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SHOULD HKMA BEAR THE LARGEST RESPONSIBILITY IN THE CASE OF THE FRAUD OF LEHMAN BROTHERS’MINIBOND? [3]

论文作者:留学生论文论文属性:报告 Report登出时间:2010-06-25编辑:lisa点击率:10082

论文字数:4100论文编号:org201006251635297307语种:中文论文 Chinese地区:中国价格:免费论文

关键词:论文代写金融论文

ir risk exposure to the Six reference entities.
The problem is that Minibonds Ltd, under the control of Lehman Brothers, may choose to invest in a higher risk instruments or CDOs because it would be very profitable if the returns from these investment is higher than 5.1% that Lehman Brothers promised you. Especially so, when they do not need to bear the risks of defaults these CDOs or any of the assets in the basket of Collateral Assets. The returns from these Collateral Assets, they take but you bear the risks of defaults from these assets.
Under the contract, once a CREDIT EVENT happens, the whole arrangement will be liquidated. The Credit Event involves:
1) If any one of the reference banks failed, it is considered as a Credit Event and the investors will have to pay Lehman Brothers for the insurance it bought via the Credit Risks Swap. Meaning, investors will lose all money invested.
2) If more than 11 companies of the 150 companies listed in the Collateral Assets failed, or a certain percentage of the CDOs or credit-linked derivatives held as Collateral Assets go into default, the whole Minibonds will be liquidated and any loss from these defaults will be born by investors (not Lehman Brothers).
But the definition of Credit Event does not includes the failing of Lehman Brothers as the Credit Risks Swap partner. Thus, at this moment, investors do no face immediate liquidation of the Minibonds and suffer immediate losses.
However, investors RISK losing a lot of money due to the fact that the value of the basket of CDOs and other credit-linked derivatives held as Collateral Assets has devalued tremendously due to the present financial crisis. The likelihood of a credit event triggered by the failing of a substantial number of companies within the list of 150 is very high at this moment.
Furthermore, as Lehman Brothers has gone into bankruptcy, it will no longer give you the 5.1% as it promised and in this financial crisis, the variable returns from the basket of CDOs and credit-linked derivatives would be nearly zero as most of them are linked to SubPrime products.

Complying with the Code of Conduct?
Minibonds are structured derivative products linked to the credit of certain specified reference entities. Minibonds were commonly sold to institutional investors or professional investors as credit-lined notes in many jurisdictions. However, it was not very common for such structured product to be sold to retail investors. In Hong Kong, minibonds were distributed as retail product from 2003. According to the HKMA, over 40,000 local investors purchased Lehman investment products, of which HK$15.7 billion were minibonds. Many of the investors are low income and elderly citizens. They put large portions of their entire savings into the latter under the impression that they were buying stable, low-risk corporate bonds. Only with the collapse of Lehman, they start to realize they had really invested in risky, complex derivatives attached to US financial giant. Those ‘investor’ who are not professional investor, got drawn into such investment mainly mis-selling by local banks. Basically, only Hong Kong and Singapore were such products sold at retail level.
According to 15.4 of the Code of Conduct for persons licensed by or registered with the SFC, financial institutions and banks must provide a written explanation to clients explaining the risks and consequences of being treated as a professional in论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。
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