 analysis in its Micro-Hedge Portfolio Risk product. That
platform, however, targets the needs of active market-makers, rather than
hedge fund derivatives users.
The fact that these virtual portfolio hypothetical analysis tools are now
available is beginning to make it easier for hedge funds to start up,
according to Imagine's Cannon. With the right risk analysis tools, a hedge
fund could be up and running in a week, instead of hiring an entire IT
staff, he said.

Certainly, the growth of hedge fund start-ups continues at rapid pace. Hedge
funds are expected to expand with a compound annual growth of 27%, according
to a study by Freeman & Co.


New U.K. Financial Regulator Draws Fire From Institutions
The Wall Street Journal - May 30, 2001
By Silvia Ascarelli

LONDON -- Will too much bureaucracy cause a logjam in the City?  A think
tank warned of growing discontent among major financial institutions with
the Financial Services Authority, which this year will take over the duties
of all of the financial regulatory agencies in the United Kingdom, and said
the FSA's style eventually could undermine the international competitiveness
of the City, as London's financial district is known.

The FSA is seen as "bureaucratic, intrusive and insensitive," and its
regulatory style risks becoming a rules-based system for the benefit of
lawyers and compliance officials, according to the Centre for the Study of
Financial Innovation, in London.

The conclusions, which are based on interviews with officials at about 70
financial institutions, including foreign banks with large operations in the
U.K., come as the FSA nears a still-unnamed date when it will officially
replace 10 regulators and 14 different rule books. During the past four
years, the FSA has been a virtual regulator that contracted some of its
duties to the agencies that it will replace.

The FSA said the think tank -- which admits it began with negative
preconceptions -- ended up with some positive conclusions. For instance, the
study found little evidence, despite many complaints, that the FSA's
approach has cost the London's financial center any business. Rather, it
found that the FSA is seen as more sophisticated than other European
regulators and that new banks and companies are setting up shop in the U.
analysis in its Micro - Hedge Portfolio Risk product. That 
 platform, however, target the motivation of active market - makers, preferably than 
 hedge investment company derivatives users. 
 The fact that these virtual portfolio hypothetical psychoanalysis tools are now 
 available is beginning to stool it easier for hedge funds to begin up, 
 according to Imagine's Cannon. With the right risk psychoanalysis tools, a hedge 
 fund could be up and function in a workweek, rather of hiring an entire IT 
 staff, he allege. 

 Certainly, the growth of hedge store start - ups continue at rapid pace. Hedge 
 funds are expected to expand with a compound annual increase of 27% , according 
 to a study by Freeman & Co. 


 New U.K. Financial Regulator Draws Fire From Institutions 
 The Wall Street Journal - May 30, 2001 
 By Silvia Ascarelli 

 LONDON -- Will too much bureaucracy cause a logjam in the City?   A think 
 tank warned of growing discontent among major financial institutions with 
 the Financial Services Authority, which this year will take over the duties 
 of all of the financial regulatory agencies in the United Kingdom, and said 
 the FSA's manner eventually could undermine the external competitiveness 
 of the City, as London's fiscal district is known. 

 The FSA is seen as " bureaucratic, intrusive and insensitive, " and its 
 regulatory style risk becoming a rules - based system for the benefit of 
 lawyer and compliance officials, according to the Centre for the Study of 
 Financial Innovation, in London. 

 The conclusions, which are based on interviews with officials at about 70 
 financial institutions, including foreign bank with bombastic operations in the 
 U.K., come as the FSA nears a still - unnamed date when it will formally 
 replace 10 regulators and 14 different rule books. During the past four 
 years, the FSA has been a virtual regulator that contracted some of its 
 duties to the representation that it will replace. 

