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Annual Reports: 2014 - 2013 - 2012 - 2011 - 2010 - 2009 - 2008 - 2007 - 2006 - 2005 - 2004 - 2003 - 2002 - 2001


WEALTH MANAGEMENT AND DISTRIBUTION OF FINANCIAL PRODUCTS

CAPITAL MARKETS / EXCHANGES AND CLEARINGHOUSES

GLOBALIZATION OF FINANCIAL SERVICES

RISK MANAGEMENT

OTHER

 

 


WEALTH MANAGEMENT AND DISTRIBUTION OF FINANCIAL PRODUCTS

André Cappon, Guy Manuel, Stephan Mignot and Seth Varnhagen “The Zero Percent Return”, Registered Rep, September 2009
(PDF FILE : Article as published in Registered Rep - 228KB)

“Over the last 10 years, if you had simply preserved your wealth, that would be
considered achievement. But are these last 10 years unusual? A longer term
perspective shows that actual real returns earned by investors, on average, have
been pretty anemic, with a few exceptions, driven primarily by periods of sustained
bull markets in equities."

André Cappon, Guy Manuel, Stephan Mignot “Credit and Banking: The New Frontier for Securities Firms ”, Registered Rep, June 2007
(PDF FILE : Article as published in Registered Rep - 317KB)

“Broker/dealers are starting to market credit products through financial advisors, and it's good for everyone: the firms, the advisors and the clients. In the last few years, a quiet revolution has gotten underway in the securities industry. Traditionally, securities firms focused on the asset side of their clients’ balance sheets. They are now discovering the liability side and its tremendous promise.”

André Cappon, Guy Manuel, Stephan Mignot “That's Talent ”, Registered Rep, June 2006
(PDF FILE : Article as published in Registered Rep - 155KB)

“ Successful reps have reason to be proud. Consider these facts: Brokerage firms hire just 4 percent to 5 percent of the candidates who apply, and fewer than 20 percent of the new hires survive three years, a point at which they may be considered “established.” Among established producers, only an estimated 5 percent to 10 percent become truly outstanding producers (defined as grossing over $1 million a year)...”

André Cappon, "The retirement challenge and wealth management opportunities", Presentation to the Investment Funds Institute - 2006 Amsterdam conference
(PDF FILE - 58KB)

André Cappon, “Unbundling the financial supermarket ”, Registered Rep, March 2005
(PDF FILE : Article as published in Registered Rep - 37KB)

“Once upon a time some 20 years ago securities and insurance firms were dens of incest, with product manufacturing married closely to sales. Securities firms developed proprietary research ideas, launched new issues of stocks (including IPOs) and bonds and managed mutual funds and all these functions were supported by the efforts of the firms' sales staffs. Similarly, life insurers created their own.”

André Cappon, “Recruit or Reboot? ”, Registered Rep, September 2004
(PDF FILE : Article as published in Registered Rep - 44KB)

“As the stock market is recovering, sales force growth is returning to the top of the management agenda in retail securities firms and life insurance companies. Excluding acquisitions, there are two fundamental sales force growth strategies training new producers or recruiting experienced producers from competitors. Either approach can make sense, depending on the nature of the firm.”

André Cappon, Guy Manuel and Kevin Mellyn “Too many Brokers ? ”, Registered Rep, February 2004
(PDF FILE : Article as published in Registered Rep - 44KB)

“In the course of every bear market especially towards the end of the down cycle the securities industry typically decides it has excess capacity in the advisory channel and takes appropriate action. But according to our research, it's not just in these downswings that the industry is overpopulated with reps. Indeed, our conclusion is that there is chronic excess capacity...”

André Cappon “Doing more with less ”, Registered Rep, January 2004
(PDF FILE : Article as published in Registered Rep - 38KB)

“ Coming off a sustained period in which new customers were painfully hard to come by, it would stand to reason that financial advisors would have learned a thing or two about expanding relationships with existing customers. But, according to my company's research, the down market has done little to improve the brokerage industry's dismal cross-selling efforts.”

André Cappon, “Brokers vs. Life Insurance Producers ”, Registered Rep, June 2003
(PDF FILE : Article as published in Registered Rep - 117KB)

“In a world of converging financial services, it is almost inevitable that salespeople from different industries — insurance and securities, for instance — will compete head-to-head for clients. Who will win, stockbrokers or insurance agents? Bet on the stockbroker.”

André Cappon and Guy Manuel, “Okay, team, Listen Up! ”, Registered Rep, March 2003 (PDF FILE - "Okay, team, Listen Up " - 121KB)

“Why are some brokerage offices within the same network consistently profitable while others are consistently unprofitable?”

André Cappon and Murielle Thinard, “Are Top Producers Generalists or Specialists”, Registered Rep, April 2002
(PDF FILE - "Are Top Producers Generalists or Specialists" - 41KB)

“Every broker who aspires to get ahead must at some point make an important choice: generalist or specialist. Which of these strategies is more likely to shorten the path to becoming a top producer?”

