草案初稿规定了例外情况，允许银行保留做市活动，以便帮助客户对冲头寸风险，以及维持市场流动性。
The original rule made exceptions that allowed Banks to keep their market-making activities in order to help their clients hedge their positions and maintain liquidity in the markets.
用于开发方法的对冲基金可采用大量借贷资金，因此信贷紧缩将导致流动性干涸。
Hedge funds that exploit the approach can use a lot of borrowed money, so a squeeze on credit will cause the liquidity to dry up.
举例而言，控制流动性，对于对冲基金而言很有意义，但是对于私募基金则意义不大；控制杠杆率则恰好相反，对于私募的管理很有效，而对于对冲基金则效果不彰。
Controls on liquidity make much more sense for hedge funds than they do for private equity, for instance; the reverse could be argued for leverage limits.
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