Hedge Funds, Leverage, and the Lessons of Long-Term Capital Management - Report of the President's Working Group on Financial Markets

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Department of the Treasury

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Paperback / softback

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Description

Dear Mr. President - We are pleased to transmit the report of the President's Working Group on Financial Markets on Hedge Funds, Leverage, and the Lessons of Long-Term Capital Management (LTCM). The principal policy issue arising out of the events surrounding the near collapse of LTCM is how to constrain excessive leverage. By increasing the chance that problems at one financial institution could be transmitted to other institutions, excessive leverage can increase the likelihood of a general breakdown in the functioning of financial markets. This issue is not limited to hedge funds; other financial institutions are often larger and more highly leveraged than most hedge funds. In view of our findings, the Working Group recommends a number of measures designed to constrain excessive leverage. These measures are designed to improve transparency in the system, enhance private sector risk management practices, develop more risk-sensitive approaches to capital adequacy, support financial contract...

Release date NZ

October 17th, 2015

Author

Department of the Treasury

Audience

General (US: Trade)

Pages

140

Dimensions

216x280x8

ISBN-13

9781329628342

Product ID

24585192

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