GLOBAL MARKET SENTIMENT SURVEY 2012

MARKET INTELLIGENCE

TABLE OF CONTENTS
TOPIC
About the survey Executive summary Respondent profile Economic outlook for 2012 Local and Global market outlook for 2012 Asset class returns in 2012 Local employment opportunities for investment professionals in 2012 Global debt and credit crisis outlook Sentiments on sovereign debt crisis Lasting impact of the credit crisis Market integrity outlook Outlook on integrity of global capital markets Ethical issues facing local and global markets Most needed regulatory or industry action Capital market risks Risks to global and local capital markets in 2012 Companies with increased cash on balance sheets Questions ?

PAGE
3 4-5 6 7-14

15-19

20-26

27-32

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MARKET INTELLIGENCE

ABOUT THE SURVEY

The CFA Institute Global Market Sentiment Survey was created to seek input from CFA Institute members and gather feedback on market sentiment, performance, and market integrity issues in 2012. The results will be used to offer regulators and the financial media commentary on how our members view the prospects for ethical practice and markets in 2012. The Global Market Sentiment Survey 2012 is an extension of the CFA Institute Financial Market Integrity Outlook Survey which has been conducted since 2007.

METHODOLOGY An online survey was conducted from 2-11 November 2011. 58,385 members globally were invited to participate in the survey; 2,726 responded, for an overall response rate of 4.67% and a margin of error of 1.85%. Aggregate results were re-weighted to reflect the actual geographic distribution of CFA Institute members.

Note: Graphs and charts may not add to 100% due to rounding.

MARKET INTELLIGENCE

Executive Summary
Pessimism mounts over the prospects for improved integrity of capital markets. Over three-quarters of survey respondents see no prospect of improved integrity in the markets in 2012, despite significant regulatory reform efforts globally. It is difficult to imagine strong market performance unless faith can be restored in the fairness of markets for all participants. 22% of those surveyed think the integrity of global capital markets will be worse in the coming year (13% felt this way the previous year), while 22% feel it will be better (32% felt it would be better in previous survey). Pg.21 The lack of visible progress in improving global capability to detect and mitigate systemic risks is weighing heavily on members. 38% of members globally see improved regulation and oversight of global systemic risk as being the most needed regulatory/industry action in 2012, as compared to only 23% in 2011. Slow starts at the national policy level and lack of progress in global coordination of systemic risk oversight are being outpaced by investor concerns about the potential for future systemic disruption. Pg.28 Equities are expected to underperform other asset classes. 59% of respondents globally predict that asset classes other than equities will be top performers in 2012. U.S. respondents are outliers, with a majority predicting global equity markets to be top performers. Weak economic conditions and the overhang of perceived systemic risks may contribute to poor expected returns for risk assets like equities. Pg.11

MARKET INTELLIGENCE

Executive Summary
A Glimmer? - There are hints of improved market confidence and trust. Most respondents feel that the impact of the global financial crisis on market trust and confidence will persist for another 3-5 years, similar to the sentiment expressed last year. But only 25% predict continued fallout beyond 5 years, down modestly from 32% who expressed that view last year. Pg.18 The BRICs are an island of optimism over local economic prospects, while Europe is largely negative on economic prospects in 2012. Local respondents in BRIC countries (especially in Brazil, India, and also in Australia whose economy is largely tied to the BRICs through commodities) overwhelmingly predict economic expansion in their home markets in 2012. The outlook is much different in Europe, where 85% or more of local respondents in key countries (France, UK, Switzerland) see no prospect of economic growth in the coming year. Pg.9 The Sovereign Debt Crisis is likely to continue. Three-quarters of respondents see no improvement in the current sovereign crisis in 2012. Sentiment is fairly uniform across the globe in this respect. Pg.16

MARKET INTELLIGENCE

RESPONDENT PROFILE
EMEA Europe, Middle-East and Africa AMER North and South America APAC Asia Pacific
Region* Years with CFA charter
16-20 years 3% 11-15 years 9% 6-10 years 19% AMER 33% > 20 years 3%

EMEA 42%

No Charter 10% 2-5 years 19%

APAC 25%

< 2 years 37%

*Distribution of actual respondents. Aggregate results were reweighted to reflect the actual geographic distribution of CFA Institute members.

