Tuesday, 21 October 2014
Last updated 19 min ago
Feb 27 2007 | 5:13pm ET
A top U.S. Treasury official today said the department’s opposition to hedge fund regulation was “not an endorsement of the status quo.”
Speaking to financial industry professionals, Robert Steel, undersecretary for domestic finance, characterized the principles and guidelines for hedge funds unveiled last week as a call for greater vigilance, and not, as some might have it, blissful ignorance.
“Instead, they represent a uniform view from the Treasury Department and the group of key independent regulators that heightened vigilance is necessary and desired to address market developments,” he said. He reiterated that Treasury thinks that new regulations are unnecessary, but acknowledged criticism calling the guidelines overly vague and unenforceable. The problems associated with hedge funds are “complex,” he said, “and unfortunately will not be solved with a one-time regulatory fix.”
“We believe that the collective decisions of self-interested and informed counterparties, reviewed by regulators, provide the very best protection against systemic risk,” he said. “In fact, if the group believed that our regulators needed more authority to address these issues, [Treasury] Secretary [Henry] Paulson would have led the charge in asking for it.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...