Pourquoi et comment contrôler les hedge funds ? (4/6) (2024)

Les principaux dirigeants de la planète se réunissent à Londres le 2 avril. Pendant une semaine, « La Tribune » explore les enjeux de ce sommet.

Qu'est-ce qu'un hedge fund ?

Par nature, il n'existe pas de définition légale. Le hedge fund est en effet construit pour se situer en dehors du champ de la réglementation. C'est donc un fonds de placement privé et organisé de façon à disposer du maximum de liberté dans sa gestion. À l'origine, les hedge funds reposaient sur un modèle de couverture (hedge), combinant des ventes à découvert de titres jugés surévalués et des positions longues sur des titres jugés sous-évalués. Aujourd'hui, ils recouvrent une très grande diversité de stratégie d'investissem*nt, jouant sur des écarts de taux d'intérêts ou de parités, pariant sur des conjonctures macroéconomiques, misant sur le capital-investissem*nt. C'est pourquoi les professionnels préfèrent parler de gestion alternative, par opposition à la gestion réglementée. Mais la logique reste la même : profiter des anomalies de marché pour doper les rendements. En outre, environ 70 % des hedge funds ont recours à l'endettement (effet de levier), dans des proportions variables, de deux à dix fois les fonds propres. L'industrie, essentiellement basée aux États-Unis et dans les centres off shore, concentrée au sommet mais fragmentée à la base ? les 100 premiers fonds mobilisent 80 % des encours ?, a connu une croissance exponentielle pour atteindre, avant la crise, un encours estimé de 1.900 milliards de dollars, contre à peine... 40 milliards en 1990.

Pourquoi les hedge fund font-ils peur ?

La chute, en 1998, du hedge fund LTCM, considéré comme le nec plus ultra de la profession, a été le catalyseur à la fois des peurs et des réflexions sur le contrôle des hedge funds et la stabilité des marchés. Ce fonds était, il est vrai, un cas extrême : géré par des scientifiques, il présentait plus de 1.000 milliards de dollars d'engagements hors bilan pour seulement 4,8 milliards de fonds propres. Du jamais vu ! La faillite d'Amaranth en 2006 ? 5 milliards de dollars envolés en moins d'une semaine ? allait encore alimenter la suspicion. Du coup, les hedge funds sont régulièrement accusés, surtout en Europe, d'amplifier, voire de déclencher, les bulles financières, de provoquer l'extrême volatilité des cours, de contribuer à l'opacité des marchés. Pour leur défense, les hedge funds estiment au contraire qu'ils amortissent les chocs en assurant la liquidité des marchés, autrement dit en se portant acquéreurs d'actifs dont plus personne ne veut (ou l'inverse), ou de risques que plus personne ne veut assumer.

Quel rôle ont-ils joué dans la crise ?

Jusqu'à la fin de l'année 2007, la thèse dominante (surtout aux États-Unis) est que les hedge funds ne sont en rien responsables de la crise et qu'ils ne portent aucun risque systémique. Mais leur rôle dans l'effondrement de certains marchés, comme celui des obligations municipales, a été progressivement mis en lumière. Et leur responsabilité supposée dans l'accélération de la faillite de la banque Bear Stearns a commencé à convaincre les autorités américaines d'une nécessaire régulation, même « light », sous la houlette de la Fed. En Europe, les hedge funds ont toujours été dans le collimateur des politiques, comme symbole « des marchés fous », et ne peuvent donc pas, à tort ou à raison, échapper à une réforme globale des marchés.

Quelles sont les pistes de réforme ?

Les propositions les plus radicales sont venues de là où personne ne les attendait, autrement dit des États-Unis. Sans attendre le G20, Timothy Geithner, secrétaire au Trésor, a dévoilé son plan de régulation financière, qui prévoit, pour la première fois, la mise sous le contrôle d'un superviseur non seulement des hedge funds, mais également des fonds d'investissem*nt et des marchés dérivés. Un virage à 180 degrés. Le plan prévoit également un renforcement des fonds propres des hedge funds pour limiter leur effet de levier, et leur enregistrement obligatoire, à partir d'un certain seuil. La France propose une approche différente : elle souhaite limiter les prêts bancaires aux hedge funds en renforçant les exigences de fonds propres des banques sur cette clientèle. Bruxelles entend, de son côté, proposer, en avril, une directive pour contraindre les fonds à davantage de transparence vis-à-vis du régulateur sur leurs activités et positions, avec à la clé une interdiction pour les investisseurs européens d'investir dans les fonds récalcitrants. Parallèlement, des discusions plus techniques sur le fonctionnement des marchés (ventes à découvert, chambre de compensation pour les dérivés) pourraient réduire leur marge de manoeuvre. Mais c'est surtout l'aversion au risque et l'argent plus rare qui risquent de sonner sinon le déclin, du moins la fin de l'âge d'or des hedge funds.

