When Prime Brokers Fail The Unheeded Risk to Hedge Funds Banks and the Financial Industry 1st edition by Aikman ISBN 1576603555 978-1576603550

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ISBN 10: 1576603555
ISBN 13: 978-1576603550
Author: Aikman

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.

When Prime Brokers Fail: The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry 1st Table of contents:

• Introduction: The Role of Prime Brokers in the Financial System

  • 1.1 What is a Prime Broker?
  • 1.2 The Importance of Prime Brokers to Hedge Funds and Investment Firms
  • 1.3 A Brief History of Prime Brokerage Services
  • 1.4 The Unseen Risks of Prime Brokerage

• Understanding Prime Brokerage Services

  • 2.1 Core Services Provided by Prime Brokers
  • 2.2 Relationship Between Hedge Funds and Prime Brokers
  • 2.3 The Operational Framework of Prime Brokerage
  • 2.4 The Prime Broker’s Role in Financing, Lending, and Custody

• The Interdependency of Prime Brokers, Hedge Funds, and Banks

  • 3.1 The Symbiotic Relationship Between Hedge Funds and Prime Brokers
  • 3.2 Banks, Capital Markets, and the Role of Prime Brokers
  • 3.3 The Flow of Capital and Risk Across the Financial System
  • 3.4 How Prime Brokers Facilitate Leverage and Risk Taking

• The Hidden Risks of Prime Brokerage: A Closer Look

  • 4.1 The Risk of Counterparty Failures and Defaults
  • 4.2 Operational Risks: Technology, Personnel, and Infrastructure
  • 4.3 Market Risks: Impact of Market Events on Prime Broker Stability
  • 4.4 Risk from Complex Financial Products and Derivatives
  • 4.5 The Challenge of Managing Liquidity Risk

• Case Studies: When Prime Brokers Fail

  • 5.1 The Collapse of Lehman Brothers and Its Impact on Prime Brokerage
  • 5.2 The Failure of Bear Stearns and Its Ramifications for Hedge Funds
  • 5.3 The Role of Prime Brokers in the 2008 Financial Crisis
  • 5.4 Other Notable Prime Brokerage Failures and Lessons Learned

• The Fallout of Prime Broker Failures

  • 6.1 Immediate Consequences for Hedge Funds and Investors
  • 6.2 The Ripple Effect on the Financial Markets
  • 6.3 Regulatory Failures and the Inability to Prevent Systemic Risk
  • 6.4 The Impact on Confidence in the Financial System

• Risk Management in Prime Brokerage: What Went Wrong?

  • 7.1 Analyzing the Risk Management Frameworks of Prime Brokers
  • 7.2 The Lack of Adequate Stress Testing and Scenario Analysis
  • 7.3 Oversight and Regulation of Prime Brokerage Firms
  • 7.4 Lessons from the Failures: How Risk Management Needs to Evolve

• Regulatory Framework and Oversight of Prime Brokers

  • 8.1 The Regulatory Landscape for Prime Brokerage Services
  • 8.2 Examining the Role of the SEC and Other Financial Regulators
  • 8.3 The Effectiveness of Regulation in Preventing Failures
  • 8.4 The Need for Strengthened Oversight and New Policies
  • 8.5 Global Regulatory Differences and Their Impact on Prime Brokerage Risk

• The Future of Prime Brokerage and Hedge Fund Relationships

  • 9.1 The Changing Landscape of Prime Brokerage Post-Crisis
  • 9.2 Innovations in Prime Brokerage Services and Risk Mitigation
  • 9.3 The Role of Technology in Modern Prime Brokerage Models
  • 9.4 How Hedge Funds Can Protect Themselves from Prime Broker Risks
  • 9.5 Moving Towards a More Resilient and Transparent System

• The Path Forward: Strengthening the Prime Brokerage Ecosystem

  • 10.1 Building a More Robust Risk Management Framework
  • 10.2 Fostering Greater Transparency in the Financial System
  • 10.3 Collaborative Approaches to Reducing Systemic Risk
  • 10.4 Regulatory Reforms to Safeguard Financial Stability
  • 10.5 The Role of Investors in Holding Prime Brokers Accountable

• Conclusion: Lessons Learned and the Road to a Safer Financial Future

  • 11.1 Key Takeaways from the Failures of Prime Brokers
  • 11.2 The Need for Continuous Improvement in Risk Management
  • 11.3 Ensuring the Long-Term Stability of Prime Brokerage and Hedge Fund Relationships
  • 11.4 Preparing for the Future: Avoiding a Repeat of Past Mistakes

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