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Prime Brokerage
Practical Law Glossary Item 6-503-0876
(Approx. 3 pages)
Glossary
Prime Brokerage
Comprehensive financial services offered to
hedge funds
and other professional investors by
broker-dealers
. Prime brokers provide their clients with the opportunity to engage one provider for all of their trading needs, often ranging from equities and investment in indices to
derivatives
trading, including
interest rate swaps
, currency swaps,
credit default swaps
(CDS), futures, commodities, and most other types of derivatives, as well as global custodial services, securities lending, access to certain global trading platforms, and operational support. For more on prime brokerage, see
Article, Trends in Prime Brokerage
. See also,
Legal Updates, 11th Circuit Holds Prime Broker Does Not Owe Fiduciary Duty to Investor
,
Hedge Funds Lose "Give-Up" Arrangements with Prime Brokers
and
Fund Collateral Issues in the Wake of Lehman
. For information on recent US regulatory reforms affecting prime brokers, broker-dealers and hedge funds, see
Road Map to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
.