MARKET INTELLIGENCE

ECONOMIC OUTLOOK FOR 2012

MARKET INTELLIGENCE

LOCAL AND GLOBAL MARKET OUTLOOK FOR 2012

Q. In 2012, do you expect your local markets economy/the global market economy to expand, contract, or stay roughly the same?* Members tend to be more optimistic about the health of the local market economy than that of the global market economy. A significantly higher proportion of members in APAC than in AMER and EMEA feel the global market economy will contract in 2012. Members in AMER and APAC are more optimistic than members in EMEA that their local markets economy will expand in 2012.
Global 46% 47% 42% 40% 41% 34% 30% 24% 21% 17% 12% 31% 25% 36% AMER 44% 38% 34% 35% 29% 30% 27% 27% 34% APAC EMEA

42%

Expand

Contract Local Market Economy

Stay the same

Expand

Contract Global Market Economy

Stay the same

*Not Sure option not displayed 8

MARKET INTELLIGENCE

LOCAL MARKET ECONOMY - By Country

Q. In 2012, do you expect your local markets economy to expand, contract, or stay roughly the same?*
Expand ALL BRAZIL 42% 82% 45% 62% 44% 5% 45% 33% 50% 53% 14% 14% 34% 34% 66% 50% 32% 73% 32% 30% 17% 26% 33% 10% 50% 44%
*Not Sure option not displayed

Contract

Stay roughly the same 17% 40% 2% 11% 9% 12% 44% 40% 10% 24% 11% 8% 51% 51% 13% 24% 33% 17% 21% 23% 42% 44% 36% 40% 43% 29% 16%

AMER

CANADA LATIN AMERICA USA FRANCE GCC GERMANY

53%

EMEA

RUSSIA S. AFRICA SWITZERLAND UK AUSTRALIA CHINA HK INDIA JAPAN SINGAPORE

APAC

Note: GCC includes aggregate of countries in the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates)

Note: Latin America includes aggregate of countries in Latin America and the Caribbean.

MARKET INTELLIGENCE

GLOBAL MARKET ECONOMY - By Country

Q. In 2012, do you expect the global market economy to expand, contract, or stay roughly the same?*
Expand ALL BRAZIL 34% 33% 29% 36% 43% 38% 20% 44% 29% 28% 37% 43% 43% 22% 18% 27% 32% 23% 39% 55% 40% 30% 52% 36% 22% 21% 28% 38% 20% 28% 34% 24% 29% 34% 27% 40% 32% 46% 43% 24% 20% 32% 24% 23% 30% 40% 25% Contract Stay roughly the same 29% 47% 36% 38% 31% 25% 34%

AMER

CANADA LATIN AMERICA USA FRANCE GCC GERMANY

EMEA

RUSSIA S. AFRICA SWITZERLAND UK AUSTRALIA CHINA HK INDIA JAPAN SINGAPORE

APAC

*Not Sure option not displayed

10

MARKET INTELLIGENCE

ASSET CLASS RETURNS IN 2012

Q. Rank the following asset classes in order of expected total return in the global markets in 2012, where 1 is the highest expected return and 5 is the asset class with the lowest expected return. * Globally, more members feel that equities are likely to have the highest expected return of all asset classes in 2012, but a majority of respondents predict asset classes other than equities will have higher returns In APAC, however, an equal proportion of members believe precious metals will have the highest return.
Global 45% 41% 37% 30% 25% 23% 15% 15% 16% 15% 10% 8% 15% 11% 9% 9% 10% 8% 30% 29% AMER APAC EMEA

Equities

Precious Metals

Commodities

Bonds

Cash

*Data represents proportion of members ranking the asset class as likely to have the highest expected return in 2012.

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MARKET INTELLIGENCE

ASSET CLASS RETURNS IN 2012 By Country

Q. Rank the following asset classes in order of expected total return in the global markets in 2012, where 1 is the highest expected return and 5 is the asset class with the lowest expected return.
Equities ALL BRAZIL 41% 45% 36% 41% 56% 23% 29% 36% 21% 43% 44% 37% 41% 32% 25% 27% 32% 27% 33% 31% 18% 29% 18% 18% 28% 13% 15% 25% 29% 16% 16% 12% 17% 17% 32% 28% 34% 15% 15% 16% 15% 15% 9% 36% 41% 27% 18% 15% 18% 19% 11% 15% 11% 14% 6% 26% 26% 18% 26% 17% 13% 2% Precious Metals Commodities 25% 22% 2% 17% 11% Bonds Cash 15% 20% 10% 12% 15% 8% 10% 9% 11% 8% 6% 8% 5% 8% 10% 9% 10% 11% 11% 6% 5% 8% 3%

AMER

CANADA LATIN AMERICA USA FRANCE GCC GERMANY

EMEA

RUSSIA S. AFRICA SWITZERLAND UK AUSTRALIA CHINA HK INDIA JAPAN SINGAPORE

APAC

*Data represents proportion of members ranking the asset class as likely to have the highest expected return in 2012.

