对冲基金在秒的十字头发中

John Paulson和他的对冲基金公司保尔森＆Co.不得在第五次提交的美国委员会诉讼中被命名为Forw Goldman Sachs和其中一名员工。但监管机构详细说明了关于对冲基金巨头在制定其糟糕抵押贷款组合中的作用的细节，然后销售短暂的是一个令人不寒而栗的提醒，即对冲基金已被清楚地置于目前的SEC管理局的十字丝。

在过去的一年里，SEC董事长Mary Schapiro，执法领袖罗伯特·克庄和纽约局首席乔治·坎佩罗已明确表示他们正在仔细研究对冲基金世界。联邦检察官也是如此。

The most dramatic example so far has been the insider trading scandal that brought down the career of Raj Rajaratnam and his New York-based hedge fund advisory firm Galleon Management LP, which last fall was accused of generating more than $25 million in illicit gains. Rajaratnam faces criminal and civil charges.

少注意到,去年五月美国证交会提起民事行动n alleging that Renato Negrin, a former portfolio manager at hedge fund investment adviser Millennium Partners, L.P., and Jon-Paul Rorech, a salesman at Deutsche Bank Securities Inc., in what the regulator called the first insider trading case involving credit default swaps. The case involved the CDS of VNU N.V., which owns Nielsen Media and other media businesses.

证券委员会还发出信号，它正在研究对对冲基金的更类似类似的行动。

In fact, last week Bloomberg reported that the SEC recently launched a search to hire five experienced hedge fund hands to join its new asset management unit. The wire service reported the regulator is looking for fund managers, chief operating officers or anyone else with “direct exposure to trading and operations” for the jobs, and will pay between $198,333 and $210,232 per year. (Incidentally, Schapiro makes about $160,000 a year.)

与此同时，上周，第二届审案宣布了一项新的倡议，目标是确定大型市场参与者，收集有关其交易的信息并分析其交易活动。

监管机构建议将大型交易者识别到委员会，然后将每个交易者分配一个唯一的识别号码。大型交易员将向其经纪人提供此号码，他们需要维持每个大型交易员的交易记录，并根据要求将该信息报告给SEC。

Earlier SEC proposals seek to ban marketable flash orders, bring greater transparency to dark pools of liquidity and prohibit unfiltered access to markets.

“它将让我们迅速访问大型交易员的交易信息，以便我们更好地分析数据并调查潜在的非法交易活动，”Schapiro表示公告。“大型交易员”通常被定义为公司或个人，其交易中上市证券的交易等于或超过2000万股或2000万美元，或在任何日历月期间的2000万股或2亿美元。

None of this should come as a surprise to most people in the hedge fund community. In fact, last fall Canellos told me in an interview that hedge funds will be undergoing more scrutiny from the SEC. The widely regarded Canellos earlier in his career spent nine years as a federal prosecutor in the U.S. Attorney’s Office for the Southern District of New York, serving as chief of the major crimes unit. He had spent a lot of time working longside the SEC enforcing securities laws, focused on larger-scale white-collar crimes. For part of his tenure at the U.S. Attorney’s Office, Canellos’s boss was Khuzami.

In the interview, he stressed that given the explosive growth of hedge funds as well as private equity firms in the past 20 years, he feels the fact that many hedge funds are unregulated presents challenges, especially since they operate in manners that have some of the characteristics of a broker/dealer, essentially as intermediaries in the market. “We have seen some migration of the market from regulated entities — broker/dealers — to unregulated ones,” he said.

他解释说，如果您是对冲基金发布竞标并向各种证券提出价格，对冲基金可以以与市场制造商密切相关的方式行事。“对冲基金现在是市场流动资金的主要资金，许多经常发布出价，并以类似于经纪人/经销商的方式要求，”他补充道。“此外，电子通信网络允许市场参与者在交易中削减经纪人/经销商并直接访问其他参与者的出价和询问，其中许多是对冲基金。因此对冲基金是市场上的主要参与者和中介机构。“

他强调，注册的对冲基金受美国证券交易委员会的随机检查，如果是自制组织是经纪人经销商。他们需要维护关键书籍和记录，例如三年的信件，电子邮件，交易暗示和客户相关的记录。

Canellos还表示，他担心算法交易，黑暗池等交易规范，依赖于高度复杂的技术，缺乏透明度和确认的算法交易是SEC更好地理解的重要领域。“他补充说：”这也是内部律师和合规人员的一个非常重要的领域，“他补充道。“投资经理和经纪人/经销商的许多高级律师和合规人员，算法交易的经销商都没有对窗帘后面的内容非常了解，黑匣子里面的内容是为他们的公司产生巨额利润的内容。了解此类交易方法和方案是律师，合规官员和未经数学和计算机编程培训的其他人的严峻挑战。“

What is the remedy? Canellos said the SEC is and has been using quantitative methods of its own to help evaluate market risks and identify participants in the market who are worthy of heightened scrutiny — for example, based on the nature of their performance compared with the performance of traders pursuing comparable strategies. He added: “In addition, we have been making clear through our inspections that we expect firms to develop rigorous compliance procedures and controls around their use of quantitative trading techniques.”

对冲基金应该认为自己警告。

斯蒂芬Taub覆盖了对冲基金行业30年的贡献，是制度投资者的贡献编辑亚博赞助欧冠Absolute Return-Alpha杂志。