INSTITUTE OF INTERNATIONAL FINANCE INC
1333 H STREET NW NO 800E, WASHINGTON, DC 20005 www.iif.com

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Organizations Filed Purposes: TO SUPPORT FINANCIAL INDUSTRY IN PRUDENTLY MANAGING RISKS AND TO FOSTER GLOBAL FINANCIAL STABILITY.

ECONOMIC AND FINANCIAL RESEARCH: THE INSTITUTE OF INTERNATIONAL FINANCE (IIF) PROVIDES ITS MEMBERS WITH HIGH-QUALITY, TIMELY, AND IMPARTIAL ANALYSIS AND RESEARCH ON GLOBAL FINANCIAL AND ECONOMIC DEVELOPMENTS AND OTHER CENTRAL ISSUES IN GLOBAL FINANCE. IN 2018, WE PUBLISHED OVER 200 RESEARCH REPORTS INCLUDING GLOBAL MACRO VIEWS, ECONOMIC VIEWS, COUNTRY REPORTS, WEEKLY INSIGHTS, CAPITAL FLOWS REPORTS, CAPITAL FLOWS TRACKERS, FLOWS ALERTS, GLOBAL ECONOMIC MONITORS, GLOBAL DEBT MONITORS, EMERGING MARKET LENDING SURVEYS, PORTFOLIO ALLOCATION TRENDS, AND EMERGING MARKET GROWTH TRACKER REPORTS. IIF'S TOPICAL EMERGING MARKET MACRO RESEARCH IS PUBLISHED UNDER THE GLOBAL MACRO VIEWS (GMV) AND ECONOMIC VIEWS (EV) SERIES. GMVS AND EVS ARE PUBLISHED ON A WEEKLY BASIS AND FOCUS ON CROSS-COUNTRY EM ANALYSIS, AS WELL AS INDIVIDUAL COVERAGE OF SYSTEMIC EMERGING MARKETS. IN 2018, IIF'S MACRO RESEARCH ZEROED IN ON HIGH EXTERNAL VULNERABILITY IN TURKEY AND ARGENTINA EARLY IN THE YEAR, BASED ON AN EM EXCHANGE RATE VALUATION FRAMEWORK. GMVS/EVS ANALYZED BOTH EPISODES IN THE CONTEXT OF PAST EM EXPERIENCE WITH OVERVALUED EXCHANGE RATES AND IMF PROGRAMS. CHINA WAS ALSO IN FOCUS AS TRADE TENSIONS WITH THE US ESCALATED AND POLICYMAKERS STEPPED UP DELEVERAGING EFFORTS. BUILDING ON THE IIF'S CHINA ACTIVITY TRACKER AND BALANCE OF PAYMENTS NOWCAST, TOPICAL EM RESEARCH FOLLOWED CHINA DEVELOPMENTS CLOSELY. IN ADDITION TO WRITTEN RESEARCH, MEMBERS WERE ABLE TO DISCUSS EM ISSUES WITH IIF EXPERTS IN THE MONTHLY GLOBAL MACRO CALL, ECONOMIC FORA IN ISTANBUL AND MEXICO CITY, AND INVESTOR TRIPS TO SYSTEMIC EMERGING MARKET COUNTRIES. IN 2018, WE ALSO CONTINUED OUR MONITORING AND ANALYSIS OF EM CAPITAL FLOWS, OUR FLAGSHIP PRODUCT, INCLUDING INVESTIGATING TOPICS SUCH AS AN INCREASE IN CAPITAL FLOWS TO FRONTIER MARKETS, CROSS-BORDER ACTIVITY OF CHINESE BANKS, THE IMPACT OF A STRONGER DOLLAR AND RISING U.S. INTEREST RATES, THE IMPACT OF U.S. TAX REFORM. AND FINALLY, AS A COMPLEMENT TO IIF'S EXPANSIVE ECONOMIC AND FINANCIAL MARKETS RESEARCH, IIF ALSO OFFERED ANALYTICAL PRODUCTS FOCUSED ON UNDERSTANDING AND ANTICIPATING POLITICAL AND POLICY DEVELOPMENTS WITH ECONOMIC IMPACTS. IN 2018, THIS ANALYSIS FOCUSED ON TRADE DEVELOPMENTS, CHANGES IN U.S. SANCTIONS POLICY, FOREIGN POLICY, AND ELECTION OUTCOMES, AMONG OTHER THINGS.

