Introduction
The role of the capital markets is key for the allocation of financial resources throughout modern economies and therefore to enable stronger growth and the long-term development of the European economies.
Over the last few years and especially after the world financial crisis of 2007, which significantly affected the banking system in many countries, European authorities have placed the efficiency of capital markets at the centre of their priorities. This is demonstrated by the launch and implementation of the Capital Markets Union (CMU), a priority within the agenda of the EU Commission.
As such, the EFFAS Capital Markets Commission (CMC) is established with the following Mission Statement of:
- Promoting the role and visibility of EFFAS at the European and international level concerning capital markets issues
- Monitoring the situation and the evolution of capital markets in Europe, especially the path towards CMU
- Advising the EMC in consultation requests made by the European authorities or in providing advice to those authorities whenever requested.
- Proposing to the EMC the organization of regular events about these subjects
- Promoting discussions and brainstorming amongst the National Member Societies about these issues or gathering and putting together the professionals' views regarding the priorities for the development of CMU and of capital markets in general.
Chair
Ms. Barbara Cohen
She was Head of Global Credit Research at BNP Paribas from 2007 until 2019. Her primary responsibility included implementing and coordinating the credit research process in Europe. She was also responsible for research activities involving the European Construction, Building Materials and Aerospace sectors. Prior to this Ms. Cohen was Deputy Head of the Fixed Income Research team for BNPP AM, a position held since 2002. Before joining the Group, she worked as a sell-side equity analyst in Natexis (1999-2002). From 1998 to 1999, she was a senior analyst in the corporate division of Natexis, following 8 years of portfolio management on private markets for Natexis Private Equity.
Between 2013 and 2017 she was a board member of the French Society of Financial Analysts (SFAF). She Chairs the Credit Commission at the SFAF. Barbara teaches Financial analysis and Credit Analysis at the SFAF and at the EDHEC Business School.
Ms Cohen holds a master’s degree in Banking & Finance from the University of Paris-Dauphine (1991) and has been an EFFAS CESGA holder since 2019.
Deputy Chair
Prof. Dr. Leef H. Dierks
Dr. Dierks (40) was appointed Professor for Finance and International Capital Markets at Lübeck University of Applied Sciences in winter semester 2013/14. Guest professorships led him to Chiang Mai University in Thailand and the Zhejiang University of Technology in Hangzhou, China, amongst others.
In between 2010 and 2013 Dr. Dierks served as Global Head of Covered Bond Strategy at US-investment bank Morgan Stanley in London. Previously, from 2006 to 2010, he worked as a Vice President analysing the European fixed income markets at Barclays Capital in Frankfurt.
In 2006, Dr. Dierks earned a doctoral degree (magna cum laude) for his research on “The impact of trust as a determinant of consumer behaviour under uncertainty – an empirical analysis of consumers’ reactions to a random external shock in Europe” at the Christian-Albrechts-University at Kiel. Following longer stays in Pretoria, South Africa and Mexico-City, Mexico, Dr. Dierks studied economics as well as business administration at the Universidad Torcuato Di Tella in Buenos Aires, Argentina and the Christian-Albrechts-University at Kiel from 1997 to 2003. Within the scope of his diploma thesis, he investigated the “Predictability of Currency Crises” at the Kiel Institute for the World Economy (IfW).
Dr. Dierks has been awarded the Faculty of Economic’s “Lecturer of the Year Award” in 2014, 2015, 2016 and 2017 and is a liaison professor of the German Academic Scholarship Foundation (SddV).
Board Members
Javier Santacruz Cano, IEAF (Spain)
Javier Santacruz Cano is Ph.D in Economics, B.A in Economics and Business Administration and MSc in Econometrics and Mathematical Economics, having studied in academic centres like the University of Essex (UK), London School of Business and Finance (UK), and Universidad Complutense de Madrid (Spain).
Mr. Santacruz is Lecturer in Quantitative Finance at the Stock Exchange Studies Institute of Madrid (IEB), Lecturer in Accounting Methods and Fundamental Analysis at the Madrid Stock Exchange (BME Institute) and Visiting Assistant Professor in Economics at different Business Schools and Universities.
He is senior partner and co-founder of Shijie Shoudu Ltd., a strategic desk based in Beijing, London and Madrid.
Petya Valentinova Lazarova, BIMA (Bulgaria)
Mihail-Dan Stan, AABR (Romania)
Nicolas d' Hautefeuille, SFAF (France)
Nicolas d’Hautefeuille joined Crédit Lyonnais as head of Credit Research in 1998; He became Head of Rating Advisory at Crédit Agricole CIB after the merger with Crédit Agricole-Indosuez. Before joining Crédit Lyonnais, Nicolas has worked as head of Equity Primary Market at Cyril Finance and in M&A at Via Banque (Groupe Compagnie de Navigation Mixte). He is currently global head of client advisory for CA CIB Credit Agricole Group
Nicolas has participated in discussions with Regulators and Central Banks on Rating Agencies’ regulation and the reform of French Covered Bonds. He was invited by the French Senate Committee on rating agencies in 2010. He is currently co chairing the “issuers committee” for the French Society of Financial Analysts (ie SFAF)
He holds a MBA from the Institut d’Etudes Politiques Paris - M-Ph Master in European law from La Sorbonne university - Certified analyst (CIIA)