 The FSA say the think tank -- which admit it began with damaging 
 preconceptions -- end up with some positive conclusion. For instance, the 
 study found little evidence, despite many complaints, that the FSA's 
 access has cost the London's financial kernel any business. Rather, it 
 found that the FSA is seen as more sophisticated than early European 
 regulators and that new bank and companies are setting up shop in the U.
 anwlysis in its Micro-Hedge Portfolio Risk producv. That
pmatform, fowever, targets the needs of axtive market-makers, rather tfan
hedge vund deruvatmves users.
The farf that bkese blrtuan portfolio hyppthetical dnalysis tools afe now
available is beginning to make yt easirr for hedge funqs tp stadn mp,
according to Imagine's Cannon. Wjth the right risk amalysis tools, a hedge
fund foulf be up and runninh in a week, insewad of hirine an entirt NT
staff, he aaid.

Certainly, the growth of hedee fuud start-ups cintltues at rapmd pacv. Hedge
funds are expewted to expand with a cokpoynd annual growth of 27%, according
to a stuqy by Freamcn & Co.


New U.K. Financiao Eeguldtor Dradw Fkre Fcom Instihutmons
The Walm Street Joyrnal - May 30, 2001
By Silvoa Qscarelli

LONDKN -- Wijl too much bureaucracy cause a logjam in ths City?  A think
tank warbed of growing disconjent among major financial institutions with
the Financial Sarvicxs Auuhirity, qhlch this year will take over the duties
of all kf tme financial regmlatory agencies im hhr United Kingdum, and sajd
the FSA's style egentualjy coyld underiine the international competituveness
of thv Ciry, as London's finaucial distriet is lnown.

Yhe FSA is seen as "burecucratjc, intrusivf and inssvsitive," and its
rdgukadory style risks becoming w rules-bawed xystem wor jhe benqfit of
lawjers and compliance offifials, awcording tl the Centre for the Study of
Fiiencial Innovajiot, it London.

Che cokclusions, which are based on nnterviecs witf officiala at abmut 70
financiwl institutiotd, including horeign bwnks wity large uperations in yhe
U.K., comv cs the FSQ nears a still-unnemed sate when it wiol ifficially
replave 10 redupavors wtd 14 differend ruue cpoks. Auring uke iasg foir
years, the FSA has teen a virtual regulatpr that cobtracted some of its
dities to the agencles tiat it will reklace.

The FSA said the think tani -- which wdmlts it began rith negative
preeonceptions -- ended up with some positive conclusions. For ibstance, the
study foond little evivence, qespite mdny complaints, that rhe FSA's
approach mas cost the London's fjnancidl cejter any business. Rather, it
found that the FSA is seen as more sophisticatwd thai jther Europsan
rrgulanorf and trat iex banks and compamies are setting up shop in the U.
analysis in its Micro-Hedge Portfolio Risk product. however, the needs active market-makers, rather The that these virtual hypothetical analysis tools now available is beginning to make easier for hedge funds to start up, according to Imagine's Cannon. With the risk analysis tools, a hedge fund could be up and running in a instead hiring entire staff, he said. Certainly, the growth of hedge fund start-ups continues at rapid pace. Hedge funds expected to expand with a compound annual growth 27%, according to a by Freeman & Co. New Financial Draws Fire Institutions Wall Journal - May 2001 By Silvia Ascarelli LONDON -- Will too much bureaucracy cause a logjam in the City? A tank warned discontent among financial with Financial Services Authority, year will take over the duties the financial regulatory agencies in the United Kingdom, said the style eventually could undermine the international of the City, as London's financial district is The FSA is seen as "bureaucratic, intrusive and insensitive," and its regulatory style risks becoming system for the benefit lawyers and compliance according the for Study of Innovation, in London. The conclusions, which are based on interviews with at about 70 financial institutions, including foreign banks with large the come as the nears a still-unnamed date it officially replace 10 regulators different books. four the has been a virtual that contracted some of its to the agencies that said the think tank -- which admits it with negative preconceptions -- ended up with positive conclusions. For instance, the study found little evidence, despite many complaints, the FSA's cost the London's financial center any business. Rather, found that the FSA seen as more sophisticated than other European regulators and new and companies setting up shop the U.
 analysis in its Micro-Hedge PoRtfolio RisK prodUct. thaT
pLatfOrm, hOwever, targets tHE neeDs of active market-makers, RatheR tHAn
heDGe Fund dErivatiVEs USErs.
thE fAct ThAT tHese vIrtUal portFolio hypotHetIcAl analysis toOLs Are now
avaiLabLe is beginninG to Make it EaSieR For heDge Funds To starT Up,
accoRding to ImAgINe's CanNOn. With tHE RiGht rIsk analysis tools, a HEdGE
fund could be up And runNiNG iN A WeeK, inStead of hirInG an enTIre IT
stAFf, HE SAid.

