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2021-03-29

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CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>差价合约——Archegos倒闭背后的肮脏小秘密</blockquote>

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In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?<blockquote>正如彭博社指出的那样，监管机构近年来开始打击差价合约，因为他们担心衍生品对散户投资者来说过于复杂且风险太大，欧洲证券和市场管理局在2018年限制了对个人的分配并限制了杠杆。在美国，业余交易者基本上禁止差价合约...但对于“老练”的对冲基金经理来说就不是了？</blockquote> But,banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).<blockquote>但是，银行仍然青睐它们，因为与交易实际证券相比，它们无需留出那么多资本即可赚取巨额利润（2008年金融危机后严格监管的意外后果导致了这个不透明的市场）。</blockquote> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years withtotal exposure topping $50 billion. And bear in mind,this is not 'leverage' in the old-fashioned sense(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this ispurely synthetic- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.<blockquote>就Archegos而言，Hwang的交易透明度很低，但市场参与者表示，近年来他的资产已增长至50亿至100亿美元。总风险敞口超过500亿美元.记住，这不是传统意义上的“杠杆”（即银行允许你购买相对于你资本数量X倍的股票）；这是纯合成的-公司没有实际的基础资产可以依靠，但在边际基础上线性面临损失（和收益）。</blockquote> And as we noted at the beginning,this has the potential to be much more systemicas the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...<blockquote>正如我们在开头提到的，这有可能更加系统化由于Archegos的保证金评级造成的损失引发了更多的保证金评级以及大宗经纪商的更多潜在损失。认为我们夸大其词，然后解释为什么瑞士信贷的交易对手风险对冲成本在过去几天激增...</blockquote> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> Mohammed El-Erian told CNBC this morning that\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"<blockquote>穆罕默德·埃里安今天早上告诉CNBC“这似乎是一次性的……就目前而言，它看起来得到了控制。这是一件好事。”但补充说“我们不想要的是连环相撞。”</blockquote> We look forward to the Congressional hearings on this.<blockquote>我们期待国会就此举行听证会。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>差价合约——Archegos倒闭背后的肮脏小秘密</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCFDs - The Dirty Little Secret Behind The Collapse Of Archegos<blockquote>差价合约——Archegos倒闭背后的肮脏小秘密</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-03-29 21:21\n\n</h4>\n</header>\n<article>\nStop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner.<blockquote>如果你以前听过这个，请阻止我们-华尔街大宗经纪商允许对冲基金在场外和不受监管的衍生品杠杆越来越大的同时跳舞...直到出现麻烦的第一个迹象，整个纸牌屋以潜在的系统性方式崩溃.</blockquote> The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -so-called contracts-for-differences (CFDs).<blockquote>周五各家媒体股的血洗让股票交易业务的黑暗角落之一重见光明——所谓的差价合约（CFD）。</blockquote> As Bloomberg reports, much of the leverage used by Hwang’s&nbsp;Archegos Capital was provided by banks including&nbsp;Nomura and&nbsp;Credit Suisse -who have most recently admitted huge losses- asCFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings(far in excess of the 5% stakes that require regulatory reporting).<blockquote>据彭博社报道，Hwang的Archegos Capital使用的大部分杠杆是由野村证券和瑞士信贷等银行提供的——这些银行最近承认遭受了巨大损失——因为在交易所进行的差价合约允许像Hwang这样的经理人积累上市公司的股份，而不必申报他们持有的股份（远远超过需要监管报告的5%股份）。</blockquote> Crucially,as Bloomberg notes,this meansArchegos may never actually have owned most of the underlying securities - if any at all- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).<blockquote>至关重要的是，正如彭博社指出的那样，这意味着Archegos可能从未真正拥有大部分基础证券（如果有的话）-由于差价合约类似于私人安排（即场外及定制）期货合约，其中开盘价与收盘价之间的结算差额以现金结算（差价合约并无交付实物商品或证券）。</blockquote> What makes the situation worse is thatArchegos reportedly took positions in these CFDs with various prime brokers- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.<blockquote>更糟糕的是据报道，Archegos在多家主要经纪商处持有这些差价合约头寸-由于这些头寸本质上不是集中清算或汇总的，这使得主经纪商X不知道他们的客户在主经纪商Y的风险敞口...在这种情况下，这是巨大的。</blockquote> The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.<blockquote>黄禹锡获得的杠杆让他看起来像一个交易天才，因为他持有的各种头寸被抽了又抽（并得到了伽马挤压者的帮助），但现在随着赌注的崩溃，他看起来像一个鲁莽的赌博傻瓜。</blockquote> CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.<blockquote>与股票挂钩的差价合约（截至2020年6月底总市值约为2820亿美元）是定制衍生品之一，投资者可以私下交易，或在场外交易，而不是通过公共交易所。这正是2008年金融危机时放大损失的那种隐性风险。