When Prime Brokers Fail: The Unheeded Risk to Hedge Funds, Banks, and the Financ

Description: FREE SHIPPING UK WIDE When Prime Brokers Fail by J.S. 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. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description 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 spaceDiscusses the structural adjustments firms will need to make to avoid similar disastersAnalyzes the complex relationship between hedge funds and their brokerages and the risks that multiply in extraordinary marketsCovers 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. Notes A detailed look at the relationship between hedge funds and their brokerages and the risks multiplied in extraordinary markets. This relationship has been the source of unexpected risk for banks lending to highly leveraged funds. The book sales will be supported by a print campaign to financial media. Back Cover Managing New Risk in a New World "Whether you have been in the business for twenty years or are just interested in how the machine really works, Aikmans book is a must-have." --STEPHEN BURNS, Director of Electronic Equity Trading, Wellington West Capital Markets The collapse and sale of Bear Stearns in 2008 marked the beginning of a series of failures of financial institutions in what was to be the worst financial crisis since the Great Depression. Only a few months later came the bankruptcy of Lehman Brothers. Prime brokerages attached to each of these investment banks were caught in a difficult position as clients--mostly hedge funds and institutional firms--attempted to withdraw and reclaim any assets stored at the failing firms. Many were unable to do so, and while assets were held in abeyance during bankruptcy proceedings, hedge funds struggled to manage increasingly risky and overleveraged bets with less liquid capital. Before the 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. He also covers new ways to manage an inherently risky business, the structural adjustments firms will need to make to avoid similar disasters, and the inevitable regulation. Flap Managing New Risk in a New World "Whether you have been in the business for twenty years or are just interested in how the machine really works, Aikmans book is a must-have." --STEPHEN BURNS, Director of Electronic Equity Trading, Wellington West Capital Markets The collapse and sale of Bear Stearns in 2008 marked the beginning of a series of failures of financial institutions in what was to be the worst financial crisis since the Great Depression. Only a few months later came the bankruptcy of Lehman Brothers. Prime brokerages attached to each of these investment banks were caught in a difficult position as clients--mostly hedge funds and institutional firms--attempted to withdraw and reclaim any assets stored at the failing firms. Many were unable to do so, and while assets were held in abeyance during bankruptcy proceedings, hedge funds struggled to manage increasingly risky and overleveraged bets with less liquid capital. Before the 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. He also covers new ways to manage an inherently risky business, the structural adjustments firms will need to make to avoid similar disasters, and the inevitable regulation. Author Biography J. S. AIKMAN is a management consultant and lawyer advising managers and financial institutions. He also lectures on hedge funds and investment banking at the University of Toronto. Previously VP and counsel for a bulge-bracket investment bank in London, Aikman has broad international experience in alternative investments and has served as adviser to many successful entrepreneurial ventures. Aikman completed his MBA at Oxford University. He may be reached at . Table of Contents Acknowledgments ix PART I The Business Chapter 1 Extraordinary Markets 3 Chapter 2 Fundamentals of Prime Finance 27 Chapter 3 Strategy and Opportunity 41 PART II The Players Chapter 4 Hedge Funds 55 Chapter 5 Hedge Fund Managers and Investment Advisers 99 Chapter 6 Prime Brokerages 117 Chapter 7 Prime Brokerage Business Model 135 Chapter 8 Securities Lending and Financing 165 Chapter 9 Executing Brokers 185 PART III The Risks and Rewards Chapter 10 Life Cycles 199 Chapter 11 Risk Management 205 Chapter 12 Legal and Compliance Issues 213 Chapter 13 What the Future Holds 235 Appendix A Prime Broker List 255 Appendix B List of Securities Lenders 257 Appendix C Prime Broker Due Diligence Questionnaire 259 Appendix D Useful Links—Prime Finance 265 Bibliography 267 Glossary of Useful Terms 277 About the Author 281 Index 283 Long Description Praise for When Prime Brokers Fail "An essential guide to understanding why so many hedge funds failed during the 2008 crash and why so many will continue to fail in the future." Fran Description for Sales People - an inside look at the relationship between an opaque hedge fund industry and their prime brokers - analysis of the latest threat to hedge funds - the collapse of their brokerages Description for Bookstore when prime brokers failexplains the new dangers and systemic risk facing those operating in prime finance. Details ISBN1576603555 Short Title WHEN PRIME BROKERS FAIL Publisher Bloomberg Press Language English ISBN-10 1576603555 ISBN-13 9781576603550 Media Book Format Hardcover Year 2010 Imprint Bloomberg Press Subtitle The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry Place of Publication Princeton Country of Publication United States DEWEY 332.645 Series Bloomberg Author J.S. Aikman Publication Date 2010-07-20 Illustrations Illustrations Edition 1st Series Number 92 AU Release Date 2010-05-01 NZ Release Date 2010-05-01 UK Release Date 2010-07-20 Audience General US Release Date 2010-07-20 Pages 304 We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! 30 DAY RETURN POLICY No questions asked, 30 day returns! FREE DELIVERY No matter where you are in the UK, delivery is free. SECURE PAYMENT Peace of mind by paying through PayPal and eBay Buyer Protection TheNile_Item_ID:32676703;

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