The Financial Services Authority says it is "disappointed" about some hedge funds' efforts to reduce the risk of market abuse. On the regulator's low-wattage scale of concern - where "satisfied" equates to "overjoyed" in the real world - that probably means the watchdog is not just disappointed, in the manner of a parent who expected more of a favourite child, but outright dismayed. And with good reason.
Hedge funds may control a minority of the assets under management in the UK, but as the most active investors at the margin - where share prices are moved and takeover bids decided - they have an impact out of proportion to their size.
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