Zsolt Mihalovits

Managing USD credit + treasury fixed income portfolio Managing the EUR credit fixed income portfolio (corporates, financials) Managing the EUR sovereign fixed income portfolio (government bonds, agencies, SSAs) Managing the Japanese yen reserve portfolio Managing the on-shore Chinese yuan portfolio

Hedging the currency exposure of the international reserves; Managing and executing FX transactions; Proprietary trading in G7 currencies; Monitoring and analyzing financial market developments; Gathering market intelligence; Member of the Monitoring Working Group. A working group of the European System of Central Banks (EU CBs) responsible for monitoring global macroeconomic and financial developments.

• Monitoring, analysing and reporting on developments and trends in financial markets, with a particular emphasis on euro area sovereign debt, money markets and foreign exchange; • Co-ordinating the preparation of regular market reports by the Monitoring Working Group of the ECB, communication with other contributors in the Eurosyste. Drafting executive summaries for the MWG reports that are submitted to the ECB GovC; • Conducting the monetary policy tender operations of the Eurosystem;

• Managed and executed FX flows, transactions (spot, forward, swap, and options); • Ran proprietary positions in G10 currencies with a successful track record. My investment strategy combined broad macro thinking with behavioural finance approaches, short to medium term. • Monitored, analysed and reported on market developments, expectations, trends with a focus on fixed income, equity, FX and money markets; • Planning and execution of FX option strategies

• Complex analysis of developed and local financial market developments as well as trade recommendations and market positioning; • Prepared regular weekly, monthly reports and presented market updates at the Monetary Policy Council meetings; • Analysed information derived from market prices; • Contributed to the development of the NBH’s monthly chart pack; • Co-authored a paper on the role and effect of hedge funds on markets