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Great color And when you see GS or MS as top holders of a stock, this is often the source Wld add to your reasons to use TRS: minimize reporting requirements across thresholds like 5, 10% depending on jurisdictions
Yep, although “depending on jurisdiction” does a lot of work here. I’m not an expert but my understanding is that a US based fund would still have to report even if using TRS. It sounds like Archegos may have avoided this requirement though!
In certain countries in Asia at least, TRS puts the onus on brokers to report crossings (both ways) across the big thresholds And the bigger the TRS position, the more relevant this and info leakage become, leverage perhaps was the cherry on top There’s a lot to this for sure
Indeed Not an expert in all mkts but the TRS was a very useful (and lucrative) instrument If you think the ROA hurdle to offer this prod was 200 bps for some, u can see that x the balances is a big number... Leverage, reporting, anonymity, net settlement... watch that last one
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