Image via WikipediaThanks to the friend of the blog that alerted me to the really interesting research from Credit Suisse which analyses the impact of the short selling ban. The focus of the research is on the impact on bid-ask spreads and trading activity. Obviously I have a vested interest in the securities lending business carrying on interrupted, but the limitations the ban put on proprietary trading desks and other traders was always going to affect the buy side institutions. Credit Suisse puts some more substance to the discussion. Trade News reports here.
Another article has appeared highlighting the issues faced on performance and investor redemption from hedge funds. However, as others have pointed out, I don't recall any hedgies guaranteeing positive performance all the time. Some perspective is needed - for all the drama surrounding the worst hedge fund group performance since records began, relative to the major indices, hedge funds are outperforming. Hedge Fund performance in perspective: FT.com
IndexUniverse reports that ETFs continue to grab an ever-larger share of share trading in the US. In August it was 31% of total turnover in the US. By September that had risen to 35% and so far in October that has climbed further to 40%.
Humour
Hilarious satire that I picked up from John Wilson on how a former investment banker is coping with losing his job. Hmmm....Can I pick up any tips here?
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