英国央行审查伦敦主经纪商亚洲AI股票集中敞口

Bank of England probes Asian equity risk at prime brokers
The Bank of England is probing the rapid growth of exposure to Asian equities among investment banks operating in London, as officials seek to avoid a build-up of highly concentrated bets on a few AI-linked companies.
Many of the world’s biggest investment banks finance the Asian investments of hedge funds and other institutional clients from their UK operations.
This once-niche business is now booming thanks to soaring valuations of companies linked to the AI sector, raising the value of client holdings and encouraging them to borrow more.
The BoE’s Prudential Regulation Authority, which supervises UK banks, has launched a review of lenders’ prime brokerage operations in London to check whether they are taking on excessively concentrated exposures to Asian equities, according to people briefed on the move.
Hedge funds and other institutional investors have been rushing to pour money into companies in Asia that provide critical infrastructure to the AI semiconductor industry, such as South Korea’s SK Hynix, Taiwan’s TSMC and China’s Cambricon Technologies.
Heavy demand from investors fuelled a 466 per cent rise in shares of CXMT when the Chinese memory-chip maker floated in Shanghai on Monday, propelling its market value to briefly overtake Hong Kong-listed Tencent as China’s most valuable company.
However, these volatile stocks can also fall very quickly, posing risks to large banks if leveraged positions take losses rapidly, potentially leading to client defaults. SK Hynix’s share price fell about 15 per cent on Tuesday, wiping more than $100bn off its market value.
The gains by investment banks from financing such investments are such that the Asia region could this year overtake Europe in terms of revenues for banks including Goldman Sachs, JPMorgan Chase and Morgan Stanley, according to people familiar with the matter.
The BoE is concerned that such Asian shares are becoming an increasingly large part of the exposures built up by UK-based prime brokers. Officials at the UK central bank worry that these positions appear to be heavily concentrated in a limited number of AI-related companies.
There are also fears that prime brokers’ clients could be taking extra risks by using options to make heavily leveraged bets in Asian markets, and that some may be raising money from Asian retail investors — who could be quick to sell in a crisis — to back their trading activities, according to the people briefed on the BoE’s move.
Depending on what the BoE finds from its discussions with banks and investors, officials could write to chief risk officers at the lenders.
Alternatively, a senior regulator could make a speech if the BoE wants to send a message to the whole sector. If there are concerns about only a few banks, they are likely to deal with it through direct supervisory discussions, the people said.
When the BoE believes prime brokers are taking on excessive risks, its supervisors can increase the amount of liquid assets they are required to hold to help them survive a potential market sell-off or the collapse of a large client.
The BoE declined to comment.