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While volatility in the Equity markets has restricted the traditional fund-raising route for issuers, it has indirectly encouraged the growth of the convertible and Exchangeable markets. Hedge Funds have readily snapped up the former, what happens when they decide to sell and move on to something else? Universal Stock Futures now offer the Fund Manager a rifle shot at individual positions in the Portfolio, plus the opportunity to short without borrowing. Is this a recipe for increased volatility or a viable return-enhancing instrument?
