go and do what you came to do, in and out. Do the proctors warn you beforehand?
Up4The networking events in CFA societies are alright, but what might help even further is to volunteer at the society. That gets you really far – not many people do that, and you’ll get way more connections that way. Plus the commitment is not as much as you think. Not sure how it is in Toronto but imagine it should be similar!
Up4I wouldn’t try and read both books. Maybe Schweser and Qbank, and where you have areas that you really need ironing out consult CFAI.
Up4If I take your numbers to be right, then Schweser is averaging about $50 per exam, so is Wiley. I’ve tried BPP last year and they’re not bad – certainly fine for $40. Don’t know about Fitch and whether it’s worth $70…
Since you’re already doing a Schweser live mock, maybe Wiley and/or BPP might be a good choice.
Up4For Cfai if it’s late in the game I would still take it but wouldn’t take it under strict conditions if anxiety is an issue. Just go through the questions and answers as an FYI session.
Up4@excelmonkey It’s supply and demand, right? How much benefit does an additional CAIA give you over just the CFA in your current firm, or any future career path you want to chase later?
I can confirm that CAIA is less of a PITA than CFA to pass but not insignificant either.
Up4Yeah…I’m not convinced. Mark Meldrum is the man, but I don’t think this video is useful. There are a few holes in the calculations and assumptions even if you buy into the theory.
1. The whole headline is ‘pass CFA L1 with only 53% of the material’, right? But it goes on to assume you will additionally know how to eliminate one question option out of 30 other questions, so you must know more than 53% if the material for that to happen.
2. Assumes you make no mistakes for the 53% of known material, which means no misread questions (happens to me all the time), no calculation problems, no obscure questions catching you out, no other stupid mistakes. At all. This is a huge assumption.
3. He goes on to say something like ‘if you have to pass L1 with this strategy, L2 is going to kill you anyway’. I agree.I know he caveats it by saying it’s not a plan A, but newbies watching this might be tempted to think ‘hey, I’ve read 53% of the syllabus, everything is now a bonus’, but in fact I think it would be very dangerous to have this attitude especially in L1.
Up4I don’t think you can get a deferral for illness unless you needed surgery or some life-threatening stuff. Things like death of a family member (and presumably your own) are also possible.
I think it’s considered on a case-by-case basis though.
Up3@ArsenalFan what score did you get for the CFAI Mock?
Up3Concept Checkers I find deceptively easy. I find that they serve as a check to see if you’ve read thisbchaoter and that, but very different from the actual exam questions. CFAI EOC is closer.
Schweser stuff is faster to get through but not as thorough as CFAI. But I couldn’t possibly finish the syllabus on time (I did try) if I only went with CFAI so that’s my reason to use Schweser…
Schweser doesn’t specifically replicate CFAI – I think it even leaves out certain bits to make the content easier to manage. Of course there is a downside to this optimization, but the upside is that it reads faster.
Up3jadec said:Hi André
It sounds like you have tried a few study planning tools out there. Would you mind checking out our new study planning app http://www.plannerpig.com and let us know what you think? It’s not released yet but just looking for some feedback from people who might appreciate this sort of tool.
Thanks,
JadeLooks like it might be useful. I think there’s a similar app tool available – timeprep, although I think they’re quite expensive. I do like the branding of your app!
Up3Although an MBA will help your networking and definitely most banks would recruit from top-tier biz schools, you’ll have to spend a ton of money and get into a top-tier biz school. I’d stick with the CFA and push hard on networking. I-bankers do tend to be biased against retail bankers though so this might be a longer struggle. An MBA would definitely help your CV, but personally I’m really not sure if it’s worth the money.
Good luck!
Up3Actually, did a bit of reading around and lo and behold, there are two settings. Here’s how to switch between them (AOS and CHN):
Up3Here you go
1. No, you only get a topic by topic performance of Good/OK/Bad, and a pass/fail grade.
2. Not that I know of. I got my L1 result quite late on results day and I passed.
3. You get the same Good/OK/Bad (see point 1 above) regardless of whether you passed or failed.
4. No.Good luck everyone for results day!!!
