Individuals – the words and statements of which have a significant impact on the world financial markets. Part 1. Alexander Sivtsov.
Individuals who can stir up with their own phrase alone not only the financial market of a particular country, but the whole world! Today’s article will be about such key persons.
The whole world gives credence to these individuals:
Thomas Jordan opens our list, chairman of the National Bank of Switzerland. Thomas Jordan was born on January 28, 1963. At the age of 30 years in 1993 he received a Ph.D. in economics and business. Jordan began his work career at the university, where he gave lectures on monetary theory and politics. During the time at the University Jordan had gained colossal experience and in 2004 was nominated as a candidate for a member of the Board of Governors of the National Bank of Switzerland. Eight years later, on April 18, 2012, Jordan was appointed to the post of a chairman of the National Bank of Switzerland.
The article was started with a brief biography of Jordan on purpose. His speeches are rare because Switzerland is not the country that will announce every day about any economic or political events. But, for this reason Jordan’s speech should be taken seriously, as his statements can be quite unexpected for market participants and cause considerable fluctuations in the Swiss franc.
Haruhiko Kuroda was born on October 25, 1944 and is the 31st Governor of the Bank of Japan. Before Kuroda to assume this position in 2013, due to the resignation of his predecessor, Masaaki Shirakawa, he served as president of the Asian Development Bank for 8 years and served as special adviser to the Cabinet of the Minister of Japan. By the way, the reason for the resignation of the predecessor of Kuroda was the disagreements of Masaaki Shirakawa with the budgetary policy of the still-current Japanese Prime Minister Shinzo Abe.
Kuroda’s speeches are quite frequent and mostly his rhetoric is aimed at weakening the yen. That is why on the eve of his speeches the Japanese yen is often weakened, as market participants fear verbal intervention aimed at weakening the Japanese yen.
Stephen Poloz was born in 1956 and is a Canadian Ukrainian in the third generation. In 1978, Poloz received a bachelor’s degree at the University of Queens in the field of economics. Master’s degree and Doctor of Philosophy received at the University of Western Ontario in 1979 and 1982 respectively. From 1981 to 1995 he worked at the Bank of Canada. Since 1999, he worked in Export Development Canada (Export Credit Agency of Canada), which he headed in 2010, and already in 2013 took the post of Governor of the Bank of Canada. It is worth noting that the predecessor of Poloz in his post was Mark Carney, who today holds the post of chairman of the Bank of England.
To date, based on the growth of the main discount rate of the Bank of Canada to the level of 1.00%, which was a big surprise for market participants, the speeches of Stephen Poloz cause immediate reaction in the market. Especially if his statements concern further tightening of the monetary policy of the Bank of Canada.
In connection with the decision of the people of Great Britain to leave the EU, the further development of the Kingdom’s economy is always at the center of attention of market participants, and therefore it is impossible not to tell about the Governor of the Bank of England. Mark Carney was born in 1965 in Canada. In 1988 he graduated from the Economics Department at Harvard University. He obtained the degree of Doctor of Science in 1995 in the college named after Lord Nuffield (Oxford University).
For 13 years, Carney worked at Goldman Sachs offices in London, Tornoto, Tokyo and New York, dealing with the issues of debt capital markets of developing economies and banking investments. From 2003 to 2004 he was Deputy Governor of the Bank of Canada for International Affairs. From November 2004 to October 2007, Carney worked in the Department of Finance of Canada. The post of the head of the Bank of England Carney took in 2013, signing a contract for 5 years and becoming the youngest chairman in the history of the bank.
Among all the above-mentioned representatives of central banks, Mark Carney has the most extensive experience in this position, and even if Carney decides to leave office in 2018, his comments and statements will still be perceived by participants in financial markets and reflected in his dynamics. To date, market participants are closely following the performances of Mark Carney, as any of his comments on the future course of the Bank of England’s monetary policy under Brexit conditions cause significant fluctuations in the British currency.
The individuals whose statements and comments have a significant impact, affect the volatility of the market. Thus, it obliges us to never miss a trick!
Every day, read the opinions of experts on the website of Ester Holdings Inc. Read about the possible reaction of the market to the comments of officials of the leading countries of the world.
Alexander Sivtsov