Getting real on 事実上の 投資家s

By LISA BUCKINGHAM FOR THE DAILY MAIL
Updated: 11:28 BST, 9 January 2005

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PSST. Want to buy 株 but don't want anyone to know you've got them? Then fill your boots with '事実上の' 株 through 契約s for difference (CFDs). You 支払う／賃金 only a fraction of the price to wager on price movements, 非，不，無 of that bothersome stamp 義務 to find and, best of all, no one knows you're on the 株 登録（する）.

You, too, could build up a 抱擁する 火刑／賭ける in the company of your choice. And by 選ぶing your 投資 banking partner wisely you could even be given 権利s to 投票（する） on your 非，不，無-existent 火刑／賭ける.

Sounds too good to be true? 井戸／弁護士席 it isn't. This is ありふれた practice の中で hedge 基金s, 特に in 状況／情勢s such as Philip Green's 攻撃する at 示すs & Spencer, Lord Kirkham's 企て，努力，提案 for DFS and the 戦う／戦い for Canary Wharf.

It is the new reality. Yet it has taken a bastion of the old City, the 引き継ぎ／買収 パネル盤, to look this one squarely in the 注目する，もくろむ and ask what on earth is going on.

The パネル盤 is about to 発表する 計画（する）s that will, it is hoped, change the 支配するs on 公表する／暴露するing these derivative 契約s in an 成果／努力 to make stakebuilding during or, more important, in the run-up to a 引き継ぎ／買収 企て，努力，提案 more transparent.

While those who own real 株 are 軍隊d to 宣言する 火刑／賭けるs of more than one per cent during a 引き継ぎ／買収 戦う／戦い, those who hide behind CFDs can remain 匿名の／不明の. The cloak of secrecy can 生き残る even when an 投資家 has built a 火刑／賭ける of more than 30% - the level that 誘発する／引き起こすs a 企て，努力，提案.

And while owning a CFD does not bring the 権利 to 投票（する） with the underlying 株, it is known that the 投資 banking counterparty to such 処理／取引s will often 投票（する） in line with the CFD 支えるもの／所有者's wishes.

The パネル盤, which remains one of our most 尊敬（する）・点d 財政上の regulators, is 協議するing companies, 投資 banks and hedge 基金s, and there is かなりの 勢い behind the move to 改善する transparency.

Whatever the パネル盤 decides will 適用する only in 企て，努力，提案 状況／情勢s. ますます, real 企て，努力，提案s are 存在 取って代わるd by '事実上の' ones where, at least in the 初期の 行う／開催する／段階s, the パネル盤's 当局 is いっそう少なく （疑いを）晴らす.

It is 容認できない for ordinary 株主s, for whom transparency is 決定的な, to be 奪うd of market-極度の慎重さを要する （警察などへの）密告，告訴（状）.

歴史的に, the パネル盤 can be rel ied on to come up with something sensible. But more is needed - after all, 企て，努力，提案s are 比較して few and far between. While the 財政上の Services 当局 does not 規制する hedge 基金s, it does 監督する the banks 事実上の／代理 as the CFD counterparties and its remit 含むs 確実にするing markets are not manipulated.

The use of CFDs is not going to go away. にもかかわらず the loss of its 施行 長，指導者 on Friday (does that say anything about the 扱うing of the 分裂（する）s saga or the L&G mis-selling 事例／患者?), the FSA should look out of its splendid Canary Wharf （警察，軍隊などの）本部 に向かって the 引き継ぎ／買収 パネル盤's いっそう少なく glamorous P.O. Box 226 at the 在庫／株 交流 Building and join 軍隊s on ways to stop ' 事実上の' 投資家s pulling the wool over the 注目する，もくろむs of ordinary 株主s and 管理／経営s.

MINDFUL of the fact that the 財政上の Services 当局 警告するd retailers to pre-empt their scheduled 貿易（する）ing updates if Christmas 証明するd worse than 推定する／予想するd, companies such as 示すs & Spencer, Woolworths and House of Fraser dutifully disappointed a few days earlier than they had planned.

M&S managed to turn 失望 into despair when 長，指導者 (n)役員／(a)執行力のある Stuart Rose 誓約（する）d to repeat the idea of 'みごたえのある' pre-Christmas sales this year. Though 在庫／株 was 転換d at a 20% 割引 rather than the more normal 50% that 適用するs in the January sales, the need for such 活動／戦闘 was regarded as the consequence of M&S having 倉庫／問屋s 十分な of fashion 失敗s ordered by the previous 管理／経営.

What worries 株主s is that Rose should be more 確信して that buying will soon be under his 支配（する）／統制する. That more pre-Christmas 大当りs are on the cards 示唆するs 利ざやs will be eroded and M&S is on a slippery slope.

どこかよそで, the fact that Sainsbury has not produced 人物／姿／数字s ahead of this Thursday's scheduled 告示 is 存在 解釈する／通訳するd as a 調印する that while things may be bad, they are not as desperate as some had 恐れるd.

加える or minus one per cent compa red with last year will be a result for 長，指導者 (n)役員／(a)執行力のある Justin King, whose short time in 告発（する），告訴（する）／料金 has done little to 茎・取り除く the tide of bad news from what used to be the 首相 supermarket group.

Cocking a snook at its 競争相手s, Tesco を強調するd the fact that it had probably enjoyed a sensational festive sales season by 延期するing its 貿易（する）ing 声明 by five days. At its Nissen-hut style （警察，軍隊などの）本部 in Cheshunt, Hertfordshire, schadenfreude has probably never felt so good.

? Lisa Buckingham is the editor of 財政上の Mail