中概股“爆仓”始末：“渣男”高盛、大摩“背信弃义”？“老实人”瑞信、野村“巨亏”

华尔街见闻2021-03-30

随着更多细节披露，人们发现这场火拼手速的“世纪大逃命”原可以是更和平版本的携手脱困。随着Bill Hwang的家族基金Archegos Capital暴雷事件进一步发酵，周一在一连串大宗交易中，又有来自富国银行、摩根士丹利等的价值26.4亿美元的股票易手；瑞士信贷和野村证券都承认，它们可能会因此损失数十亿美元。华尔街各大行一边咬下巨额损失，一边继续火拼手速。周末有分析师用Archegos惯用的极高...

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赤耳三皮
2021-03-30
赤耳三皮
好吧
健安_1832
2021-03-30
健安_1832
?
- 赤耳三皮:
  [微笑]

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Capital成立之初专注亚太地区投资，却恰逢中概股优质资产上市的黄金十年。风生水起的那段日子，每年都要向交易商支付数千万美元的佣金，这令高盛股票部门十分眼馋：既然都是要交钱，怎么只交给摩根士丹利和瑞信，不交给我们高盛呢？但由于Bill有过内幕交易的黑历史，高盛合规部门起初出手阻止了这件事。那时正值2018年，高盛自己也饱受马来西亚1MDB丑闻困扰，正在努力挽回名誉。不过，高盛的坚持并没持续很久，过去两年半的某个时候，它终究是改变了对Bill的看法，不仅将其从黑名单上删除，还成为了他最大的贷款方之一，为其提供了一条数十亿美元的信贷渠道。有评论说，高盛大概是认为内幕交易事件已经过去十年，Bill受的惩罚够久了，也该从黑名单中放出来了吧……遗憾的是，华尔街日报昨天披露的信息显示，Bill再次利用了SEC的监管漏洞，使用衍生品绕过了5%必须申报的规定，控制多家公司实际股权都达到10%以上，包括德意志银行在内的全球多家券商都有融资。这让人回想起1998年LTCM臭名昭著的暴雷事件中，该基金同样巧妙地利用了华尔街对佣金的渴望，让银行相互竞争，并从每家银行获得巨额杠杆——而每家银行往往都不知道竞争对手的真实敞口。或引发对冲基金大规模去杠杆随着危机向整个华尔街弥漫，人们现在担心的是，Archegos会不会是一颗像20年前LTCM那样的原子弹，引发一场更大范围的金融大火?幸运的是，英国《金融时报》分析师认为，答案很可能是否定的。一来，LTCM规模要大得多，融入系统重要性市场也更深。二来，Archegos的损失虽然可能毁了几大行的财政年度，但自2008年以来，它们的资本状况已改善很多。但分析师表示，存在这样一种危险，即如此大规模的崩溃会促使整个投资银行业减少向对冲基金客户提供的杠杆。如果是这样，那么Archegos的被迫清算可能会像滚雪球一样，引发更广泛的对冲基金去杠杆化。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":355252950,"gmtCreate":1617078631170,"gmtModify":1704801668815,"author":{"id":"3576478109556405","authorId":"3576478109556405","name":"赤耳三皮","avatar":"https://static.tigerbbs.com/fdca6957e2e69d036093d984d22f13a3","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3576478109556405","authorIdStr":"3576478109556405"},"htmlText":"好吧","listText":"好吧","text":"好吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355252950","repostId":2123269235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":355223349,"gmtCreate":1617076988981,"gmtModify":1704801648033,"author":{"id":"3553346853986978","authorId":"3553346853986978","name":"健安_1832","avatar":"https://static.tigerbbs.com/1a310972d59b708bb82abef5c003c84e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3553346853986978","authorIdStr":"3553346853986978"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/355223349","repostId":2123269235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3918663,"gmtCreate":1617078652997,"gmtModify":1680782267667,"authorId":3576478109556405,"author":{"id":3576478109556405,"idStr":"3576478109556405","authorId":3576478109556405,"name":"赤耳三皮","avatar":"https://static.tigerbbs.com/fdca6957e2e69d036093d984d22f13a3","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":355223349,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":3,"commentSize":2,"repostSize":0,"favoriteSize":2,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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