C
ONTENTS
Banque de France • Financial Stability Review: Special Issue on Hedge Funds • No. 10 • April 2007 3
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OREWORD
5
|A
RTICLES
Hedge funds, credit risk transfer and financial stability
R
OGER
T. COLE, G
REG
FELDBERG, D
AVID
LYNCH,
Board of Governors of the Federal Reserve System
7
The evolution and regulation of hedge funds
A
NDREW
CROCKETT,
JPMorgan Chase International
19
Regulating hedge funds
J
ÓN
DANÍELSSON
AND
J
EAN
-P
IERRE
ZIGRAND,
London School of Economics and Financial Markets Group
29
Hedge funds and financial stability
M
ARIO
DRAGHI,
Financial Stability Forum and Banca d’Italia
37
Hedge funds and systemic risk
R
OGER
FERGUSON
AND
D
AVID
LASTER,
Swiss Re
45
Hedge fund replication strategies: implications for investors and regulators
W
ILLIAM
FUNG,
London Business School
D
AVID
A. HSIEH,
Duke University
55
Hedge funds and prime broker dealers: steps towards a “best practice proposal”
P
HILIPP
M. HILDEBRAND,
Swiss National Bank
67
Transparency requirements and hedge funds
C
ALLUM
M
C
CARTHY,
UK Financial Services Authority
77
Risks and return of banking activities related to hedge funds
J
EAN
-P
IERRE
MUSTIER,
Société Générale Corporate
&
Investment Banking
A
LAIN
DUBOIS,
Lyxor Asset Management
85
Indirect supervision of hedge funds
D
ANIÈLE
NOUY,
Commission bancaire (French Banking Commission)
95
Hedge funds: what are the main issues?
105
C
HRISTIAN
NOYER,
Banque de France
Monitoring hedge funds: a financial stability perspective
L
UCAS
D. PAPADEMOS,
European Central Bank
113
The world of hedge funds: prejudice and reality –
The AMF’s contribution to the debate on alternative investment strategies
M
ICHEL
PRADA,
Autorité des Marchés financiers (French Securities Regulator)
127
Financial conditions, alternative asset management and political risks: trying to make sense of our times
R
AGHURAM
G. RAJAN,
University of Chicago
137
Hedge funds in emerging markets
W
ILLIAM
A. RYBACK,
Hong Kong Monetary Authority
143
Fund of hedge funds: origins, role and future
P
ATRICK
STEVENSON,
Atlas Capital Limited
151
Hedge funds: a central bank perspective
A
XEL
A. WEBER,
Deutsche Bundesbank
161
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IBLIOGRAPHY
169
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ÉSUMÉS
183
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UBLISHEDARTICLES
193
|S
UBSCRIPTIONFORM
197
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