1.
자본시장법 개정안중 투자은행 대형화와 활성화를 위한 조항이 ‘프라임브로커리지(전담중개업무)’항목입니다. 프라임브로커리지는 헤지펀드를 위한 다양한 서비스를 제공하는 업무입니다. 자본시장법 개정안이 국회를 통과하면 헤지펀드가 활성화된다고 예상을 많이 합니다.
헤지펀드가 활성화하면 여러가지 감독이슈가 발생할 듯 합니다. 헤지펀드가 고위험을 전제로 운용을 하기 때문에 ?투자자가 헤지펀트의 위험정보를 항상 알 수 있도록 함이 중요할 듯 합니다. 헤지펀드의 자체 보고서로 관련 정보를 제공할 경우 공시되지 못한 비공개정보가 있을 수 있습니다. 아마도 이런 이유때문에 Reuters를 포함한 여러 기업들이 OPERA(=Open Protocol Enabling Risk Aggregation)을 만들었지 않았나 합니다.2010년 12월부터 준비를 하였습니다.
?The new protocol will help hedge fund investors aggregate and integrate their exposures, reduce the proliferation of investor-specific risk formats that hedge funds have to manage and provide regulators with a detailed technical approach, forged by practitioners, to identify systemic risk.Developed by an independent Working Group of 16 firms, including investors, prime brokers, fund administrators and hedge funds, the Open Protocol is based on a holistic approach to understanding risk and was developed because the level of transparency available to investors varies from fund to fund and from strategy to strategy.
Since intentions of the initiative were announced earlier this year, regulators and industry bodies have been kept informed and invited to observe the development and refining of the protocol including a period of public consultation that ended on 15 July, 2011. Adoption of the Protocol has been designed with no commercial agenda, and is open to all at no commercial cost.
New Hedge Fund Protocol For Risk Aggregation Is Launched중에서
2.
OPERA(Open Protocol Enabling Risk Aggregation Standards)를 찾으시면 프로토콜을 만든 이유가 있습니다. 이를 소개하기 전에? 프로토콜을 이해했으면 합니다. 흔히 프로토콜이라고 하면 전산하시는 분들 “네트웍 구조에서는 표준화된 통신규약으로서 네트웍 기능을 효율적으로 발휘하기 위한 협정, 즉, 통신을 원하는 두 개체간에 무엇을, 어떻게, 언제 통신할 것인가를 서로 약속한 규약”으로 이해를 합니다. 그렇지만 원래 의미는 전산이지 않습니다. 혹 지구 온난화 방지와 탄소배출권과 관련된 국제협약중 쿄토의정서 혹은 쿄토프로토콜 (Kyoto Protocol)이라고 들어보셨는지요? 프로토콜 본래의 의미는 외교에서 의례 또는 의정서를 나타내는 말입니다. 외교든 전산이든 혹은 아니든 프로토콜을 약속이라는 의미로 사용하면 대략 틀리지 않을 듯 합니다.
OPERA도 역시 헤지펀드 및 관련된 업계들사이의 약속입니다.
an open protocol which standardises reporting procedures for collection, collation
and conveying hedge fund risk information.
헤지펀드와 관련하여 투명성을 확보하는 방법은 여러가지가 있다고 합니다.
Below is one attempt at estimating the typical degree of transparency you might get from different investing methods; of course generalizations are hazardous, not only because OPERA is nascent, but also as this is in an industry where signing a non-disclosure agreement might sometimes get you maximum transparency from an offshore fund that isn’t required to make disclosures more often than its annual audit report (UCITS funds must fully undress, but only twice yearly).Platforms straddle the full spectrum as they come in so many shapes and sizes.
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OPERA는 헤지펀드의 투명성을 나타내는 여러가지 약속중 하나입니다.
Open Protocol Enabling Risk Aggregation (“OPERA”).- OPERA will?align the alternative investment industry with the full existing universe of financial industry protocols by working within an?appropriate context such as the FIX Protocol framework.
– OPERA will define and maintain the protocols, grades and templates that will ensure that risk and performance information from the alternative investment industry will be consistently calculated, summarised and conveyed.
– OPERA will ensure that all of its work and activities are fully independent and publicly available.
OPERA is proposed at a time when investors are seeking greater transparency; when the world’s best hedge funds are prepared to give it to attract secure long term capital and when the world’s regulators are demanding it. OPERA effectively aspires to be the supporting technical appendix behind the systematic data reporting requirements set out by global?regulators.
OPERA will form a team based on banks and IT providers that are already involved in the ever-evolving system of financial protocols, but it will also seek the involvement of major hedge funds, their investors and administrators.
위의 그림중 GRADE는 투명성의 정도를 말합니다. OPERA는 완성된 것이 아니라 시작이라고 합니다.
Grades: Under certain circumstances, like investments in illiquid markets or proprietary trade ideas, managers could feel uncomfortable providing highly granular information. We have defined different levels of “Grades” to help managers to provide less granular but consistent information without compromising the trade in the market. Grades are defined for each metric and asset class. We have defined three levels of grades. In the template Grade I (low granularity) is represented by three digits (e.g. 1.1.1), Grade II (medium granularity) by four digits (e.g. 1.1.1.1) and Grade III (high granularity) by 5 digits (e.g. 1.1.1.1.1).
Managers are expected to provide all information of Grade 1 without exception. It is then at the discretion of the Manager and Client in the relationship to establish information provided in Grade 2 and Grade 3. Managers can choose to provide different Grades of information across different sections or in the same section. For example, provide Grade 1 information for “Fund and Investor Details” and Grade 2 for “Equity Sector Exposure” and Grade 3 for “Equity Regional Exposure ”
Open Protocol Manual I(pdf) 중에서
마지막으로 OPERA와 관련된 문서를 아래를 보시거나 홈페이지를 방문하시길 바랍니다.
대략 목차만 보았는데 예전에 신한은행에서 자본시장시스템(IBMS)를 했던 생각이 나더군요. 역시나 저에게 어려운 내용입니다. 다만 누군가 필요하실 듯 하여 소개합니다.(^^)
(*)자본시장연구원에서 OPERA를 소개하는 논문을 발표했습니다.
