世纪爆仓案的最大苦主：野村是如何给自己挖了个深坑的

华尔街见闻2021-04-05

在Bill Hwang东山再起之初，野村和其他投行一样并未很快恢复与他的往来。但随着Hwang业务规模的扩大，在巨大的诱惑面前一切都开始变了。在Bill Hwang的家族基金Archegos Capital爆仓事件中，“跑得慢”的野村成了最大的冤大头。野村近期曾表示，它因此遭遇的损失规模可能在数十亿美元。随后，其评级遭到华尔街投行纷纷下调。作为一家世界知名投行，野村肯定拥有极其成熟的风控系统...

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精彩评论

CMChai100
2021-04-06
CMChai100
根本上，输的应该是大众吧……
河里的咸鱼
2021-04-05
河里的咸鱼
写文章，能不能认真校对后再发出来，起码做到没有错别字吧
定海神洲
2021-04-05
定海神洲
呵呵呵
- Kel26:
  NotHing to say😂

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Hwang东山再起之初，野村和其他投行一样并未很快恢复与他的往来。但随着Hwang业务规模的扩大，在巨大的诱惑面前一切都开始变了。\n\n在Bill Hwang的家族基金Archegos Ca","collect":0,"end_time":0,"defaultTopTitle":"wallstreetcn.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"NMR":"野村控股"},"translate_title":"The biggest victim of the century warehouse explosion case: how did Nomura dig a deep pit for itself","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/661683b285654e8afe15b25624a59ab6","symbols_score_info":{"NMR":0.9},"content_text":"在Bill Hwang东山再起之初，野村和其他投行一样并未很快恢复与他的往来。但随着Hwang业务规模的扩大，在巨大的诱惑面前一切都开始变了。\n\n在Bill Hwang的家族基金Archegos Capital爆仓事件中，“跑得慢”的野村成了最大的冤大头。\n野村近期曾表示，它因此遭遇的损失规模可能在数十亿美元。随后，其评级遭到华尔街投行纷纷下调。作为一家世界知名投行，野村肯定拥有极其成熟的风控系统，那么它是如何一步步掉入Archegos爆仓这个大坑的？\n忍不住的诱惑\n10年前，Bill Hwang管理的基金叫Tiger Asia Management。但当时由于在数只股票上进行内幕交易而被美国证监会与香港证监会调查。\n2012年，Bill Hwang关闭了这只基金。事实上，在那时，野村就与他存在合作关系。\n在关闭Tiger Asia Management后，Bill Hwang启动了自己的家族基金Archegos Capital。路透援引知情人士称，野村和其他投行一样，一开始并未恢复与Bill Hwang的往来。\n但是，后来野村发现Bill Hwang在美国以及亚洲科技股、媒体股票上的胃口不小，这就带来很大的生意机会。\n路透援引一名前野村雇员称，当时的情况是，野村认为Bill Hwang为此前的过错支付过罚金，法律纠纷也得以解决，家族办公室是他的全新生意，于是就改变了态度。\n该人士称，野村在东京的高管花了很长时间，直到2016年才批准恢复与Bill Hwang的往来。而在那之后，Archegos Capital很快就成为野村美国业务前10大客户之一。\n低调的Bill Hwang\n\n在媒体报道中，Bill Hwang是低调且礼貌的形象。他结了婚，有子女，生活并不奢华。\n他住在纽约市郊的一处住宅，这套房子现在的价值为310万美元，和很多其他亿万富翁以及对冲基金经历相比，这种住宅堪称简谱。\n但与他生活中的低调简谱相比，他在资本市场上却是另一番形象。\n路透援引一位了解他的对冲基金投资者称，Bill Hwang在投资上“非常激进”，是愿意做出极其大胆事情的人。\n该报道援引三位知情人士称，Bill Hwang自己的家族基金只有大约100亿美元资产，但他通过杠杆交易持有的仓位超过500亿美元。\nBill Hwang通过这些交易获得了惊人的回报，同时也给合作的投行带来丰厚的利润。他于是就利用自己作为大客户的身份，要求合作投行降低对他的抵押品要求。\n面对这种能够带来丰厚利润的大客户，华尔街投行之间的竞争异常激烈。如果能拿下Bill Hwang，无疑就在挑战高盛以及摩根士丹利、成为顶级主经纪商上能获得不小的助力。\n而这就包括野村，它目前在Preqin的主经纪商排名上位于第23位。\n在决定与Bill Hwang合作后，野村迅速扩大与他的合作范围，并将这视为吸引其他美国对冲基金的一个重要策略。\n路透援引一位知情人士称，在过去四五年中，随着野村寄望于在美国市场获得更大的份额，二者的合作全面绽开。\n跑得慢、吃大亏\n在Bill Hwang爆仓之后，彭博援引知情人士透露，与Archegos相关的几家全球投资银行曾在一场匆忙安排的电话会议中聚集起来，共同讨论了如何限制他押注ViacomCBS等股票失败所带来的市场影响，以及如何有序解决出现问题的交易。\n如果它们要阻止银行遭受巨额损失，并防止市场出现连锁反应，就需要迅速联起手来。但这一努力失败了。到第二天上午，大家都开始各自为战。\n谈判结束后，一些人怀疑瑞信没有完全承诺冻结销售。高盛的竞争对手听说高盛计划出售部分头寸，表面上是为了帮助Archegos，感到很不高兴。摩根士丹利开始通过大宗交易吸引公众的注意。\n很难说是谁率先破坏了秩序，但当高盛开始“拉皮条”，向全球投资者抛售数十亿美元Archegos相关股票时，“泄洪的闸门”打开了。而野村和瑞信由于行动最慢，成为最大的冤大头。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":343082103,"gmtCreate":1617663457302,"gmtModify":1634297310958,"author":{"id":"3577327897505026","authorId":"3577327897505026","name":"CMChai100","avatar":"https://static.tigerbbs.com/b87825ca6f540c3da0cd40e2b277a88d","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3577327897505026","authorIdStr":"3577327897505026"},"htmlText":"根本上，输的应该是大众吧……","listText":"根本上，输的应该是大众吧……","text":"根本上，输的应该是大众吧……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/343082103","repostId":1163282249,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":349585809,"gmtCreate":1617626047001,"gmtModify":1617626047001,"author":{"id":"3493205577706962","authorId":"3493205577706962","name":"河里的咸鱼","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3493205577706962","authorIdStr":"3493205577706962"},"htmlText":"写文章，能不能认真校对后再发出来，起码做到没有错别字吧","listText":"写文章，能不能认真校对后再发出来，起码做到没有错别字吧","text":"写文章，能不能认真校对后再发出来，起码做到没有错别字吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349585809","repostId":1163282249,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":349513589,"gmtCreate":1617624569641,"gmtModify":1634297499826,"author":{"id":"3571213095197764","authorId":"3571213095197764","name":"定海神洲","avatar":"https://static.tigerbbs.com/c9c5d658f19e2ac2f8ef65b1710d8190","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3571213095197764","authorIdStr":"3571213095197764"},"htmlText":"呵呵呵","listText":"呵呵呵","text":"呵呵呵","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349513589","repostId":1163282249,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3962658,"gmtCreate":1617624684750,"gmtModify":1635743798766,"authorId":3571003730304627,"author":{"id":3571003730304627,"idStr":"3571003730304627","authorId":3571003730304627,"name":"Kel26","avatar":"https://static.tigerbbs.com/a06b9e1fe81fc1f09149063082b90dc3","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":349513589,"type":1,"supId":0,"prevId":0,"content":"NotHing 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