Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
17/02/2010
Greece crisis raises question of systemic risk in CDS trades
Suddenly, politicians' talk of hedge funds as systemic risk concerns doesn’t sound so far-fetched. All the noise this week, before the safety net was pulled in on Tuesday in the shape of a bailout for Greece, had been about credit default swaps (CDS) spreads on sovereign debt.
The trouble started with Greece, but both Spain and Portugal got in on the act and by the middle of last week were crying foul over alleged manipulation by Brevan Howard, Paulson & Co and Moore Capital.
CDS spreads went through the roof, and showed no sign of coming down. More worryingly for the Greeks was news that both Deutsche bank and Unicredit pulled out of the repo market last week, taking another liquidity provider out of the survival equation.
Not only have hedge funds allegedly taken the attack to beleaguered eurozone countries on the issue of sovereign debt but also, as part of the same problem, politicians will always find it easier to blame hedge funds than their own fiscal policy.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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