Barclays Prime Brokerage Services - Notes

Barclays Prime Brokerage

Barclays Prime Brokerage Notes

Here are a collection of stories related to Barclays Prime Brokerage Services:
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Resource #1: (12.1.08) Barclays cut its prime brokerage staff as it finishes integrating the Lehman business it acquired.

Barclays snapped up the Lehman unit after Lehman went into bankruptcy in mid-September.

About 100 people or 30% of the staff in the prime brokerage unit were let go, according to someone familiar with the matter. The cuts were across both firms and all roles where there was overlap between Barclays and Lehman. Some of the staff found other jobs at Barclays the source said.

Although the cut seems small given the more than 50,000 that Citi recently said it was laying off, it still adds to the continued exodus of staff on Wall Street. JPMorgan Chase is planning to lay off about 3,000 people and Goldman Sachs is planning a 10% cut, according to Bloomberg. source

Resource #2: Barclays has agreed to buy Lehman Brother’s North American investment-banking group, including its prime brokerage, just days after effectively forcing Lehman into bankruptcy.

New York-based Lehman filed for Chapter 11 on Monday after talks with Barclays about buying the whole of Lehman broke down. But yesterday, it agreed to pay $250 million for Lehman’s investment banking and capital markets operations in North America, which has about 10,000 employees. Barclays also agreed to pay another $1.5 billion for Lehman’s Times Square headquarters and two data centers in New Jersey.

“The proposed acquisition of Lehman Brothers North American investment banking and capital market operations accelerates the execution of our strategy of diversification by geography and business in pursuit of profitable growth on behalf of our shareholders, in particular increasing the percentage of Barclays earnings sourced in North America,” Barclays CEO John Varley said.

Barclays will also “immediately commence discussions” about buying Lehman operations outside of the U.S., Lehman said in a statement.

“This is a wonderful outcome for a great number of our employees that will preserve and strengthen our terrific franchise,” Lehman CEO Richard Fuld said. Read more here...

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Tags: Barclays Prime Brokerage, Lehman Prime Brokerage, Barclay Prime Brokerage, Prime Broker Services from Barclays Bank, hedge fund prime brokerage firm Barclays

Prime Brokerage Industry | PowerPoint Overview

Prime Brokerage Industry

Here is a great PowerPoint on the hedge fund industry, prime brokerage services and how many parts of the industry come together as a whole.

To access this PowerPoint please click here now.

Tags: Prime Brokerage Industry, Prime Broker Industry, Prime Brokerage, Prime Brokers Industry, Hedge Fund Industry, Hedge Funds Industry, Prime Brokerage Industry Statistics

Prime Broker List - Long List of Prime Brokerage Firms

Prime Broker List

Long List of Prime Brokers

Nowdays this list seems to be changing daily - but here is a list I just came across containing the names of over 190 prime brokerage firms:

Goldman, Sachs & Co.

Fortis Clearing Americas LLC

Goldman Sachs Execution & Clearing, L.P.

Sanford C. Bernstein & Co. LLC

Morgan Stanley & Co. Incorporated

Interactive Brokers L.L.C.

Jefferies & Company, Inc.

Dundee Securities Corporation

Natixis Bleichroeder, Inc.

RBC Capital Markets Corporation

Ferris, Baker Watts, Inc.

BMO Capital Markets Corporation

Morgan Stanley & Co. Incorporated

Legent Clearing LLC

Prime Dealer Services Corp.

J.P. Morgan Securities Inc.

Prudential Bache Commodities, LLC

Barclays Capital Inc.

LPL Financial Corporation

National Bank Financial Inc.

Barclays Capital Inc.

Deutsche Bank Securities Inc.

Lek Securities Corporation

ITG, Inc.

Wedbush Morgan Securities, Inc.

Prudential Bache Securities, LLC

Penson Financial Services, Inc.

Merrill Lynch Professional Clearing Corp.

MF Global Inc.

Ingalls & Snyder L.L.C.

Banca IMI Securities Corporation

First Clearing, LLC

Neuberger Berman, L.L.C.

