The worlds of finance and chess may seem very different. However, there are some surprising similarities between chess and business when it comes to strategic planning, decision-making and adapting to ever-changing circumstances. Chess is a game that executives, investors and intellectuals love to play because it requires strategic planning and a broad perspective to win. The most successful business leaders and investors in the financial sector are those who can anticipate market trends and take actions that advance long-term goals.

In the game played by grandmasters, one of the players often chooses to give up before checkmate, knowing that he will lose. No one is always successful in all business endeavors, and it is important to recognize sunk costs and start again. Like a chess grandmaster, it is vital to play the long game.

Freedom Holding Corp., a US-based global financial services company listed on the NASDAQ, is bringing chess to the business world by partnering with the International Chess Federation (FIDE) on its premier event, the FIDE World Rapid & Blitz Chess Championships. The world blitz chess tournament will take place on New York's renowned Wall Street at December 26-31. Just as trade moves quickly, decisions in blitz chess also need to be made quickly.

“At Freedom Holding Corp., chess is a fundamental aspect of our culture. Chess's strategic depth and accuracy requirements are exactly in line with contemporary business ideas. We are thrilled to bring the excitement of the FIDE World Rapid & Blitz Championships to New York, a city synonymous with ambition and innovation," says Timur Turlov, the CEO and founder of Freedom Holding.

Making the best choices also requires an understanding of risk. Similar to a grandmaster trying to win on a chessboard, financial visionaries maneuver through intricate markets. In chess, every move carries some risk. Is your opponent constructing a trap, or should you sacrifice a piece to obtain an advantage? When determining whether to purchase stock, invest in businesses, or take on debt to fund expansion, bankers and investors in the financial industry evaluate risk.

Participants will learn from financial innovators, Boaz Weinstein, Kenneth Rogoff and D. Sculley, as well as chess greats Magnus Carlsen, Fabiano Caruana and Viswanathan Anand how to control uncertainty, cultivate agility, and weigh the implications at the Wall Street Gambit Chess and Finance Conference, which is part of the Championships and will be held on December.

Similar to high-level financial judgements in investment trading or mergers and acquisitions, the event will be marked by extreme pressure, especially in fast-paced formats like blitz chess where decisions must be made swiftly with limited time. The capacity for decisive action, occasionally based on intuition honed over years of experience, is essential in both.

“Every chess game is a path of many small, but decisive steps to victory,” Timur Turlov says, the CEO of Freedom Holding corp.

You can learn risk management, strategic thinking, and decision-making skills through chess. These abilities can be used in any high-stakes situation where difficult judgements must be made, including the corporate world.