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November 21, 2013
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  • Some of the world's most-respected leaders from a wide swath of industries gathered this week for CME Group's annual Global Financial Leadership Conference. Thought leaders discussed issues such as education reform, health care and global economic policy. A few of the highlights included:

    • Sal Khan discussing ways to re-imagine education methods and hiring practices.
    • Michael Milken addressing the need for Americans to realign their fiscal priorities with the rest of the world.
    • Tom Ridge dissecting how the landscape in cybersecurity has evolved and become forevermore dangerous.

    Please scroll down to enjoy a recap from SmartBrief of all the highlights from the Global Financial Leadership Conference. LinkedInFacebookTwitterEmail this Story
Featured Speakers 
  • Milken: Time to realign America's priorities
      
    Source: Fox Business
    The U.S. needs to make substantive changes in the financial incentives, or lack of them, in several key sectors of its economy, notably housing, health care and education, said Michael Milken, chairman of the Milken Institute. As an example, he noted that half of all household income in the U.S. goes to housing and transportation. The figure in Japan is 16%. "The challenge to our society is that the lower middle and lower class cannot participate in our society," Milken said. "The greatest cost is not the low net worth. It's the lack of incentives for how the American middle class spends their money." OpenMarkets.com (11/20) , Fox Business (11/19) LinkedInFacebookTwitterEmail this Story

  • Khan inspires with tale of starting small and going global
      
    Source: OpenMarkets.com
    Starting small with online math lessons for a 12-year-old cousin, Sal Khan eventually built up years' worth of academic subjects and soon realized "the social return on investment was through the roof." This led the former hedge fund employee to develop the widely acclaimed online Khan Academy, whose nonprofit mission is "a free, world-class education to anyone, anywhere." Khan said he hopes the math and science lessons available via the Khan Academy will help solve unemployment issues by preparing more students for careers in highly skilled labor. OpenMarkets.com (11/20) , Fox Business (11/19) , SmartBrief/SmartBlog on Leadership (11/20) LinkedInFacebookTwitterEmail this Story

  • Becker: 5 steps to restore U.S. economic greatness
      
    Source: OpenMarkets.com
    Nobel laureate Gary Becker identifies five major areas that the U.S. can address to fuel a return to more improved economic growth. He suggests simpler regulation, differential teacher pay to encourage better education, a way for immigrants to buy citizenship, flat personal taxes and cuts in entitlements. "I think we can get back on the long-term growth path in the U.S. But I don't think it's going to be possible to get back on unless we make some significant changes," Becker said. OpenMarkets.com (11/20) LinkedInFacebookTwitterEmail this Story

  • CFTC's Gensler: New regulations have boosted transparency
      
    Source: Fox Business
    The chairman of the Commodity Futures Trading Commission, Gary Gensler, said the commission will soon publish every Wednesday transaction data coming from three swaps data repositories. "The public can see the price and volume of each swap transaction as it occurs," Gensler said. "This information is available, free of charge, to everyone in the public. The data is listed in real time -- like a modern-day ticker tape -- on the websites of the three swap data repositories." In a separate interview, Gensler explained the reasoning behind the CFTC's controversial new rule that calls for Treasurys pledged as collateral for swaps and futures trades to be backstopped by cash. SmartBrief/SmartBlog on Finance (11/20) , Fox Business (11/19) LinkedInFacebookTwitterEmail this Story

  • Duffy say Fed's tapering could take a bit longer with Yellen
      
    Source: Fox Business
    The nomination of Janet Yellen to head the Federal Reserve suggests the central bank's tapering may take a bit longer than previously thought, says Terry Duffy, executive chairman and president of CME Group. "Only time will tell," he says. "I think we're just going to go back to a normal interest rate environment and that's not zero." Duffy also discussed some of the aspects of global competition within the exchange industry. Fox Business (11/19) LinkedInFacebookTwitterEmail this Story

OpenMarkets: A leading online magazine from CME Group
Offering a fresh outlook on the latest financial, geopolitical and economic trends impacting markets, OpenMarkets combines in-depth storytelling with a global perspective to bring you original content and ideas. The site is updated regularly to keep you at the forefront of the global financial community.
Panel Discussions 
  • Cybersecurity panelists call for collaboration between business and government
      