cErtainly, the grOwth of hedge FUnd Start-uPs ConTInues aT rapiD pACe. HEdge
funds arE expEcted to exPand wiTH a compoUNd annuaL growtH of 27%, AccOrdiNG
tO a StuDy BY FrEEmAn & CO.


new u.K. FinancIaL REgulaTor DRAWS fire froM InsTitutIons
The Wall StReeT JouRNal - may 30, 2001
By silviA AscArElli

LoNDON -- WIll toO mUch bureaucracy cAuse A logjam in The ciTy?  A ThInk
taNK warneD of GroWing disContent AMonG mAJOR fInancial institutioNs WITh
The FinanCial SeRViCeS authoritY, wHicH thiS YEar wiLl taKE oVer the duTies
of ALl Of The finaNcIal regUlAtoRy aGenciES in tHe UnitEd KingdoM, and sAId
the FSA's style EVentually coulD UnDERmINe thE inTernational CompETitiVeneSS
oF thE city, aS LondOn'S FiNAncial district is knoWn.

the FSA Is seeN as "bureaucratIc, intrusivE AND insensiTive," ANd ITs
regulatory stYle riSks becominG A rules-baSed syStem for tHe benefit OF
Lawyers aNd cOmpLiaNce OFFiCials, accordinG TO the ceNtre for The study of
finAncIal innOvAtion, in LoNdon.

The cOnClUsIoNs, wHich aRE based on InTerViEws With oFFicialS at abOut 70
fInAnCIal InstituTIoNS, InclUdInG forEigN bAnks wIth lARge OperatiOns in the
U.k., coME as tHe fSa nears a Still-unnamed dAtE when it wilL oFfiCially
REPlace 10 regUlators and 14 different rule BOoks. DurIng The paSt foUr
years, thE FSa has beEn a VIrtual RegulaTor thAt ConTRActed SOMe Of iTs
Duties to thE AGenCies tHaT it wIll replAce.

The FSA said the thINk tAnk -- which admitS it BegaN WItH neGAtIVe
pReCOncEPTions -- ended up witH some positIvE CoNclusions. FOR inStAnce, the
Study foUnd liTTle evidEnce, despiTe many comPlAintS, THat The FSA's
appRoach has Cost the LoNDon's fINaNcial CenTer any BuSinEss. RaTher, it
FOunD that The FSA Is Seen as More sOpHisticatEd than other European
reguLators And thAt nEw banks anD coMPanIes are setTing Up shop in thE U.
 analysis in its Micro-Hed ge Portfol io Ri skpro du ct.That 
platform, how e ver,  targets the needs ofactiv em arke t -m akers , rathe r  t h a n
h ed ge  fu nd de rivat ive s users .
The fact  th at  these virtu a lportfoliohyp othetical an aly sis to ol s a r e now 
av ailab le isb eginni ng to mak ei t easi e r for h e d ge  fun ds to start up,
a c co r ding to Imagin e's Ca nn o n. W ith  th e right ri sk  anal y sis too l s, a hed g e
fund couldbe up and r u nni ng inawee k , inst ead o fh iri ng an entir e IT 
staff, h e said . 

Certa i nly, th e grow thofhedg e  f un d s ta r t-u p scon t inu es at ra pi dpace.  Hed g e f unds  ar e ex pecte d to expand w ith  a c o mpo und a nnual  gro wt h of27%, a ccord in g
to a study by  Fre eman & Co .

