Hedge Funds And Prime Brokers
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Hedge Funds And Prime Brokers
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Author : Mark Berman
language : en
Publisher:
Release Date : 2007
Hedge Funds And Prime Brokers written by Mark Berman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
Hedge Funds and Prime Brokers explores the ever-changing and dynamic hedge fund-prime broker relationship through the use of a panel comprising of some of the world's experts in investment, law and regulation.
When Prime Brokers Fail
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Author : J. S. Aikman
language : en
Publisher: John Wiley & Sons
Release Date : 2010-07-13
When Prime Brokers Fail written by J. S. Aikman and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-13 with Business & Economics categories.
An informative primer on the new landscape of leading prime brokers Before the recent financial crisis, both regulators and market participants disregarded the complex and dangerous nature of the relationship between prime brokers (the banks) and their clients (the funds). In When Prime Brokers Fail, J. S. Aikman examines the convoluted structure of this relationship, the main participants, and the impact of the near collapse of prime brokerages on the financial world. Filled with in-depth insights and expert advice, When Prime Brokers Fail takes a close look at the unheeded risks of prime finance and lays out the steps required for managers to protect their funds and bankers to protect their brokerages. Examines the challenges, trends, and risks within the prime brokerage space Discusses the structural adjustments firms will need to make to avoid similar disasters Analyzes the complex relationship between hedge funds and their brokerages and the risks that multiply in extraordinary markets Covers new ways to manage an inherently risky business and the regulations that may soon be introduced into this arena Engaging and informative, this timely book details the intricacies and interdependencies of prime brokerages and the role that these operations play in our increasingly dynamic financial system.
Business Knowledge For It In Prime Brokerage
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Author : Essvale Corporation Limited
language : en
Publisher: Essvale Corporation Limited
Release Date : 2008
Business Knowledge For It In Prime Brokerage written by Essvale Corporation Limited and has been published by Essvale Corporation Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Business Knowledge for IT in Prime Brokerage will contain topics such as the description of the prime brokerage function in investment banks; business processes in prime brokerage such as intermediation; the major players in the prime brokerage business; trends in prime brokerage such as territorial trends and the market dynamics; common IT systems used in prime brokerage; and, future of the prime brokerage industry.
Do Prime Brokers Induce Similarities In Hedge Funds Performance
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Author : Nataliya Gerasimova
language : en
Publisher:
Release Date : 2018
Do Prime Brokers Induce Similarities In Hedge Funds Performance written by Nataliya Gerasimova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Early studies show that hedge fund performance is correlated across funds. I empirically document that similarities in hedge fund returns are associated with the presence of the same prime broker. Using data on prime brokerage relationships from 2000 to 2012, I estimate that dealing with the same broker increases performance correlation across funds of around 53%. My results are robust to controlling for the standard systematic risk factors, to different performance similarity proxies, to different subsamples, and to other possible determinants of performance similarity as the hedge funds' domicile and investment style.
Hedge Funds And Their Prime Brokers
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Author : Frank Kenny
language : en
Publisher:
Release Date : 2018
Hedge Funds And Their Prime Brokers written by Frank Kenny and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Hedge funds are of interest to the Bank because of: their importance for secondary market liquidity and price discovery; the significant use of leverage by some types of hedge funds; and their interconnections with a range of counterparties. Risks from and to hedge funds are therefore relevant to the Bank's Financial Policy Committee, whose primary objective is to identify, assess, monitor and take action in relation to financial stability risks across the UK financial system.The global hedge fund industry has experienced dramatic growth since 2000, with assets under management increasing from US $250 billion to over US $3.5 trillion in 2017. Hedge funds operate a number of different strategies which dictate the markets they invest in and the leverage that they take.Hedge funds are exposed to a number of risks, including risks from using leverage and liquidity risks from investor redemptions. Hedge funds can also transmit risk to the financial system. Since the financial crisis, there have been changes which may serve to mitigate some of the risks. Hedge funds themselves have adjusted their business models, and international regulations, such as the Financial Stability Board's derivative reforms, have limited the risks that hedge funds pose to the financial system.Hedge funds' main source of financing is via banks' prime brokerage services. In the wake of the financial crisis, prime brokers have adjusted their business models, for example there has been growth in the use of synthetic prime brokerage in place of traditional cash prime brokerage.