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The catastrophic failure of LTCM, managed by scientists and carrying over $1 trillion in off-balance sheet commitments with only Ince catastrophic failure of LTCM, managed by scientists and carrying over $1 trillion in off-balance sheet commitments with only $strophic failure of LTCM, managed by scientists and carrying over $1 trillion in off-balance sheet commitments with only $4.** phic failure of LTCM, managed by scientists and carrying over $1 trillion in off-balance sheet commitments with only $4.8 billion Theailure of LTCM, managed by scientists and carrying over $1 trillion in off-balance sheet commitments with only $4.8 billion inf LTCM, managed by scientists and carrying over $1 trillion in off-balance sheet commitments with only $4.8 billion in equityaged by scientists and carrying over $1 trillion in off-balance sheet commitments with only $4.8 billion in equity, by scientists and carrying over $1 trillion in off-balance sheet commitments with only $4.8 billion in equity, serveds and carrying over $1 trillion in off-balance sheet commitments with only $4.8 billion in equity, served asnd carrying over $1 trillion in off-balance sheet commitments with only $4.8 billion in equity, served as aarrying over $1 trillion in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst forrrying over $1 trillion in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concernsing over $1 trillion in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns aboutng over $1 trillion in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge1 trillion in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge fundsrillion in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds'ion in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds' impacton in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds' impact on in off-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedgeoff-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge fundsf-balance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds foralance sheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplheet commitments with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial),nts with only $4.8 billion in equity, served as a catalyst for concerns about hedge funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, hedge fund considered a pinnacley, served as a catalyst for concerns about hedge funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing the industry, and the r concerns about hedge funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market6 failure of Amaran funds' impact on market stability. Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility. These incidents fueled concerns Subsequent events, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, hedgeevents, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, and, such as the 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, and contributinge 2006 Amaranth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, and contributing toanth collapse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, and contributing to marketpse, further fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, and contributing to market opacityther fueled suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, and contributing to market opacity.

causinged suspicion, attributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, and contributing to market opacity.

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As thettributing blame to hedge funds for amplifying financial bubbles, increasing market volatility, and contributing to market opacity.

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As the financial crisis unfolded, perceptions shifted regardingancial bubbles, increasing market volatility, and contributing to market opacity.

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As the financial crisis unfolded, perceptions shifted regarding the roleial bubbles, increasing market volatility, and contributing to market opacity.

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As the financial crisis unfolded, perceptions shifted regarding the role of hedge fundsincreasing market volatility, and contributing to market opacity.

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As the financial crisis unfolded, perceptions shifted regarding the role of hedge funds. While initially, especially inancial crisis unfolded, perceptions shifted regarding the role of hedge funds. While initially abs Unitedis unfolded, perceptions shifted regarding the role of hedge funds. While initially absolvedlded, perceptions shifted regarding the role of hedge funds. While initially absolved of was perceptions shifted regarding the role of hedge funds. While initially absolved of responsibility, their involvement in market collapses hedge fundsted regarding the role of hedge funds. While initially absolved of responsibility, their involvement in market collapses, such as municipalegarding the role of hedge funds. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets,ding the role of hedge funds. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged rolee of hedge funds. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in hedge funds. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in thege funds. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration ofe funds. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bearunds. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stends. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearnds. While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed8While initially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reformsially absolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms,bsolved of responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the posed responsibility, their involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U systemic risktheir involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.Sheir involvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocatingolvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating forlvement in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensivet in market collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervisionmarket collapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, thecollapses, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital, such as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirementsuch as municipal bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, markets bond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, andbond markets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatorymarkets, and their alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of municipaltheir alleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds,lleged role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond aed role in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certaine in the acceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain thresholdacceleration of Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. in Bear Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggestsr Stearns' downfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restrictingownfall prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank prompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loansompted regulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge Stegulatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, whileatory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplatestory discussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates aussions. The article outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive reconsiderationle outlines proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for This leds proposed reforms, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced.S. authoritiess, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency, with the U.S. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potentialS. advocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictionsocating for comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European Ge comprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investorsmprehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engagingehensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with nonhensive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with non-comsive supervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with non-compliantervision, increased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with non-compliant fundsncreased capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with non-compliant funds.

capital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with non-compliant funds.

Inapital requirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with non-compliant funds.

In conclusion,uirements, and mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with non-compliant funds.

In conclusion, thend mandatory registration of hedge funds beyond a certain threshold. France suggests restricting bank loans to hedge funds, while Brussels contemplates a directive for enhanced transparency and potential restrictions on European investors engaging with non-compliant funds.

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In conclusion, this article provides a comprehensive overview of hedge funds, their historical context, and the regulatory responses proposed by different nations, offering a nuanced understanding of the challenges and debates surrounding these influential investment vehicles.

Pourquoi et comment contrôler les hedge funds ? (4/6) (2024)
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