André Cappon, “Measuring Broker Performance”, Registered Rep, February 2002
(PDF FILE - "Calibrating Producers" - 43KB) - (PDF FILE : Article as published in Registered Rep - 19KB)

“The last shall remain last, and the first first.”

André Cappon and Guy Manuel, “The Pygmalion Effect: The Branch Manager Sets the Tone”, Registered Rep, October 2002 (PDF FILE - "The Pygmalion Effect" - 24KB)

“Why are some brokerage offices within the same network consistently profitable while others are consistently unprofitable?”

Quote from André Cappon, “Training Brokers Not to Flunk Out”, Registered Rep, October 2002 (PDF FILE - "Training Brokers Not to Flunk Out" - 18KB)

“Andre Cappon, president of CBM Group, a New York-based consultant in the financial services industry, notes that 85 percent of trainees quit within four years”

 

 


CAPITAL MARKETS / EXCHANGES AND CLEARINGHOUSES

Andre Cappon and Stephan Mignot “Exchange Consolidation Scenarios for Eastern Europe”, Ziarul Bursa, October 7 2012 - (PDF FILE - 517KB)

“Andre Cappon, Stephan Mignot from The CBM Group, Inc. offer an analysis of the Exchange Consolidation process and explore scenarios for Eastern Europe.”

Andre Cappon “A country does not need two exchanges”, Ziarul Bursa, September 22 2012 - (PDF FILE - 166KB)

“In a presentation at the Young Markets conference in Sibiu , Transylvania, Romania in September 2012, Andre Cappon from The CBM Group, Inc. outlined the global exchange consolidation process and discussed the evolution of exchanges in Eastern Europe and in Romania.”

Andre Cappon, Stephan Mignot and Guy Manuel “Credit derivatives - How will the market structure evolve?”, Swiss Derivatives Review #42, March 2010 - (PDF FILE - 103KB)

“Andre Cappon, Stephan Mignot, Guy Manuel from The CBM Group, Inc. look back on ten-years development in credit derivatives, establish their status as of today, and dare a glance at what may come.”

Andre Cappon, “A new frontier for clearing ”, FOW Futures and OTC World, February 2004 - (PDF FILE - 455KB)

“While the credit derivatives market continues to expand, there are still areas for improvement. André Cappon argues the case for an adequate infrastructure for trading, clearing and settlement in credit derivatives.”

Andre Cappon, “Credit derivatives: opportunities for exchanges and clearinghouses”, FOW Futures and OTC World, September 2001 - (PDF FILE - 497KB)

“Andre Cappon investigates some of the hurdles that need to be overcome for the further development of the credit derivatives market.”

Andre Cappon, “Latin Courters”, FOW Futures and OTC World, October 1999
(PDF FILE - "Latin American Derivatives Exchanges" - 73KB)

“A. Cappon looks at the latest moves by Latin American derivatives exchanges towards joining in the globalization process.”

Andre Cappon, “Reinventing Exchanges”, FIBV, January 1999 (PDF FILE - 28KB)

Andre Cappon, “Reinventing Exchanges”, FOW Futures and OTC World, November 1998
(PDF FILE - same as above article - 85KB)

“A. Cappon asks what exchanges are doing to survive in today’s sophisticated financial environment, and where this change will lead them."

Andre Cappon, “Latin Lessons For All”, FOW Futures and OTC World, September 1998
(PDF FILE - "Normalization of Latin Risk" - 66KB)

“Emerging market exchanges would do well to look to the example of Brazil’s BM&F, reported A. Cappon”

Andre Cappon, “Open for Business”, FOW Futures and OTC World, July 1998
(PDF FILE - "Global Technology Standards for Exchanges" - 13KB) - (PDF FILE as published- "Open for business" - 59KB)

“The world’s exchanges are now evolving in ‘fast forward’.”

Andre Cappon, “L’avenir des Bourses de Futures”, Banque, Mars 1998

“Après une période de croissance soutenue, les bourses de futures arrivent aujourd’hui a un point critique de leur développement. Pour maintenir leur rôle, elles doivent se préparer à de profondes modifications structurelles.”

Andre Cappon, “Swaps Exchanges”, FOW Futures & OTC World, March 1998
(PDF FILE - "Clearing for the OTC Market" - 48KB)

“While OTC credit risk management techniques such as limits, collateral/margin calls and bilateral netting are good, they are weak relative to the power a clearing house. Since 1994, Brazil’s BM&F has demonstrated just how powerful central swaps clearing can be."

Andre Cappon, “Clearing the OTC Market”, Federation Internationale des Bourses De Valeurs (FIBV) Studies, January 1998 (PDF FILE - same as above article - 18KB)

Andre Cappon, “Marginal”, FOW Futures and Options World, December 1997
(PDF FILE - "Marginal - The Future of Futures Exchanges" - 57KB)

“After an era of glorious growth, the world’s futures exchanges need to get back in the mainstream, writes A. Cappon.”

