What’s news around the hedge fund industry for Tuesday, Feb. 21, 2012:

Around the web

Proprietary trading puts banks at serious risk. (American Banker’s BankThink)

BofAML hedge fund index up 0.8% as of Feb. 15. (FINalternatives)

CME doubles stake in Dubai Mercantile Exchange. (DealBook)

SEC surrender continues with Bear Stearns bankers’ deal. (William D. Cohan on Bloomberg.com)

Attempt to increase hedge fund tax shakes Connecticut industry. (Connecticut Mirror)

E.U. adopts new rules on short selling and credit default swaps. (Finextra)

Alix Capital launches investable single-strategy UCITS indices. (FINalternatives)

Q&A: Currensee aims to revolutionize money-under-management CTA world. (FINalternatives)

Here is why the Dow passed 13,000 on Tuesday. (ZeroHedge)

As Dow passes 13,000 in nominal terms, here’s the ‘real’ picture. (ZeroHedge)

Starting your own hedge fund? Here’s the question everyone’s going to ask you. (Clusterstock)

European institutional investors to lean more on hedge funds. (Pensions & Investments)

Fed writes sweeping rules from behind closed doors. (WSJ.com)

Investor sues Paulson over Sino-Forest wager. (WSJ.com)

Morningstar reports hedge fund performance for January, asset flows through December. (Opalesque)

Fahim Imam-Sadeque in court battle with BlueBay Asset Management over ‘ÂŁ1.7 million lunch’. (Daily Mail)

Peter Thiel is Ron Paul’s billionaire sugar daddy. (The Atlantic)

Volcker rule predictions. (Economics of Contempt)

Ex-bond high-flier Alexander Rekeda is warned by the SEC. (WSJ.com)

A Hartford split, like John Paulson wants, could be hard. (Deal Journal)

Fleet-footed moves keep Cazenove Multi-Manager Diversity Tactical Fund on top. (FundWeb)

Sergei Aleynikov took the code, but was it a federal crime? (DealBook)

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