GLOBAL FINANCE SERVICES REGULATION: THE IIF REGULATORY AFFAIRS DEPARTMENT HELPS SHAPE THE INTERNATIONAL POLICY AND REGULATORY AGENDA FOR THE FINANCIAL SERVICES INDUSTRY BY ENGAGING WITH GLOBAL STANDARD SETTERS AND POLICYMAKERS, PROVIDING INDUSTRY INPUT AND FEEDBACK THROUGH FORMAL SUBMISSIONS AND REPORTS, AND CONVENING REGULAR HIGH-LEVEL MEETINGS BETWEEN INDUSTRY AND KEY STAKEHOLDERS. IN 2018, KEY PRIORITIES INCLUDED A CUMULATIVE IMPACT ASSESSMENT OF THE FINAL BASEL III REFORMS, ADVOCACY AROUND THE FINALIZATION OF THE FUNDAMENTAL REVIEW OF THE TRADING BOOK (FRTB), AND A FOCUS ON THE NEED FOR COMPREHENSIVE IMPACT ASSESSMENTS BY THE FSB AND OTHER STANDARD SETTERS. ON THE INSURANCE SIDE, THE FOCUS HAS BEEN ON THE INTERNATIONAL CAPITAL STANDARD, COMFRAME AND THE IDENTIFICATION AND MITIGATION OF SYSTEMIC RISK IN INSURANCE. SUBSTANTIAL WORK WAS ALSO CONDUCTED AROUND FINANCIAL CRIME (IDENTIFYING OBSTACLES TO INFORMATION SHARING), CYBER SECURITY (ADDRESSING INCREASING REGULATORY FRAGMENTATION), RESOLUTION, DISCLOSURE AND ACCOUNTING ISSUES.

GLOBAL EVENTS: THE INSTITUTE PROVIDED A WIDE RANGE OF OPPORTUNITIES, IN PERSON AND VIA CONFERENCE CALLS, FOR MEMBERS AND POLICYMAKERS TO GATHER AND DISCUSS ISSUES OF COMMON INTEREST AND CONCERN ON GLOBAL AND REGIONAL FINANCIAL AND ECONOMIC ISSUES. OUR THREE LARGE SIGNATURE EVENTS IN 2018 - THE G20 MEETING IN BUENOS AIRES, THE SPRING MEMBERSHIP MEETING (SMM) IN BRUSSELS, AND THE ANNUAL MEMBERSHIP MEETING (AMM) IN BALI PROVIDED IIF MEMBERS WITH EXPANDED PROGRAM CONTENT, FIRST CLASS SPEAKERS, AND A WIDE RANGE OF NETWORKING AND BUSINESS DEVELOPMENT OPPORTUNITIES. AT BOTH OUR SMM AND AMM, TRACKS FOCUSED ON THE GLOBAL ECONOMY, EM ECONOMIES, AND SUSTAINABLE FINANCE AND GROWTH. WE ALSO CONTINUED TO OFFER MEMBERS A WIDE RANGE OF REGIONAL EVENTS, SUCH AS THE WASHINGTON POLICY SUMMIT WHICH FEATURED SENIOR POLICYMAKERS, FINANCIAL INDUSTRY LEADERS, AND POLICY EXPERTS TAKING AN IN-DEPTH LOOK AT THE CRITICAL ISSUES FACING THE TRUMP ADMINISTRATION; OUR EUROPEAN BANKING UNION CONFERENCE, WHICH ATTRACTED KEY POLICYMAKERS FROM THE REGION AND IS NOW CONSIDERED A KEY VENUE FOR THE DIALOGUE WITH THE INDUSTRY ON THE DEVELOPMENT OF THE EBU AND THE ESTABLISHMENT OF AN EFFECTIVE EU RESOLUTION FRAMEWORK; AND OUR MENA SUMMIT, WHICH FOCUSED ON THE KEY ECONOMIC, TRADE, AND OTHER ISSUES FACING COUNTRIES IN THE MIDDLE EAST AND NORTH AFRICA. OTHER REGIONAL EVENTS INCLUDE OUR REGIONAL CRO MEETINGS AND REGIONAL ECONOMIC FORA AND A WIDE VARIETY OF SMALLER BUT EQUALLY CRITICAL MEETINGS, SEMINARS, AND COLLOQUIA.

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