Chinangwa ndechekuita kuti vatengi vanogona kutora huwandu hwavo hwekuchengetedza zvido zvavo, kunyange kana ikambani ichishanda.
Kuverenga:
Kamwe kamwe pavhiki, firder-dealer firms inofanira kusimbisa zvavanokweretesa kune vatengi uye kuti vatengi vane chikwereti kwavari, mune mari nemari. Kana chikwereti chakabhadharwa nevatengi chinodarika chikwereti kubva kune vatengi, iyo firimu inofanira kuvhara chikamu chayo (iyo kuverengwa inorondedzerwa nemirayiro 15c3-3) mu "Account Inoshandiswa Kwebhangi yeChinyamutaro Kubatsirwa Kwevatengi." Mari uye chekuchengetedza akaparadzaniswa imomo haagoni kushandiswa nekambani kune chero chinangwa, sekutengeserana kwekambani yake kana kufambisa mabasa ayo. Nhamba iri munhoroondo ino inogona kusvika mabhiriyoni emadhora kune imwe chete yakasimba.
Iko kuverenga kune zvigadziriswa zvigadziriswa zvine chokuita nezvigadzirwa uye kukweretesa. Ikoko kunewo hutano hunoendeswa kumapoka akasiyana-siyana edzimba, iyo inogonawo kugadzirisa kuverenga nenzira dzakaoma.
Vatsoropodzi vanotaura kuti, mune chikwereti chakakomba kana kuvharwa kwemari, vatengi vangasakwanise kusungiririra zvavanosungirwa kune vashandi vekambani-vatengesi panguva yakakodzera, kana zvachose. Somugumisiro, mumaonero avo, zviyero zviri kuiswa kunze kweRule 15c3-3 zvakanyanya kwazvo. Mukupindura kwekukundikana kweLehman Brothers uye MF Global, umo ma mabhiriyoni emadhora mumari yevashandi anenge akarasikirwa zvachose kana kuti akangodzokororwa pashure pemakore ekurwa, SEC yakasimbisa mutemo uyu.
Merrill Lynch Probe:
ICES iri kupupurira kana Bhuku reAmerica uye rutivi rwayo rweMerrill Lynch ruchishandisa nzira yakaoma yekudzora Rule 15c3-3 uye kuwedzera purogiramu, nokudaro kuisa nyaya dzevatengesa vatengesi pangozi mukugadzirisa. Iyo mhaka ndeyokuti chirongwa ichi chakamhanya pa Merrill Lynch kwemakore matatu, zvichiguma pakati pema2012. Bhizinesi reAmerica, iro rakawana Merrill Lynch muna 2009, rakatobhadhara mari inodarika $ 70 mabhiriyoni mumisha yakatangira kubva muna 2008 mvumo yechikwereti.
Chimwe chirongwa chinoshandiswa naMerrill Lynch chainzi "leveraged kutendeuka." Mariri, mashoma mashomanana akadai akakodzera vatengi vakanyengerwa kuisa mari yakawedzerwa (mune mamwe mamiriro ezvinhu kusvika kumamiriyoni emadhora) sezvikwereti zvezvikwereti zvinokosha zvakapetwa kazana kaviri. Mhedzisiro yepamusoro yakanga iri kukura kunoshamisa mune zvikwereti zvinokweretwa naMerrill Lynch, kuenzana kwakaenzana mumatare ematare emakambani kune vateereri, uye nokudaro kuderedzwa kwehukuru hwebhuku rekuona. Pane dzimwe nguva, chirongwa ichi chakasununguka zvakadarika $ 5 biliyoni mumari, kubva mune imwe nhoroondo iyo iyo ingadai yakakosha kusvika $ 20 mabhiriyoni. Kuchengetwa kwemari yekubhadhara mari (kuburikidza nekukwanisa kuendesa mari iyi kune imwe nzvimbo mukambani uye nokudaro kubvisa kudiwa kwekukwereta mari yakadai kuburikidza nezvikwereti zvebhangi kana kumakambani emari chikwereti chevanhu) chaiva madhora makumi maviri nemakumi maviri pagore.
Uyezve, Merrill Lynch akashandisa leveraged conversion scheme senzvimbo yekuchengetedza njodzi yezvikwata zvaro zvekutengesa. Kana hofisi yekutengesa yakanga yawana nzvimbo yakakura zvikuru mune chimwe chekuchengetedzwa chakanga ichida kuvhara, inogona kukanganisa zvose kana zvizhinji zvayo pamatare epamusoro akakodzera vatengi, vachishandisa zvikwereti zvavakapiwa kuti vazobhadhara. Maitiro avatengi ava vanobatsirwa kubva pakubatanidzwa mukutendeuka kusina kujeka.
Zvinyorwa: "Ndeipi Dhiyabhorosi Pamusoro peRute 15c3-3," wsj.com, April 28, 2015; "SEC Probes BofA Inopfuura Merrill Tactic," The Wall Street Journal, Kubvumbi 29, 2015.