期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2005
出版社：European Central Bank
摘要：In recent years the hedge fund industry has expanded rapidly. Because of the important role that hedge funds play as participants in financial markets and as counterparties to financial institutions, especially banks, monitoring their activities and assessing the implications for financial stability has become increasingly relevant. In this vein, the Banking Supervision Committee (BSC) of the European System of Central Banks (ESCB), with the assistance of its Working Group on Macro-Prudential Analysis (WGMA), decided to investigate the nature and relevance of links between EU banks and (funds of) hedge funds, given the important role that banks play in hedge fund operations. Recently there has been an initiative undertaken by the Counterparty Risk Management Policy Group (CRMPG), an international industry group, to review earlier recommendations that had been made on counterparty risk management practices at the largest financial institutions. The group’s first report (CRMPG I)1 was prepared in June 1999 as the financial industry’s response to the nearcollapse of LTCM in September 1998. The motivation for an update (CRMPG II), which was finalised at the end of July 2005, was driven by the impressive proliferation of hedge funds and complex financial instruments.