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MARKET INTELLIGENCE

LOCAL EMPLOYMENT OPPORTUNITIES FOR INVESTMENT PROFESSIONALS IN 2012

Q. In 2012, do you expect employment opportunities for investment professionals in your local market to increase, decrease, or stay about the same? A larger proportion of members in APAC (23%) expect employment opportunities to increase than those in AMER (13%) and EMEA (8%). Majority of members in EMEA (55%) expect employment opportunities to decrease. Globally, half of members expect employment opportunities to stay about the same.
Increase Decrease 57% 50% Stay about the same 55%

39% 34% 27% 23% 14% 13% 8% 36% 36%

Global

AMER

APAC

EMEA

*Not Sure option not displayed

13

MARKET INTELLIGENCE

LOCAL EMPLOYMENT OPPORTUNITIES FOR INVESTMENT PROFESSIONALS IN 2012 By Country

Q. In 2012, do you expect employment opportunities for investment professionals in your local market to increase, decrease, or stay about the same?
Increase ALL BRAZIL 14% 33% 11% 28% 11% 0% 27% 6% 14% 13% 4% 7% 12% 37% 19% 29% 8% 21% 62% 46% 49% 29% 40% 30% 31% 56% 40% 23% 44% 38% 29% 32% 73% 35% 59% 50% 55% 22% 29% 77% 34% 39% 35% 36% 25% 25% 57% 18% 34% 24% 62% 46% Decrease Stay about the same 50% 41%

AMER

CANADA LATIN AMERICA USA FRANCE GCC GERMANY

EMEA

RUSSIA S. AFRICA SWITZ. UK AUSTRALIA CHINA HONG KONG INDIA JAPAN SINGAPORE

APAC

*Not Sure option not displayed 14

MARKET INTELLIGENCE

GLOBAL DEBT AND CREDIT CRISIS OUTLOOK

MARKET INTELLIGENCE

SENTIMENTS ON SOVEREIGN DEBT CRISIS

Q. In 2012, do you expect the global sovereign debt crisis to:
Get worse 3% 19% Stay about the same 3% 19% Improve 5% 17% Not sure 4% 20%

26%

26%

23%

26%

52%

52%

55%

50%

Global

AMER

APAC

EMEA

Member sentiments on the sovereign debt crisis are similar across regions. 52% of members expect the global debt crisis to get worse in 2012.

16

MARKET INTELLIGENCE

SENTIMENTS ON SOVEREIGN DEBT CRISIS By Country

Q. In 2012, do you expect the global sovereign debt crisis to:
Improve ALL BRAZIL 19% 31% 19% 22% 19% 8% 15% 28% 18% 8% 19% 21% 19% 13% 18% 15% 24% 11% 52% 33% 67% 60% 48% 49% 51% 58% 55% 27% 41% 20% 50% 56% 58% 50% 29% 30% 29% 26% 26% 20% 25% 52% 50% 52% 31% 25% 21% Get worse Stay about the same 52% 45% Not sure 26% 22% 26% 23% 27% 3% 2% 4% 4% 2% 5% 2% 1% 4% 2% 4% 3% 4% 9% 1% 6% 2% 2%

AMER

CANADA LATIN AMERICA USA FRANCE GCC GERMANY RUSSIA S. AFRICA SWITZERLAND UK AUSTRALIA CHINA HK

EMEA

APAC

INDIA JAPAN SINGAPORE

17

MARKET INTELLIGENCE

LASTING IMPACT OF THE CREDIT CRISIS

Q. The current global financial crisis has severely impacted market trust and confidence. Approximately how long do you believe that impact of the current crisis will last? Majority of members feel that the impact of the global credit crisis will last 3-5 years, which is consistent with 2011. The proportion who feel it will last more than 5 years has decreased from 32% in 2011 to 25% in 2012. 34% members in APAC region believe that the impact of the credit crisis will last between 1-2 years, as opposed to AMER (22%) and EMEA (21%). APAC members seem to be more optimistic for 2012 with only 15% indicating the impact will last beyond 5 years which is a change from 2011 when 26% indicated that it would last more than 5 years.
1-2 years 3-5 years 52% 47% 34% 26% 19% 18% 26% 18% 29% 24% 25% 22% 15% 26% 21% 48% More than 5 years 52% 52% 50% 52%

