UAE celebrates 50th Anniversary of the CFA Program with joint opening of the DFM and NASDAQ Dubai trading session
Event coordinated with 22 stock exchanges around the world
The largest number of markets opened or closed by one organization in a single day
New CFA Institute logo unveiled to mark anniversary
CFA Institute, the global association of investment professionals that sets the standard for professional excellence, today celebrated 50 years of the Chartered Financial Analyst program by hosting a joint opening of the Dubai Financial Market (DFM) and NASDAQ Dubai trading session.
Joining 22 other cities including London, New York, Hong Kong and Singapore, Dubai will be part of a series of stock market events in major financial centres around the world. The events usher in a year of celebration for CFA Institute, which offered the first CFA examination in June 1963. To co-inside with the celebration it has unveiled a new logo which symbolizes the global community of investment professionals centered around a core of ethical best practice.
The ceremonies also set the stage for this weekend, when more than 149,000 registered candidates from 168 countries will take the Level I, II and III CFA exams on June 2 and 3. This includes an estimated 3570 candidates from the Middle East who will be taking exams in Abu Dhabi, Dubai, Bahrain, Doha, Kuwait City and Beirut.
The CFA charter sets the standard for investment practice and is a globally recognized benchmark for ethics in the profession. Following the first exam, 268 investment professionals were awarded the CFA charter. Nearly 50 years later, there are more than 100,000 charterholders in 137 countries and territories _ representing the highest professional standards and competencies in the global investment community.
Speaking at the event in Dubai, Mr Yacoub Nuseibeh, President of CFA Emirates the local UAE association, thanked his hosts Mr Essa Kazim, the Managing Director and CEO of DFM, and Mr Jeff Singer, CEO of NASDAQ Dubai, and added: “The UAE is taking its place alongside the world’s major financial centres in helping to celebrate the 50th anniversary of the CFA Program. Today reflects not just what CFA Institute has achieved over the last half century but also the important role it is taking in working alongside governments, regulators, exchanges and business in helping to grow and develop international best practice. As the global economy continues to grow and mature, the current financial crisis has reconfirmed the importance of ethics, education and good corporate governance in the financial markets.”
“There is no better way to celebrate the success and international impact of the CFA Program than with a global event of this magnitude,” said John D. Rogers, CFA, president and CEO of CFA Institute. “The CFA Program has grown tremendously since the very first exam, expanding to more than 100,000 charterholders who practice the highest level of professional and ethical standards. The financial industry has faced many challenges since the inception of the program, and I’m proud of the impact CFA Institute continues to have on ethics, education and excellence in the profession.”
The original CFA Program focused on equity security analysts in a U.S. setting and emphasized ethical and professional standards. Today, the program represents a global context, and covers topics such as fixed-income analysis, alternative and derivative investments and portfolio management.
Essa Kazim, Managing Director and CEO, Dubai Financial Market (DFM) said: “DFM is delighted to be associated with the CFA Institute as it is celebrating the 50th anniversary of the Chartered Financial Analyst program. Our enthusiasm to commemorate this occasion reflects the deep belief in the crucial role of the CFA Institute in driving the best standards for professional excellence in the financial sector. Having Dubai chosen amongst the major financial centers to celebrate the 50th anniversary of the CFA Institute is a clear recognition of what has been achieved in the Emirate and its leading position as the powerful and dynamic capital markets centre in the region.”
Mr Jeff Singer, Chief Executive of NASDAQ Dubai, said: “Financial training and education are playing an increasing role In the expansion and growing maturity of the UAE’s capital markets. As the region’s international exchange, NASDAQ Dubai applauds the CFA’s activities in successfully raising the technical knowledge of market participants as well as promoting high ethical standards. The exchange is committed to promoting all aspects of financial education in order to support the development of the UAE’s economy, including through its own training courses.”
In addition to the opening of DFM and NASDAQ Dubai trading session, the CFA Institute and its member societies is hosting ceremonies in the following locations:
- Amman Stock Exchange (ASE)
- Amsterdam Stock Exchange (AEX)
- Bahrain Bourse (BHB)
- Bombay Stock Exchange (BSE)
- Brussels Stock Exchange (BRU)
- Budapest Stock Exchange (BSE)
- Bucharest Stock Exchange (BUC)
- Bulgaria Stock Exchange (BUL)
- Hong Kong Stock Exchange (HKEX)
- Kuwait Stock Exchange (KSE)
- London Stock Exchange (LSE)
- Mauritius Stock Exchange (SEM)
- Mexican Stock Exchange (BMV)
- Moscow Stock Exchange (MICEX)
- Nairobi Stock Exchange (NSE)
- New Zealand Exchange (NZX)
- New York Stock Exchange (NYSE)
- Paris Stock Exchange (PAR)
- Philippine Stock Exchange (PSE)
- Prague Stock Exchange (PSE)
- Singapore Exchange (SGX)
- Toronto Stock Exchange (TSX)
CFA Institute traces its roots to the establishment of the Financial Analysts Federation in 1947, following the call for a financial analyst certification by industry giant Benjamin Graham in 1942. FAF leaders created the Institute of Chartered Financial Analysts in 1959 to administer the CFA Program, and the two organizations merged in 1990 to form what is now CFA Institute.