</blockquote> <img src=\"https://static.tigerbbs.com/ffab65c57ee35df93f6a6087e1136e5b\" tg-width=\"500\" tg-height=\"321\">AsBloombergnotes,regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,with the European Securities and Markets Authority in 2018&nbsp;restricting&nbsp;the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?<blockquote>正如彭博社指出的那样，监管机构近年来开始打击差价合约，因为他们担心衍生品对散户投资者来说过于复杂且风险太大，欧洲证券和市场管理局在2018年限制了对个人的分配并限制了杠杆。在美国，业余交易者基本上禁止差价合约...但对于“老练”的对冲基金经理来说就不是了？</blockquote> But,banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).<blockquote>但是，银行仍然青睐它们，因为与交易实际证券相比，它们无需留出那么多资本即可赚取巨额利润（2008年金融危机后严格监管的意外后果导致了这个不透明的市场）。</blockquote> In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years withtotal exposure topping $50 billion. And bear in mind,this is not 'leverage' in the old-fashioned sense(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this ispurely synthetic- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.<blockquote>就Archegos而言，Hwang的交易透明度很低，但市场参与者表示，近年来他的资产已增长至50亿至100亿美元。总风险敞口超过500亿美元.记住，这不是传统意义上的“杠杆”（即银行允许你购买相对于你资本数量X倍的股票）；这是纯合成的-公司没有实际的基础资产可以依靠，但在边际基础上线性面临损失（和收益）。</blockquote> And as we noted at the beginning,this has the potential to be much more systemicas the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...<blockquote>正如我们在开头提到的，这有可能更加系统化由于Archegos的保证金评级造成的损失引发了更多的保证金评级以及大宗经纪商的更多潜在损失。认为我们夸大其词，然后解释为什么瑞士信贷的交易对手风险对冲成本在过去几天激增...</blockquote> <img src=\"https://static.tigerbbs.com/28842de72b88aa4010edfcfa798fa5af\" tg-width=\"500\" tg-height=\"273\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> Mohammed El-Erian told CNBC this morning that\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"<blockquote>穆罕默德·埃里安今天早上告诉CNBC“这似乎是一次性的……就目前而言，它看起来得到了控制。这是一件好事。”但补充说“我们不想要的是连环相撞。”</blockquote> We look forward to the Congressional hearings on this.<blockquote>我们期待国会就此举行听证会。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193371328","content_text":"Stop us if you've heard this one before -Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner.\nThe bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business -so-called contracts-for-differences (CFDs).\nAs Bloomberg reports, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse -who have most recently admitted huge losses- asCFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings(far in excess of the 5% stakes that require regulatory reporting).\nCrucially,as Bloomberg notes,this meansArchegos may never actually have owned most of the underlying securities - if any at all- as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).\nWhat makes the situation worse is thatArchegos reportedly took positions in these CFDs with various prime brokers- and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.\nThe leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.\nCFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges.This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.\nAsBloombergnotes,regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are \"sophisticated\"?\nBut,banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities(driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).\nIn the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years withtotal exposure topping $50 billion. And bear in mind,this is not 'leverage' in the old-fashioned sense(i.e. banks allow you buy X-times the amount of stocks relative to your capital); this ispurely synthetic- the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.\nAnd as we noted at the beginning,this has the potential to be much more systemicas the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...\nSource: Bloomberg\nMohammed El-Erian told CNBC this morning that\"It seems to be a one-off ... for now, it looks contained. And that's a good thing.\" But added \"what we don't want is a pile-up.\"\nWe look forward to the Congressional hearings on this.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1401,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355955286"}