据报道，Achegos Capital，据据报道，前虎王培比尔Hwang的杠杆家庭办公室引发了少数股票的巨额损失，包括亚铁人和发现，开始上周五开始。现在，证券交易委员会，加里格兰勒和其他全球监管机构的新董事长正在考虑措施以防止类似的内爆。
股票崩溃影响了六家银行，借钱给湖港家庭办公室，包括高盛，摩根士丹利，信贷瑞士和野村。当Hwang无法达到保证金时，混乱显然开始了。银行于周五开始销售公司的股票，摇动市场并将投资者送入尾部，以弄清楚正在发生的事情。
Even as more details emerge about the bets that Archegos has been taking in recent months, one of the core risks that the family office’s investments posed to the market was the risk that a single stock would implode, according to Andrew Beer, managing member of quantitative investment firm Dynamic Beta. He explained that larger hedge funds in particular have been increasingly crowding into the same names for the last decade. The Archegos situation illustrated these risks in real time. According to Beer, there are many questions for regulators and the market, such as whether banks ramped up high loan-to-value loans via swaps against single stocks that had just doubled or tripled over a year or less, as well as ramping up the dollar amount of loans and swaps as the underlying price of the stock rose.
“这是一个监管piñata，”啤酒说。
据Eitan Hoenig在纽约精品律师事务所Kluk Farber法律合伙人的合伙人的伙伴的说法，美国监管制度的漏洞掩盖了Archego的股票。新闻报道表明，Archego使用总回报互换，以获得股票，而不是直接拥有它们。尽管它相当于借用一堆金钱并购买股票，但Archego并没有向监管机构提供透明度或遵守保证金贷款限制。
Hoenig表示，为持有证券的投资者和另一个用于通过复杂衍生物接触的投资者的投资者而言，有一个保证金规则和限制。
“I would expect people to say, ‘Wait a second, we have a set of rules on how you do margin lending when people actually own the shares, and we have a whole other world, where people don’t actually need to own the shares to make a leveraged bet on an individual stock,’” he said. “The whole purpose of margin lending rules is that we want to limit speculation and we want to limit people selling on a margin call and causing the stock to go crazy, just like Viacom did. It’s much easier for a large institution with prime brokerage connections to use synthetic margin loans than it is to do actual margin lending based on actual securities.”
Marlon Paz Mayer Brown经纪人经销商监管和合规实践，相信该问题分为两类：投资者保护和系统风险。
他说，虽然家庭办公室一般都是主要街道投资者的哭声，但他仍然值得保护。“你有一个家庭办公室，杠杆率，”他说。“这个数字是令人眼花缭乱的。我会说，秒将密切关注金融中介归入家庭办公室的保护水平问题。“
在金融危机期间在亚州工作的销售人员预计监管机构将调查监管最佳利息，或瑞典。“我说丽雅碧台将要重新审视，以确定家庭办公室适合的地方：零售或机构客户，”他说。“如果零售，这是一个家庭办公室的最佳利益，杠杆率有数十亿？”
然后有系统风险。Archego Saga说明了一个家庭办公室如何在违反某些义务时向系统注入大量的交易对手风险，使银行将钱借给家庭办公室的风险。部分是因为家庭办公室不受他们可以使用的杠杆量限制，PAZ说。
“我怀疑监管机构将审查适用于市场参与者的保证金要求，以确保账户有足够的抵押品，”PAZ说。“适用于某些家庭办公室的保证金规则可能会从系统性风险的角度审查。我们可以放进垫子，所以如果有震惊，资本市场可以吸收打击吗？“
监管机构已经采取了措施来调查发生的事情。根据这一点金融时报，证券交易委员会和美国的金融行为管理局要求银行参与Archegos提供信息。