[In view of complex to developing fund strategy, run opaque, should controlling systematization venture effectively while the distinctive contribution that withholds its to be stabilized to finance, what must advance orgnaization of guild, outside auditor, grade and combined-type actively to participate pair of strong fund industries to pouring fund is multivariate processing, realize all sorts of elements to be promoted each other, improve processing of pair of strong fund risk and money market to answer percussive jointly dovish sex]

Perspective of stable to bringing into finance to fund research and go up to erupt of crisis of century end banking ceaselessly same situation. The is regarded as to cause the crisis by Asian country to pouring fund culprit that although be with ” of fund of quanta of Suo Luosi “ ,represents, but research of a case of a physically strong patient running a high fever or suffering from such disorders as stasis of blood does not support this one thesis. Finance stabilizes the research of forum to think, cannot be opposite to pouring fund the influence of market integrality reachs determinism conclusion.

The company of management of long-term sth used to one's own advantage that was close to closing down 1998 highlighted the disastrous influence that stable to money market to pouring fund likelihood brings again, but to how be on guard each country is right the menace that stabilizes to finance to fund does not have consensus. The international organization that is a delegate with Basel committee emphasizes restraining pair of strong fund through market discipline, and do not suggest to be superintended directly. After 10 years today, below the setting of flying to developing fund industry development, be necessary to analyse afore-mentioned conclusion.

To developing the newest development of fund

(One) dimensions grows strong

2000~2005 year, main money market keeps the whole world for a long time level of low interest rate, liquidity is excess bring about dimensions of pair of strong fund assets to grow substantially, had exceeded 10 thousand to developing fund management measure at present, asset dimensions approachs 3 trillion dollar. Dimensions expands accompany global dilate, the growth rate that is in Asia and Europe to pouring fund assets total is apparently rapid at the United States, the influence quantity class that this kind of change makes pair of strong fund stable to finance and limits expand significantly.

(2) market impact rises

According to statistic, nearly 40% what unlimited use lever and the dominant position that change strategy neatly make to trading to fund whole the quantity already took new York stock exchange, individual when the dot trades to pouring fund one day the quantity takes exchange round-the-clock trade 5% of the quantity. Attendant outside derive taste the market, also occupy dominant position to pouring fund. 2005, bank of main to developing fund to be investment created income of 25.8 billion dollar, already occupied 25% what project a gross earnings, both formed close together interest community through settle accounts of investment, financing, representative and outspread service.
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