Hedge Fund Monitor
Counterparties
Hedge funds rely on counterparty relationships for funding needs, securities transactions, and derivatives trading. Counterparties include banks and nonbanks such as securities dealers, asset managers, and insurance companies. These financial relationships, or interconnections, represent channels for the transmission of risk from hedge funds to counterparties, and counterparties to hedge funds, during times of market stress. The significance of this transmission channel depends on the number of counterparties, the importance of counterparties to one another, and the extent to which counterparties are interconnected with other financial firms, the financial system, and the broader economy. Examples of counterparty metrics include the number of creditors per hedge fund, degree to which hedge funds concentrate borrowing, and absolute amount of lending by the largest creditors.
Top 10 creditors of hedge funds (U.S. dollars)
Skip the ChartThe data are aggregated responses to SEC Form PF. Blank or null values are intentional to avoid potential disclosure of proprietary information of individual filers. Only responses from Qualifying Hedge Funds are included. See additional definitions and methodology on the SEC Form PF Data Sets page of the Hedge Fund Monitor.
Creditors and dollar values are based on SEC Form PF question 47 for the most recent available quarter only. Question 47 excludes creditors that represent less than 5% of net assets for a given reporting hedge fund. Values are total lending by each creditor to all Qualifying Hedge Funds. These values are understated to the extent that a creditor represents less than the question 47 reporting threshold for any given Qualifying Hedge Fund. Creditor names are anonymized in this chart but are reported in SEC Form PF question 47. Historically, the top 10 creditors include both U.S. Global Systemically Important Banks
(G-SIBs) and foreign G-SIBs.
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Suggested CitationOffice of Financial Research, "Hedge Fund Monitor," refreshed monthly and quarterly, https://www.financialresearch.gov/hedge-fund-monitor/ (accessed ).