49%

32%

34% 27%

Global

AMER 2011

APAC

EMEA

Global

AMER 2012

APAC

EMEA

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MARKET INTELLIGENCE

LASTING IMPACT OF THE CREDIT CRISIS By Country

Q. The current global financial crisis has severely impacted market trust and confidence. Approximately how long do you believe that impact of the current crisis will last?
1-2 years ALL BRAZIL 24% 31% 20% 30% 20% 18% 31% 26% 39% 15% 18% 18% 17% 38% 37% 54% 39% 34% 39% 51% 52% 50% 57% 51% 51% 40% 21% 15% 70% 30% 32% 27% 11% 12% 6% 41% 50% 52% 56% 53% 33% 11% 15% 53% 49% 3-5 years More than 5 years 51% 47% 25% 22% 27% 21% 27% 26% 17%

AMER

CANADA LATIN AMERICA USA FRANCE GCC GERMANY

EMEA

RUSSIA S. AFRICA SWITZ. UK AUSTRALIA CHINA HK

APAC

INDIA JAPAN SINGAPORE

19

MARKET INTELLIGENCE

MARKET INTEGRITY OUTLOOK

MARKET INTELLIGENCE

OUTLOOK ON INTEGRITY OF GLOBAL CAPITAL MARKETS

Q. Do you think the integrity of global capital markets in 2012 will be better or worse than 2011? Over half (56%) of members feel that the integrity of global capital markets will stay about the same in 2012. The proportion of members who think the integrity of global markets will be better has fallen from 32% in 2011 to 22% in 2012. 22% of members feel that the global capital markets will be worse in 2012, up from 13% in 2011, indicating members are less optimistic that integrity of global markets is improving.
Better 13% 13% 14% About the same 12% Worse

22%

21%

23%

24%

55%

56%

48%

57% 56% 58% 51% 53%

32%

32%

37%

31%

22% Global

21% AMER 2012

26%

23% EMEA

Global

AMER 2011

APAC

EMEA

APAC

21

MARKET INTELLIGENCE

ETHICAL ISSUES FACING LOCAL AND GLOBAL MARKETS

Q. Please rank the following ethical issues facing your local market in the coming year from the most serious (1) to the least serious (6). Each number (1-6) can be used only once:
Financial advisers: mis-selling of products by financial advisers Market fraud: such as insider trading Financial reporting: honesty and integrity of financial reporting generally Derivatives: disclosure and use of financial derivatives by financial firms Market trading practices: such as dark pools and high frequency trading Investment management :the quality of services and cost/compensation structure

Global Market*
The most serious issue facing global markets for 2012 is mis-selling of products by financial advisers followed closely by derivatives. mis-selling of products by financial advisers and Investment management have increased in importance the most since 2011.
Local Markets
2011 26% 22% 20% 16%16% 13% 16% 15% 18% 13% 15% 10% 2012 21% 16% 20% 15% 12%

Global Markets
2011 23% 20% 2012

20% 16% 14% 8% 15%

Financial Advisers

Market fraud Derivatives

Financial Reporting

Market trading practices

Investment Management

Financial Advisers

Market fraud Derivatives

Financial Reporting

Market trading practices

Investment Management

Represents the % of memb ers ranking #1 (most serious) ethical issue in local/glob al markets.

22

MARKET INTELLIGENCE

MOST NEEDED REGULATORY OR INDUSTRY ACTION

Q. Which one of the following regulatory or industry actions is most needed in the coming year to help improve market trust and integrity? Globally, Improved regulation and oversight of global systemic risk is the regulatory action members feel is most needed in 2012. In 2011 "Improved enforcement of existing laws and regulation was the most needed (31% vs. 22% in 2012) industry action.
Improved regulation and oversight of global systemic risk Improved enforcement of existing laws and regulations Improved transparency of financial reporting and other corporate disclosures Improved market trading rules on transparency and frequency of trades Other*
Global AMER APAC EMEA Global AMER APAC EMEA

38% 36% 38% 43% 23% 21% 26% 29% 31% 34% 23% 21%

22% 25% 17% 17%

14% 13% 17% 15% 18% 17% 23% 20%

13% 14% 10% 11% 14% 16% 12% 11%

14% 11% 17% 19% 14% 11% 17% 19%

2011

2012

*Other (Improved corporate governance practices, Improved auditing practice and standards, Other)

