Mass margin calls spark operational headache for buy-side and brokers
Market volatility sparked by the COVID-19 pandemic has resulted in a significant increase in prime brokers asking for more collateral from hedge funds.
Tag: prime brokerage
Deutsche Bank transition to cost BNP Paribas €100 million in prime brokerage restructure
BNP Paribas CEO Jean-Laurent Bonnafé says Deutsche Bank prime brokerage business transition is proceeding very swiftly, with restructuring costs expected to reach €100 million this year.
Cowen to inherit prime brokerage business of Global Prime Partners
Takeover comes just weeks after GPP said it would shutter its prime brokerage business as profit margins were contracting.
Sell-Side
Societe Generale deploys cloud trading system in prime brokerage revamp
The swap and cash prime brokerage will be combined onto a single infrastructure with Nuvo Prime, as Societe Generale targets growth of business.
Prime brokerage revenues to top $30 billion in 2020 as report shows how banks can capitalise
Data from The TRADE’s sister publication Global Custodian predicts prime brokerage revenues to soar in 2020, as banks face up to challenges in their service provision and business models.
Morgan Stanley prime brokerage business founder Portogallo to retire
The stalwart of the industry-leading prime brokerage business at Morgan Stanley will retire after serving over 30 years with the US firm.
The TRADE’s best of 2019: Sell-side
John reviews the best of The TRADE News’ coverage of the sell-side over the past 12 months.
Equities
BNP Paribas gains approval for Deutsche Bank prime brokerage and equities deal
Deutsche Bank’s transition of prime and electronic equities clients to BNP Paribas moves forward after both banks receive approval for the deal.
BNP Paribas estimates €400 million revenue gain from Deutsche Bank deal
Deutsche Bank is transitioning its prime brokerage and electronic equities clients to BNP Paribas as part of a major restructure.
Former Citi FX prime brokerage head joins blockchain settlement firm
Alex Knight spent 18 years with Citi, most recently heading up global sales and client coverage of the bank’s FX prime brokerage.