FT op-ed on how gaming regulations and test is common behavior in many industries: banking, automotive, etc.True. http://www.ft.com/intl/cms/s/0/9e4a72a2-2f8c-11e5-91ac-a5e17d9b4cff.html …
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This might be somewhat similar to banking industries where complexity of instruments may have helped shield them from regulatory scrutiny.
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So it may be be that hedge funds did not *really* need complex derivatives for their function, but to make them less likely to be regulated.
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