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07 October 2013

年金向けの情報サイトIPE:資産運用業においてはデリバティブ市場の不透明性と規制の欠如は当たらないと主張する学術論文


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The alleged opacity and lack of regulation for derivatives trading is "largely overstated" in asset management, and asset managers should be seen as professional investors and not "naïve derivatives users", a report has claimed.


In 'The unintended consequences of banning derivatives in asset management', a 'finance-fiction' study on the ban of derivatives from the asset management industry, Alessandro Beber, professor in finance at Cass Business School in London, and Christophe Pérignon, associate professor of finance at HEC Paris, argue that fund managers should remain free to select both plain vanilla and exotic derivatives instruments that best suit the interests of their investors.

Beber and Pérignon argue that the "alleged opacity and lack of regulation" for derivatives trading is "largely overstated", as the regulator imposes transparency on final payoffs and strict risk-measurement requirements on the full spectrum of potential risks – from market to counterparty to liquidity risk.

The authors also contend that the asset manager should be considered a professional investor, as opposed to a "naïve" derivatives user. "As a result of all these factors, there is no evidence derivatives are used to implement unwarranted risky bets in asset management", they say.

Full article (IPE registration required)

Study: The unintended consequences of banning derivatives in asset management

Further reporting from IFR © Thomson Reuters



© IPE International Publishers Ltd.


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