产后瑜伽,星空卫视直播,寒夜莫斯科似童话
6.0The frame structure of indirect supervision mode间接管理模式的框架结构
The United States supervision mode of hedge funds consists of two levels and three main lines. The first level is basic level, which the market participation main body(hedge funds creditors, counterparty and hedge fund investors of hedge funds) realize the control of opponent risk and the protection to investment rights though the implementation of market discipline. The second level is auxiliary level which realized risk prevention of hedge funds system and the purpose of investors’ moderate protection through the three main lines by the government financial supervision department.
The first line is that securities regulators through anti securities fraud, market entry procedures, investors' qualification restrictions, investors surveyed appeals and other direct supervision rules to protect investors. The second line is that securities and futures supervision department through the registered investment advisor or futures trading advisor’s regulatory supervision to supervise the behavior of involving hedge funds, slowly release large supervision object futures trading risk and reflect investor protection. The third line is the line to supervise system risk.
7.0 Policy Suggestions政策建议
Firstly, all intermediary should have more prudent risk management, evaluation and operation ability. Hedge fund development and financial market innovation are synchronous. Financial innovation accelerated the wide spread of the market risk and credit risk. Hedge funds create a more convenient condition for financial transactions. It helps major financial intermediary to spread risk because of lacking of liquidity and makes financial system more robustness.
Since LTCM met with the crisis, the main financial intermediaries’ risk management ability has been improved significantly. Large hedge funds’ risk management ability has also enhanced the preparation of new capital agreement and implementation also played an important role. In recent years, the main financial intermediary through the launch and packing, etc, makes their own risk gradually transferred to other agencies, which requires major financial intermediary counterparty has sound risk management, evaluation and operation ability and enough to undertake the credit risk and market risk, etc.
Secondly, regulators are more prudent supervision. Although in recent years the financial system has been improved, systemic risk has reduced, but there are still some potential factors which cause systemic risk. For example the development of financial innovation is conducive to disperse and dissolve the risk, but also can bring market about reverse excitation, causing greater risk; subprime mortgage crisis in 2008 is the result of derivatives’ excessive speculation. In addition, structured credit and other innovation product itself contains financial risks have considerable complexity, which cause the overall risk of financial institutions and financial system more complicated. Therefore, regulators need to make more prudent supervision about hedge funds.
8.0 Conclusion总结
In short, hedge funds play an important role in the financial system and have significant impact on the economy. The development of hedge fund provides liquidity for financial market reduces the low efficiency of market and also brings banking institutions and financial market about huge threat. In recently years, the development of hedge fund is very fast. Hedge fund has become the international mainstream investment tools, its trading activities’ effects on global asset prices and the influence of liquidity has risen to a decisive position.
However, although hedge fund plays an important role in the financial system and the economy, it also brings about many threats to the operation of economy, such as system risk of financial system. Therefore, measures should be taken to solve these problems. Government departments and banking institutions must pay attention to the development of hedge fund. Besides, government departments should attach importance to supervision to hedge fund and its operation.
9.0 Reference list参考文献
Aglietta, M and Rigot, S. (2008), “The regulation of hedge funds under the prism of the financial crisis”, University of Paris 10, Nanterre, Working Paper No 2008-20.
Blundell-Wignall, A (2007), “An Overview of Hedge Funds and Structured Products: Issues in Leverage and Risk”, Financial Market Trends, No 92, Vol. 2007/1, OECD.
Brunnermeier, M.K. (2009), “Deciphering the Liquidity and Credit Crunch 2007-2008”, Journal of Economic Perspectives, Vol.23, No.1.
Larosiere, J.,chair, (2009),” Report by the High-Level Group on Financial Supervision in the EU”, Brussels, 25th February.
McKinsey Global Institute (2007), The New Power Brokers: How Oil, Asia, Hedge Funds, and Private Equity are Shaping Global Capital Markets.
Mustier, J.P and Dubois (2007), “Risks and return on banking activities related to hedge funds”, Financial Stability Review, Banque de France, April.
House of Commons (2008), “Treasury Committee, Report on Financial Stability and Transparency”, 26th February, 2008.
Brunnermeier, M.K. and Pedersen, L.H (2009), “Market Liquidity, Funding Liquidity”, Review of Financial Studies, Vol.22, No 6.
Mustier, J.-P. , A. Dubois (2007), Risks and return of banking activities related to hedge funds, Banque de France, Financial Stability Review 10, April 2007, pp. 85-94.
Pastor, L. and R. Stambaugh (2003), Liquidity Risk and Expected Stock Returns, Journal of Political Economy 111, pp. 642-685.
Morrison, A. (2005), Credit derivatives, disintermediation and investment decisions. Journal of Business, 78, 621–647.
Hildebrand, Ph. (2007), Hedge funds and prime broker dealers: Steps towards a “best practice proposal”, Banque de France, Financial Stability Review 10, April 2007, pp.67-76.
Shadab, H.B (2008), “Testimony before the House Committee on Oversight and Government Reform”, November 13th.
|