    Source: Fox Business News
    A panel of cybersecurity experts said leaders in the public and private sectors need to collaborate to better prepare for cyberattacks. Former Department of Homeland Security Secretary Tom Ridge says the use of malware by the U.S. to cripple the nuclear program of Iran signaled to the world that cyber-warfare among nation-states was permissible. Mandiant CEO Kevin Mandia estimates 90% of the Fortune 100 have been compromised at one time or another by hackers. All the panelists agreed that the human elements, rather than the systems themselves, pose the biggest threat to cybersecurity. OpenMarkets.com (11/20) , Fox Business (11/19) , SmartBrief/SmartBlog on Finance (11/20) LinkedInFacebookTwitterEmail this Story

  • Panel: Eurozone should follow U.S. path to recovery
      
    Source: OpenMarkets
    Three former European central bankers told the audience at the Global Financial Leadership Conference that the best way for the eurozone to complete its recovery from the financial crisis is to pursue policies similar to those that the U.S. implemented. "You need an easy monetary policy," said Lorenzo Bini Smaghi, a former member of the European Central Bank executive board, "In the U.S. and the U.K., you have an easy monetary policy together with some adjustment in the budget. If you have, like in some in some parts of Europe, the fiscal adjustment plus tight monetary policy -- which is the ECB monetary policy -- plus the add-ons, then it makes it basically impossible for parts of the Euro area to make the adjustment." OpenMarkets.com (11/19) LinkedInFacebookTwitterEmail this Story

  • Stark: Eurozone only halfway through its recovery
      
    Source: Fox Business
    Jurgen Stark, former chief economist of the European Central Bank, says the eurozone is making a comeback but the recovery is fragile. "Maybe we are halfway through," he says. Stark, who participated in the Eurozone Outlook panel discussion at the GFLC, says the European economies that still worry him are France and Italy. Fox Business (11/19) LinkedInFacebookTwitterEmail this Story

  • Putnam: Obstacles seen barring the way to strong EU leadership
    Participants at the European Outlook panel at the GFLC agreed that Germany must at least be part of the leadership required in EU to revive Europe's economy. But CME Group Chief Economist Blu Putnam writes that Germany is hobbled in part by the inability so far of Chancellor Angela Merkel to bring together a broad coalition government. Further complicating matters is the absence of an obvious national partner as Germany is hesitant to take the lead by itself. OpenMarkets.com (11/19) LinkedInFacebookTwitterEmail this Story
  • TD Ameritrade's Tomczyk says basic issues are what concern retail investors
      
    Source: Fox Business
    The average "mom and pop" investors remain cautious because they live in a different world than people who are active traders in the equity markets every day, says Fred Tomczyk, president and CEO of TD Ameritrade. They are mostly concerned with basic issues like their home, their job and how much money they're making, said Tomczyk, who participated in a GFLC panel on the U.S. Economic Outlook. The "great rotation" to stocks that is getting a lot of talk hasn't happened yet, Tomczyk says. Fox Business (11/19) LinkedInFacebookTwitterEmail this Story

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Notable Quotes from the Global Financial Leadership Conference 
Anytime you do something entrepreneurial, it starts with some naive thinking."
-- Sal Khan, founder and executive director of the Khan Academy
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People are resisting globalization. ... We have to explain to people why the free flow of goods, services and labor is a good thing."
-- Gordon Brown, former prime minister of the United Kingdom
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Access to capital and the American Dream are interlinked."
-- Michael Milken, financier and philanthropist
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Liquidity is a function of confidence. If you've lost confidence in your country's debt, then you have an illiquid market."
-- Richard Prager, head of the Trading & Liquidity Strategies Group at BlackRock
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The issue for Europe is competitiveness. ... Yet there isn't a uniform European view on how to be more competitive. We lack a coherent framework to attract investment."
-- Lorenzo Bini Smaghi, former member of the Executive Board of the European Central Bank
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Gridlock in Washington, D.C., is bad, but if the resolution ends up being worse, then the gridlock is good."
-- Nobel laureate Gary Becker
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The markets are always right, no matter how much you think you are."
-- Terry Duffy, executive chairman and president of CME Group
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Confidence to expand
Companies doing business around the world partner with us to manage virtually every kind of risk. Changing currency valuations, energy costs, interest rate fluctuations, commodity shifts - whatever the risk, we help the world advance beyond it. Learn more at cmegroup.com/advance.
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