Andre Cappon, “O Futuro Das Bolsas De Futuros”, September 1997
(PDF FILE - same as above article: "The Future of Futures Exchanges" - 36KB)

 

 


GLOBALIZATION STRATEGIES FOR FINANCIAL INSTITUTIONS

André Cappon, “Asian Wealth Grows: US Wealth Declines”, Citibank Press Release, October 2002 (PDF FILE - 92KB)

“The study conducted by CBM Group on behalf of Citibank Asia Pacific looked at the size, history and potential growth of household financial assets in Asia 4 (the developed Asian economies) - Hong Kong, Korea, Singapore and Taiwan. It also surveyed the financial asset breakdown per household in each of the four markets.”

Andre Cappon, “Opportunity for U.S. Banks in Latin America”, American Banker, January 22, 1998 (PDF FILE - "Latin American banking post the acquisition wave" - 24KB)

“Recent dramatic moves by global players have given foreign banks control over 20% of the Latin American banking system.”

Andre Cappon, “Latin American Banks: the M&A wave begins”

Andre Cappon, Carlos D. Coradi “O Futuro dos Bancos na America Latina”, Revista da ADEVAL, Março 1995 (Sào Paulo, Brazil)

Andre Cappon, Carlos D. Coradi “O Sistema Bancario na America Latina”, O Estado de S. Paulo, 12 de dezembro de 1994 (Sào Paulo, Brazil)

"Crucial para os bancos e acionistas é a visão realista de fusões e aquisições.”

Andre Cappon, Carlos D. Coradi, “Crescimento da America Latina exige mudanca dos bancos” O Estado de S. Paulo, June 10, de 1993 (Sào Paulo, Brazil)

Andre Cappon, Guy Manuel, “El Remezon que Viene” America Economia, Marzo 1994

“La industria bancaria pasa por tres etapas en una economia. En todas ellas hay oportunidades de fusiones y adquisiciones, y America Latina vive la primera.”

André Cappon,“A Lifecycle View of Banking”, Journal of Retail Banking Vol XVI Spring 1994
(PDF FILE - 521KB)

“Banking profitability varies directly with economic advance until the country arrives economically. Then its banking sector starts to falter, which is why bank ROAs are lush in Latin America but lower in the U.S.”

André Cappon, “O Ciclo de Vida dos Bancos”, RBB Revista Bancaria Brasileira Setembro de 1993, Ano 61 No.723

“A evolucão dos sistemas bancarios e financeiros em vários paises segue un padrão bastante regular que pode ser considerado um verdadeiro ‘ciclo de vida dos bancos”

 

 


RISK MANAGEMENT

Andre Cappon, Guy Manuel and Stephan Mignot, “Guide Credit Derivative Product Companies - Introduction Chapter: Assessing the value of CDPCS”, Creditflux, June 2008 (PDF FILE - "Credit Derivative Product Companies" - 937KB)

“Credit derivative product companies (CDPCs) are narrow-focus financial operating companies who play the role of specialty "reinsurers" of credit risk.”

Andre Cappon, “Credit Risk Flirtation”, FOW Futures and OTC World, August 1999

“Credit derivatives as a class have finally come of age in Latin America.”

Andre Cappon and Guy Manuel, “Latin Risk Normalisation”, Futures and OTC World, August 1998 (PDF FILE - "Latin Risk Normalization" - 38KB)

“Has Latin American risk been tamed? To a large degree yes, although a few challenges remain.”

 

 


OTHER

Kevin Mellyn, “Broken Markets: A User's Guide to the Post-Finance Economy”, 2012 (LINK TO AMAZON PAGE)

Andre Cappon: “Our alumnus, Kevin Mellyn, recently published “Broken Markets: A User's Guide to the Post-Finance Economy”. Kevin Mellyn's book provides the best comprehensive perspective on the financial crisis.
The book sheds light on the historical roots of the financial crisis - the interaction among politicians, regulators and bankers which has led to constantly increasing debt and bad debts.
Kevin masterfully brings us back to the wisdom of one of his idols, Bagehot - banking and finance should be a simple, dull business - a utility for the "real economy". Understanding and implementing this insight is the only solution to the financial crises that have plagued recent history.”

Kevin Mellyn, “Financial Market Meltdown: Everything You Need to Know to Understand and Survive the Global Credit Crisis”, 2009 (LINK TO AMAZON PAGE)

Andre Cappon: “Our alumnus, Kevin Mellyn, recently published “Financial Market Meltdown: Everything You Need to Know to Understand and Survive the Global Credit Crisis”. The book is a great overview of banking and finance put in a historical context, going back to the roots of the business in medieval Italy. It is a very interesting and entertaining read, even for banking and finance professionals..”

Andre Cappon, Walter Diaz “New Product Introductions”, The Banker’s Handbook, 1988

 

 



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