MSN UK News – Business leaders around the world back greater regulation in response to the global financial crisis, a survey showed on Wednesday, with support strongest for curbs on credit rating firms, hedge funds and structured finance.

Responses from more than 700 chief executives, chairmen, partners and directors across Asia, Europe and the United States were received between November 4th and 6th.

The survey, conducted by international law firm Allen & Overy, was timed ahead of this weekend’s Washington DC summit on the deepening crisis between the leaders of the Group of 20 leading world economies.

More than three-quarters of those polled agreed that more regulation of credit rating agencies was necessary, while two thirds supported greater regulation of hedge funds.

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Reuters UK – Britain’s temporary ban on short-selling financial stocks is irksome for London’s hedge funds and is another factor which could help undermine the city’s pre-eminent position in Europe as a hedge fund base.

Short-selling is a key trading strategy for hedge funds as they aim to profit regardless of whether a stock is rising or falling, but London’s curbs come as rival centres seek to attract hedge funds to bolster their financial sectors.

Switzerland, France, Luxembourg and Scandinavia have all begun to emerge as alternative options for hedge funds looking for lower tax and a higher quality of life.

The European industry could follow the U.S. model and develop in a number of regional centres, although London’s upmarket St James’s and Mayfair districts are likely to remain the heart of the industry in Europe for at least the time being.

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