Archegos Collapse Exposes an SEC Blind Spot

Bloomberg2021-04-26

No financial market is without its risks, but if there’s one thing I’ve learned in a career as a securities regulator, market chairman, corporate director and investor, it’s this: The more you know, ...

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Comments

SSVC
2021-04-27
SSVC
Yeah.. Appreciate your response and comments Thanks
- deeplearning:
  done, please like and reply~
- Acella:
  ?
- Atwosome:
  Good sharing
- Angsana:
  what's up
stormlee
2021-04-27
stormlee
Comment & like pls
Ben1978
2021-04-27
Ben1978
Where is the oversight here???
Peanutschez
2021-04-27
Peanutschez
Oh
- stormlee:
  Comment & like pls
Earthboii
2021-04-26
Earthboii
Comment and like pls
- stormlee:
  Comment & like pls
Tzuyoda24
2021-04-26
Tzuyoda24
F
- Tzuyoda24:
  F
- Tzuyoda24:
  F
- EarthboiiReplyTzuyoda24:
  F

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And with the collapse of Archegos Capital Management, greater attention is now being paid to the ability of institutional investors and money managers  to hold highly complex and risky derivative-based investments without letting anyone know — including their own investors and counterparties.\nThis can't continue. First of all, disclosure requirements shouldn’t treat certain kinds of investments differently than others. If a hedge fund or investor takes a major long position in a company, defined as greater than 5% of outstanding shares, that has to be disclosed. Why shouldn’t the same standard apply to the same investor taking a major short position?\nMore critically, greater disclosure helps markets price risk better. Financial crises and major losses often emerge from unseen and undisclosed risks, when nobody understands the size of the potential problem until it’s too late. We always hear after these explosions: “If only we had known.” Right now, the knowing isn't possible. 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And too often, investors in these strategies — including highly sophisticated investors, endowments and other funds — are being told to accept their merits on faith, as well as the risk that goes with them.\nMaybe this is fine for some investors, especially those receiving an attractive return. But there is risk in any investment, and the person who takes a large position using an inscrutable strategy is himself a source of unseen risk. A highly leveraged strategy can involve people and institutions who had no idea they were depending on the success of a complex instrument. The cascading effect, as we know from the global financial crisis, is profound. And unseen.\nI'm aware, of course, that disclosure requirements can be expensive and create complexity. They may also deprive investors of the secrecy their strategies depend on. But think of the overriding benefits: Greater disclosure brings greater transparency, which leads to healthy markets. 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Free people want to make informed decisions about how they invest their money. That’s no impingement on a free market. It’s how we get one.","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":374457150,"gmtCreate":1619478807971,"gmtModify":1704724430515,"author":{"id":"3574906731000207","authorId":"3574906731000207","authorIdStr":"3574906731000207","name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3574906731000207"},"htmlText":"Yeah.. Appreciate your response and comments Thanks&nbsp;","listText":"Yeah.. Appreciate your response and comments Thanks&nbsp;","text":"Yeah.. 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like pls","listText":"Comment &amp; like pls","text":"Comment & like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374425160","repostId":1149183354,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374418134,"gmtCreate":1619476218328,"gmtModify":1704724367080,"author":{"id":"3581742160042398","authorId":"3581742160042398","authorIdStr":"3581742160042398","name":"Ben1978","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581742160042398"},"htmlText":"Where is the oversight here???","listText":"Where is the oversight here???","text":"Where is the oversight here???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374418134","repostId":1149183354,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374544903,"gmtCreate":1619470957402,"gmtModify":1704724305361,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3566370712497974"},"htmlText":"Oh&nbsp;","listText":"Oh&nbsp;","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374544903","repostId":1149183354,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4142188,"gmtCreate":1619478307892,"gmtModify":1680785725078,"authorId":3571959390768435,"author":{"id":3571959390768435,"authorId":3571959390768435,"name":"stormlee","avatar":"https://static.tigerbbs.com/80629ef9648273c0d6465aee66dbd98a","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.10.07","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374544903,"type":1,"supId":0,"prevId":0,"content":"Comment &amp; 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