摩根大通交易巨亏，对冲基金得利

    如果说摩根大通和其他银行的损失部分赖多德弗兰克法案，这显然也非本意，但出人意料的是这结果也不坏。比方说，监管机构没有能力一一核查银行的每项交易来确保这是不是自营交易。但随着银行需要撤离纯粹对冲业务，该法案允许对冲基金做得更灵活一些，痛击越界银行，这也是一个好事情。这才是真正的市场监管。只要损失没有严重到要拖垮一家银行就行，比方说摩根大通遭受的20亿美元损失。

    但不同于约翰•保尔森豪赌楼市和索罗斯阻击英镑升值，这种交易不可能产生巨额收益。据报道，另外一家对冲基金BlueCrest Capital也是摩根大通的交易对手，它拥有一个封闭式共同基金，任何人都可以购买。这个名为BlueCrest AllBlue的基金在伦敦证交所（London Stock Exchange）上市交易，拥有BlueCrest对冲基金同摩根大通对赌交易的约三分之一。但对于购买了该基金并期望能够在摩根大通的失误上大赚一笔的任何人，到目前为止都要失望了。自从摩根大通上周披露了交易损失的信息以来，这只封闭基金净资产仅增加了1.2%。根本就不是什么交易巨鲸。

    译者：早稻米

    If losses at JPMorgan and other banks are being created in part by Dodd-Frank, it certainly is an unintended consequence, but surprisingly it might not be a bad one. Regulators, for instance aren't going to be able to police every trade at a big bank to make sure it is not proprietary trading. But as the banks have mission creep away from pure hedging, the fact that the law allows hedge funds to be more nimble and deliver a smackdown to banks that get out of line is a good thing. True market regulation. That is as long as the losses suffered by the banks, as is the case in this instance with JPMorgan's $2 billion hit, are not big enough to cause a bank to fail.

    But unlike say John Paulson's bet against housing, or Soros against the pound, this trade is unlikely to produce a huge haul. BlueCrest Capital, another hedge fund firm that is reportedly making money taking the opposite trade of JPMorgan, has a closed end mutual fund that anyone can buy into. The fund, BlueCrest AllBlue, which is traded on the London Stock Exchange, has about a third of its funds in the BlueCrest hedge fund that has the anti-JPMorgan trade on. But anyone that has bought into the fund hoping to make a big haul on JPMorgan's misfortune has so far been mostly disappointed. The closed-end fund's net asset value is up just 1.2% since JPMorgan disclosed the news of its trading losses last week. Not a whale of a trade.