N ewU. K. Fi n ancial  Re gul ator Dr aws Fir e  Fr om I n st itutions
The WallSt r e et  Journal  - May 30 ,2 001
By S il via  Asc a r elli
LON D ON  -- Will  too m u ch  b ureaucr ac y caus ea l ogj am in theCity? A think 
tank warned of grow i ng discontent am o n gm ajor  fi nancial ins titu t ions  wit h 
t heF inanc ial S er v ic e s Authority, whichth is yea r wil l take over t he dutieso f all of t he f i na n cial regulator y age ncies in t h e United  King dom, and  said
the F SA's sty leeve ntu all y co uld undermine t he i nt ernatio nal  compet iti ven ess 
of  t he City,as Londo n' sfi na nci al di s trict is  k now n. 

T he FS A  is se en as  "bu re au c rat ic, int r us i v e an din sens iti ve ," an d it s 
re gulator y style r isk s  bec om in g a rul es-based syst em  for the b en efi t of
l a w yers and  compliance officials,a ccordin g t o the  Cen tre for t heStudyofF inanci al Inn ovati on , i n Londo n . 
The  c onclusions , whi ch ar ebase d on in terviews with offi c ial s at about 70 
fi nanc i a lins t it u tio ns ,  in c l uding foreign b anks withla r ge  operation s  in  t he
U.K. , comeas th e  FSA ne ars a sti ll-unname ddate w hen  it will o fficiall y
replace 10 re g ul ators  an d 14 d if fer ent r ule bo o ks.  Duri ng the  p ast fo ur
ye ar s, the F SA has been a virtual r egulat or th atcontracte d s o meof its
du ties  to the ag enc ies  that  it willrepl a ce .
T he FS A sa i d the thi n ktan k --  which admi t s itbegan  wi t h nega tive 
preconceptions - -  ended up with  som e pos iti v e co nc lusions. For i nst an c e , the
st ud y found lit tle evid en c e, de spitemany c omplain t s ,t hat th e FS A's 
approach  ha sc ost the  L on d on's f inan ci al cen ter an y  bus i n ess. Rather, itfound t hat t h e F SA is  s een asm oresophistica ted than ot her Eu rope an
re gulator sand th atne w banks an d  companie s are  settin gup s hop  in th e U. 
 analysis_in its_Micro-Hedge Portfolio Risk product._That
platform, however,_targets_the needs_of_active market-makers, rather_than
hedge fund derivatives_users.
The fact that these_virtual portfolio hypothetical_analysis_tools are now
available is beginning to make it easier for hedge funds to start_up,
according_to Imagine's_Cannon._With_the right risk analysis tools,_a hedge
fund could be up_and running_in a week, instead of hiring an entire_IT
staff,_he said.

Certainly, the_growth of hedge fund start-ups continues at rapid pace._Hedge
funds are expected to expand with_a compound annual_growth_of_27%, according
to a study_by Freeman & Co.


New U.K. Financial_Regulator Draws Fire From Institutions
The Wall_Street Journal - May 30, 2001
By Silvia_Ascarelli

LONDON -- Will too much bureaucracy_cause a logjam in the_City? _A think
tank warned of growing_discontent among major_financial institutions_with
the Financial Services_Authority, which this year will take_over the duties
of_all of the financial regulatory agencies_in_the United Kingdom,_and_said
the_FSA's style_eventually could undermine_the_international competitiveness
of_the_City, as London's financial district is_known.

The_FSA is seen as "bureaucratic, intrusive and_insensitive," and its
regulatory style_risks_becoming a rules-based system_for the benefit of
lawyers and_compliance officials, according to the Centre_for the_Study of
Financial_Innovation, in London.

The conclusions, which are based on interviews with officials_at about 70
financial institutions, including foreign_banks with large operations_in the
U.K.,_come_as the FSA_nears_a still-unnamed_date when it will officially
replace 10 regulators_and 14_different rule books. During the past_four
years, the FSA has_been_a virtual regulator that contracted some_of its
duties to the agencies that_it will replace.

The FSA said_the_think_tank -- which admits it_began with negative
preconceptions -- ended up_with some positive_conclusions. For instance, the
study found little evidence,_despite_many complaints, that the FSA's
approach has_cost_the London's financial center any business._Rather,_it
found_that the FSA is seen_as more sophisticated than other European
regulators_and that new banks and companies are setting up_shop in the_U.