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MARKET INTELLIGENCE

MOST NEEDED REGULATORY OR INDUSTRY ACTION* By Country

Q. Which one of the following regulatory or industry actions is most needed in the coming year to help improve market trust and integrity?
1. Improved regulation and oversight of global systemic risk
2012 ALL BRAZIL 23% 18% 23% 22% 20% 28% 36% 35% 34% 39% 21% 14% 24% 31% 26% 24% 30% 28% 26% 23% 36% 37% 39% 47% 46% 36% 42% 44% 47% 49% 54% 39% 43% 2011 38% 47%

AMER

CANADA LATIN AMERICA USA FRANCE GCC

26%

EMEA

GERMANY RUSSIA S. AFRICA SWITZERLAND UK AUSTRALIA CHINA HK INDIA JAPAN SINGAPORE

APAC

*Regulatory/Industry options based on three highest ranked actions globally.

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MARKET INTELLIGENCE

MOST NEEDED REGULATORY OR INDUSTRY ACTION* By Country

Q. Which one of the following regulatory or industry actions is most needed in the coming year to help improve market trust and integrity?
2. Improved enforcement of existing laws and regulations
2012 ALL BRAZIL 18% 22% 17% 27% 32% 13% 16% 17% 18% 18% 18% 14% 16% 15% 13% 8% 17% 16% 19% 21% 25% 24% 24% 25% 28% 28% 28% 20% 22% 36% 36% 2011 22% 31% 26% 30%

AMER

CANADA LATIN AMERICA USA FRANCE GCC GERMANY

26%

EMEA

RUSSIA S. AFRICA SWITZERLAND UK AUSTRALIA CHINA HK INDIA JAPAN SINGAPORE

APAC

*Regulatory/Industry actions based on top three most preferred actions globally.

25

MARKET INTELLIGENCE

MOST NEEDED REGULATORY OR INDUSTRY ACTION* By Country

Q. Which one of the following regulatory or industry actions is most needed in the coming year to help improve market trust and integrity?
3. Improved transparency of financial reporting and other corporate disclosures.
2012 ALL BRAZIL 10% 12% 11% 15% 10% 17% 7% 11% 10% 18% 16% 20% 15% 11% 12% 15% 16% 17% 21% 20% 12% 18% 17% 21% 22% 23% 29% 25% 24% 17% 20% 24% 2011 18% 29%

14%

AMER

CANADA LATIN AMERICA USA FRANCE GCC GERMANY

3%

EMEA

RUSSIA S. AFRICA SWITZERLAND UK AUSTRALIA CHINA HK INDIA JAPAN SINGAPORE

APAC

*Regulatory/Industry actions based on top three most preferred actions globally.

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MARKET INTELLIGENCE

CAPITAL MARKET RISKS

MARKET INTELLIGENCE

RISKS TO GLOBAL AND LOCAL CAPITAL MARKETS IN 2012

Q. What do you see as the biggest risk to global and local capital markets in 2012? The biggest perceived risk to global capital markets in 2012 according to members is Systemic Disruptions followed by Weak economic conditions and Political Instability. The biggest perceived risk to local capital markets according to members is Weak economic conditions.
Systemic disruptions Weak economic conditions Political instability Excess regulation Weak regulation Other

Global Capital Market

Global

36%

30%

21%

5%

3% 3%

AMER

35%

28%

24%

5%

4%

4%

APAC

36%

35%

19%

4% 2%2%

EMEA

37%

29%

21%

6%

4%

3%

Local Capital Markets

All

14%

45%

17%

13%

6%

4%

AMER

13%

49%

11%

13%

6%

4%

APAC

12%

40%

20%

13%

10%

5%

EMEA

15%

44%

19%

13% *No opinion option not displayed

4%

3%

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MARKET INTELLIGENCE

RISKS TO GLOBAL CAPITAL MARKET IN 2012 By Country

Q. What do you see as the biggest risk to global capital markets in 2012?
Political instability ALL 21% Weak economic conditions 30% Systemic disruptions 36% Other* 11%
*Other (Excess regulation, Weak regulation, Other)

