The Financial Services Authority (“FSA”) has published a paper which sets out the results of the FSA’s latest Hedge Fund Survey (conducted in March 2011) and the Hedge Fund as Counterparty Survey (conducted in April 2011). The key findings from the surveys were: (i) nearly all surveyed hedge funds had positive returns for the survey period; (ii) the footprint of surveyed hedge funds within markets is generally small when measured by the value of their holdings, suggesting that, in aggregate, the hedge funds surveyed do not have a major presence in most markets; (iii) leverage has not changed significantly in aggregate relative to previous surveys; (iv) hedge funds appear to have extended the term of their financing recently; and (v) counterparty credit exposures to hedge funds remain concentrated amongst a small number of banks.