Prime Brokers in Demand
The prime brokerage landscape changed dramatically in the wake of the collapse of Bear Sterns in March 2008 and the bankruptcy of Lehman Brothers in September of the same year. Hedge funds financed by Lehman Brothers saw $65 billion worth of their assets frozen when Lehman declared bankruptcy as part of the European bankruptcy proceedings against the firm. The situation was exacerbated by the lack of adequate asset-protection rules, such as 15c3, which is operational in the US and mandates
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