By John J. Murphy

Este handbook de ejercicios y textos de autoevaluación le ayudará a aprender las herramientas del análisis técnico que se exponen en el libro Análisis Técnico de los Mercados Financieros que es el más completo en l. a. materia. Empieza con los fundamentos de l. a. Teoría de Dow y desarrolla todas las técnicas, inclusive las más act

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Extra resources for Analisis Tecnico de Los Mercados Financieros / Technical Analysis of Financial Markets (Spanish Edition)

Example text

This can have a number of negative repercussions for the fund, including significant financial implications. As a result, the vast majority of modern hedge funds work with thirdparty administrators to independently price a fund’s holdings. Depending on P1: a/b c01 P2: c/d QC: e/f JWBK279-Scharfman Internal Risks T1: g September 25, 2008 8:56 Printer: Yet to come 25 the size of the hedge fund, as a secondary check, many funds will maintain parallel books internally and determine the prices of their fund’s holdings independently from the administrator.

This is particularly true in the case of the departures of research analysts, who often provide coverage across multiple market sectors. Employee turnover should be carefully monitored by investors for several reasons. First, in the increasingly competitive hedge fund space, it is becoming more common for teams of people to defect from one hedge fund to another as opposed to individuals. Once again, this is particularly true in the case of research analysts. This often makes sense from the future employer’s perspective, because they are inheriting a proven well-functioning unit that can often coexist in a hedge fund’s existing structure rather than hiring an individual who will need to acclimate himself to the existing organization.

There are a number of issues that a hedge fund may negotiate when entering into an ISDA agreement with counterparties. As part of the operational due diligence process, investors should take measures to understand whether a hedge fund has taken the time to thoroughly vet any ISDA agreements it has entered into and what specific terms it has negotiated for. Investors should also inquire as to the number of ISDAs a hedge fund has entered into and with which counterparties. Some of the more common points of negotiation between hedge funds and counterparties in regard to ISDA agreements include: Termination events Scope Notification procedures Key person events Reporting covenants Length of margin locks Triggers NAV triggers Supercollateralization triggers Cross-defaults Setoff Collateral: What kind of collateral is acceptable Amount of collateral Whether the agreement is bilateral (both parties provide collateral) or unilateral (only one party provides collateral) Whether rehypothecation is permitted Requirements to be held in separate custodial account Mechanisms for third-party determination of valuations if disputes between parties cannot be resolved Thresholds and laddered thresholds Minimum transfer amounts Length of cure periods Tax consideration ERISA considerations Additionally, as part of the operational due diligence process, investors should understand a hedge fund’s internal policies and procedures toward approving a new counterparty, monitoring its relationships with existing counterparties, and finally terminating a counterparty.

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