BRAZIL

16% 24% 22% 24%

35% 29% 35% 26% 35% 35%

49% 12% 37% 15% 6%

0%

AMER

CANADA LATIN AMERICA USA

FRANCE GCC GERMANY 5%

26% 47% 18% 7% 9% 25% 31% 34% 25%

26%

44% 31% 43% 21% 42%

14% 15% 14% 18% 13% 20% 33% 12%

EMEA

RUSSIA S. AFRICA SWITZERLAND UK

54%

20% 24%

35%

AUSTRALIA CHINA 14%

27%

29% 52% 27% 40% 37%

33% 27%

11% 5% 14% 10% 12% 9%

APAC

HONG KONG INDIA JAPAN SINGAPORE 10%

22%

40% 24% 38% 51%

26% 17% 23%

*No opinion option not displayed

29

MARKET INTELLIGENCE

RISKS TO LOCAL CAPITAL MARKETS IN 2012 - By Country

Q. What do you see as the biggest risk to local capital markets in 2012?
Political instability ALL Excess regulation 13% Weak regulation 6% Weak economic conditions 45% Systemic disruptions Other 4%

17%

14%

BRAZIL

19% 9% 21% 18% 6%

17%

6% 57%

25%

17% 18% 37% 44% 10%

17% 3% 9% 9% 5%

AMER

CANADA 2% LATIN AMERICA USA

14% 17%

7% 5%

FRANCE GCC GERMANY

21% 37% 17% 32% 34% 22% 10% 18%

15%

5% 0% 22% 27% 11% 13% 2% 51%

44% 25% 29% 29% 43% 14% 18%

15% 8%

0% 5% 0% 4% 8% 0% 6%

19% 7%

5%

EMEA

RUSSIA S. AFRICA SWITZERLAND 2% UK

1% 2%

53%

16%

2%

AUSTRALIA CHINA 12% 7%

22%

11% 25%

2% 21%

42% 24% 56% 12% 6% 5% 59% 6% 46% 15%

16% 12% 14% 12%

6% 4% 4% 4% 5% 3%

APAC

HONG KONG INDIA JAPAN

15%

4% 50%

35% 12% 4%

SINGAPORE 2%

18%

5%

*No opinion option not displayed

30

MARKET INTELLIGENCE

COMPANIES WITH INCREASED CASH ON BALANCE SHEETS

Q. Many companies are carrying increasing amounts of cash on their balance sheets. In 2012, those companies should:
Members feel the best option for companies to use excess cash is to retain it for appropriate investment opportunities. EMEA region members believe companies should retain cash to self-fund during uncertain credit environment. A higher proportion of members in AMER than in APAC and EMEA think companies should begin or increase dividend payments. A higher proportion in APAC than other regions think companies should buy back shares.
Total 34% 29% 28% 31% 24% 20% 26% 23% 20% 17% 14% 11% 11% 11% 10% 9% 9% 8% 8% 5% 6% AMER APAC EMEA

33%

3% 2%

3% 3% 2% 2% No opinion

Retain the cash for Retain the cash to appropriate investment "self-fund" in light of opportunities the uncertain credit environment

Begin or increase dividend payments

Do a share buy back

Make special distributions to shareholders

Other

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MARKET INTELLIGENCE

COMPANIES WITH INCREASED CASH ON BALANCE SHEETS By Country

Q. Many companies are carrying increasing amounts of cash on their balance sheets. In 2012, those companies should:
Retain the cash for appropriate investment opportunities Retain the cash to "self-fund" in light of the uncertain credit environment Begin or increase dividend payments Do a share buy back Make special distributions to shareholders Other ALL BRAZIL CANADA LATIN AMERICA USA FRANCE GCC GERMANY RUSSIA S. AFRICA SWITZ. UK AUSTRALIA CHINA HK INDIA JAPAN SINGAPORE 29% 27% 30% 27% 24% 31% 36% 25% 11% 42% 40% 28% 26% 32% 32% 40% 32% 33% 30% 26% 29% 31% 14% 24% 27% 14% 7% 13% 9% 8% 10% 25% 12% 32% 24% 27% 21% 30% 16% 26% 38% 32% 44% 18% 17% 25% 20% 14% 24% 12% 11% 11% 20% 10% 14% 12% 9% 5% 6% 0% 6% 4% 7%

AMER

7% 9%

EMEA

3%3% 13% 8% 5% 2% 10% 14% 8% 5% 11% 3% 4% 11% 21% 6% 0% 9% 26% 7% 1% 13% 13% 3% 10% 11% 15% 23% 18% 21% 12% 5% 3% 10% 2% 4% 3% 8% 2% 6% 8% 2% 18%

APAC

*No opinion option not displayed

32

MARKET INTELLIGENCE

QUESTIONS?
CONTACT

Matthew Orsagh, CFA, CIPM Director, Capital Markets Policy matt.orsagh@cfainstitute.org

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MARKET INTELLIGENCE