Matching Prime Brokers And Hedge Funds
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Author : Egemen Eren
language : en
Publisher:
Release Date : 2015
Matching Prime Brokers And Hedge Funds written by Egemen Eren and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Prime brokers and hedge funds form relationships in a matching market. What are the determinants of these matches? How did they change after the financial crisis? I estimate a matching model in which part of the profits of prime brokers and hedge funds depends on variables that are defined at the level of the entire portfolio of clients that a prime broker serves. I show that prime brokers and their client hedge funds choose to have trading relationships with each other in a manner that reflects the benefits of specialization. Moreover, prime brokers preferred risky clients before the crisis, while they were averse to risky clients after the crisis. Identification follows from pairwise matching stability. I analyze the potential underlying economic mechanisms, mainly the cost advantages to a prime broker of collateral re-use between hedge fund clients. This is known as internalization. I estimate that the value of internalization for major prime brokers, such as Goldman Sachs, is around $100-200 million annually.
Hedge Funds And Prime Brokers
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Author : Benjamin Klaus
language : en
Publisher:
Release Date : 2012
Hedge Funds And Prime Brokers written by Benjamin Klaus and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Using a unique data set with information on individual hedge funds and prime brokers this paper analyses three potential determinants of hedge funds' funding risk: financial distress of prime brokers, reliance on multiple prime brokers and large investor redemptions. The paper thereby contributes to our understanding of the embeddedness of hedge funds in the financial system. Our findings show that an increase in prime brokers' distress is associated with a significant decline in fund performance. Hedge funds benefit from relying on multiple prime brokers in having significantly higher returns. Depending on the length of the restriction period, requests for large investor redemptions affect fund returns over consecutive months, indicating the investment into more illiquid assets.
Managing Hedge Fund Risk And Financing
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Author : David P. Belmont
language : en
Publisher: John Wiley & Sons
Release Date : 2011-09-13
Managing Hedge Fund Risk And Financing written by David P. Belmont and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-13 with Business & Economics categories.
The ultimate guide to dealing with hedge fund risk in a post-Great Recession world Hedge funds have been faced with a variety of new challenges as a result of the ongoing financial crisis. The simultaneous collapse of major financial institutions that were their trading counterparties and service providers, fundamental and systemic increases in market volatility and illiquidity, and unrelenting demands from investors to redeem their hedge fund investments have conspired to make the climate for hedge funds extremely uncomfortable. As a result, many funds have failed or been forced to close due to poor performance. Managing Hedge Fund Risk and Financing: Adapting to a New Era brings together the many lessons learned from the recent crisis. Advising hedge fund managers and CFOs on how to manage the risk of their investment strategies and structure relationships to best insulate their firms and investors from the failures of financial counterparties, the book looks in detail at the various methodologies for managing hedge fund market, credit, and operational risks depending on the hedge fund's investment strategy. Also covering best practice ISDA, Prime Brokerage, Fee and Margin Lock Up, and including tips for Committed Facility lending contracts, the book includes everything you need to know to learn from the events of the past to inform your future hedge fund dealings. Shows how to manage hedge fund risk through the application of financial risk modelling and measurement techniques as well as the structuring of financial relationships with investors, regulators, creditors, and trading counterparties Written by a global finance expert, David Belmont, who worked closely with hedge fund clients during the crisis and experienced first hand what works Explains how to profit from the financial crisis In the wake of the Financial Crisis there have been calls for more stringent management of hedge fund risk, and this timely book offers comprehensive guidelines for CFOs looking to ensure world-class levels of corporate governance.
The Guide To Prime Brokerage
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Author :
language : en
Publisher:
Release Date : 2006
The Guide To Prime Brokerage written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Investment banking categories.
Hedge Funds And Financial Stability
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Author : Michael R. King
language : en
Publisher:
Release Date : 2009
Hedge Funds And Financial Stability written by Michael R. King and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
We review key characteristics of the hedge fund industry, and identify conditions under which this sector can pose a threat to financial stability. Direct regulation of hedge funds that increases transparency does not appear feasible, may create a moral-hazard problem, and may reduce market liquidity. Indirect regulation by prime brokers and market discipline by creditors, counterparties, and investors have been effective in limiting the risks from the hedge fund sector. To reduce systemic risks, more regulation of prime brokers is warranted to avoid competitive dynamics from undermining counterparty risk management practices.