News & Updates
Symposium Showcases the Strength of Canada’s Financial System in China
Canada Offered Unique Opportunity to share Expertise with China’s Securities Leaders
TORONTO, February 13, 2009 - CSI, Canada’s leading financial educator, recently co-hosted a groundbreaking joint symposium with China’s national securities Self-Regulatory Organization, the Securities Association of China (SAC). The symposium was focused on Risk Management and Securities Business Development, and took place at the Sofitel Convention Center in Boao, China, permanent home to the annual global Boao Forum for Asia. The symposium represented a rare opportunity for members of Canada’s financial services industry to meet with China’s highest securities industry leaders and regulators.
The symposium showcased the strength of Canada’s financial system, providing both Chinese and Canadian participants with a look at emerging best practices coming out of the global financial crisis. The symposium was attended by over 150 executives from China’s securities industry, including over 30 Chairman and CEO’s of China’s largest securities firms and was co-sponsored by three of China’s major securities brokerage houses, Guangfa Securities, Guotai Junan Securities, and Shenyin & Wanguo Securities.
The Canadian delegation headed by CSI’s President and CEO, Dr. Roberta Wilton consisted of an impressive cross section of industry leaders and experts from the Canadian financial services sector. BMO Financial Group, Scotia Capital, Royal Bank of Canada, National Bank, McKinsey & Company, and Manchester Consulting were all on hand to deliver presentations. “The symposium was a great opportunity to speak to senior Chinese regulatory and industry leaders and share the relatively positive experiences of Canadian banks and securities firms during this financial market turmoil.” said Ed. Legzdins, Group Head, International & SVP, Retail Investments of BMO Financial Group. Gregory Smith, Managing Director, Global Equity Finance of Scotia Capital added, “As the China markets become more developed, global Financial Institutions are competing to develop relationships by offering advice and service, since Chinese professionals are keen to learn first class Western financial practices and regulations. Having a symposium of this stature awarded exclusively to Canada allows us to gain a competitive edge by maintaining critical high-level relationships in China”. In a special congratulatory memorandum, Jim Flaherty Minister of Finance stated, “I commend CSI and the SAC for their joint efforts in organizing and hosting this conference and recognize the unique opportunity it affords the financial industries of Canada and China to foster strong partnerships and built bridges across our global markets. These relationships will be crucial to our mutual future success.”
Dr. Roberta Wilton, the President and CEO of CSI focused her keynote address on the increasing need for education and the sharing of best practices globally between countries. “It is not enough for us to have only strong domestic practices in our local securities markets, but it is in our best interest share those practices globally.” said Dr. Wilton. “Today, the regulatory lens is on systemic issues as some of the world’s largest financial institutions teeter on the brink of or fall into bankruptcy. But tomorrow, legislators in most of the world’s free markets will be sharpening their pencils. In this environment we can certainly expect the issue of industry education and qualifications will receive much more attention.”
Chairman Huang Xiangping of the SAC praised the cooperation between Canada and China. “We are undergoing a rare global financial economic recession. At this time the joint symposium organized by the SAC and CSI has important practical significance, because by sharing expertise from Chinese and foreign experts we can deepen our understanding of the causes of the crisis, including balancing securities development and risk management. In recent years, the SAC and CSI have increased our cooperation and built an exchange platform for training practitioners in the Chinese securities market. The SAC plans to build on these China-Canadian bilateral exchanges.”
Mr. Zhuang Xinyi, Vice-Chairman of the Chinese Securities Regulatory Commission (CSRC) in his keynote address talked about the Chinese government’s focus on international cooperation. “China will continue to steadily push forward its policy of opening the China's securities industry in a gradual and orderly progress. This policy supports the cooperation of China’s securities firms with foreign financial institutions, to explore cross-border business, and to cultivate international business.”
Dr. Wilton also praised the Chinese securities industry for its continued dedication to education and its drive to develop relationships with the Canadian financial services industry. Over the last few years, CSI has trained hundreds of China’s securities professionals, and has just recently announced the opening of its first China office in Shanghai.
“CSI has been strengthening our relationships with the Chinese securities leadership for some time now, and at the same time we have built Canada’s brand as a strong repository of financial services best practices. We are proud that we can act as a gateway to the development of high-level relationships between Chinese and Canadian financial services firms.” said Wilton. “This symposium and our new Shanghai office is a sign of our commitment to continue our education partnerships with our clients in the Chinese securities industry and with the Securities Association of China,” said Wilton.
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