Ridge Clearing & Outsourcing Solutions, Inc.

Merrill Lynch Pierce Fenner & Smith Inc.

Charles Schwab & Co., Inc.

Nomura Securities International Inc.

Scotia Capital Inc.

RBC Dominion Securities Inc.

Wachovia Securities, LLC

Goldman Sachs Execution & Clearing, L.P.

Gelber Group LLC

BMO Nesbitt Burns, Inc.

American Enterprise Investment Services, Inc.

UBS Financial Services Inc.

National Financial Services LLC

Lek Securities Corporation

BNP Paribas Prime Brokerage, Inc.

Compass Professional Services, LLC

Penson Financial Services, Inc.

RBC Capital Markets Corporation

SMW Trading Company, Inc.

Barclays Capital Inc.

Greenwich Capital Markets, Inc.

Maple Securities U.S.A. Inc.

ING Financial Markets LLC

TradeStation Securities, Inc.

Southwest Securities, Inc.

Albert Fried & Company, LLC

SG Americas Securities, LLC

J.P. Morgan Clearing Corp.

Credit Suisse Securities (USA) LLC

MF Global Inc.

NYFIX Securities Corporation

Merrill Lynch Pierce Fenner & Smith Inc.

Lazard Capital Markets LLC

First Southwest Company

Bank of America Securities, LLC

Piper Jaffray & Co.

Bank of America Securities, LLC

Goldman Sachs Execution & Clearing, L.P.

Electronic Brokerage Systems, LLC.

optionsXpress, Inc.

Octeg, LLC

J.P. Morgan Clearing Corp.

Credit Suisse Securities (USA) LLC

Terra Nova Financial, LLC

USAA Investment Management Company

Tradition Asiel Securities Inc.

Janney Montgomery Scott L.L.C.

BNP Paribas Securities Corp.

E*TRADE Clearing LLC

Tradelink L.L.C.

Fortis Clearing Americas LLC

CGMI

Citigroup Global Markets Inc.

Stephens Inc.

ABN AMRO Inc.

Automated Trading Desk Financial Services, LLC

Newedge USA, LLC

MF Global Inc.

Archipelago Securities, L.L.C.

CIBC World Markets Corp.

Assent LLC

Pershing LLC

StockCross Financial Services, Inc.

UBS Securities LLC

MF Global Inc.

Newedge USA, LLC

MS Securities Services Inc.

Goldman, Sachs & Co.

Goldman Sachs Execution & Clearing, L.P.

CIBC World Markets Inc.

Vision Financial Markets LLC

Lek Securities Corporation

Penson Financial Services, Inc.

Ziv Investment Company

Merrill Lynch Professional Clearing Corp.

Nasdaq Option Services, LLC

Paloma Securities, L.L.C.

Interactive Brokers L.L.C.

Merrill Lynch Professional Clearing Corp.

Fortis Clearing Americas LLC

Robert W. Baird & Co. Incorporated

Timber Hill L.L.C.

Merrill Lynch Professional Clearing Corp.

Fortis Clearing Americas LLC

Oppenheimer & Co. Inc.

Goldman Sachs Execution & Clearing, L.P.

Deutsche Bank Securities Inc.

Merrill Lynch Professional Clearing Corp.

Barclays Capital Inc.

LiquidPoint, LLC

KDC Merger Arbitrage Fund, LP

Vision Financial Markets LLC

Tradelink L.L.C.

Merrill Lynch Professional Clearing Corp. / Merrill Lynch Futures

Morgan Stanley & Co. Incorporated

Electronic Brokerage Systems, LLC.

Newedge USA, LLC

Merrill Lynch Pierce Fenner & Smith/Broker Dealer Execution Services

Timber Hill L.L.C.

TD Waterhourse Canada Inc.

UBS Securities LLC

Interactive Brokers L.L.C.

Bernard L. Madoff Investment Securities LLC

Daiwa Securities America, Inc.

Calyon Securities (USA) Inc.

BNP Paribas Securities Corp.

Newedge USA, LLC

Merrill Lynch Professional Clearing Corp.

Newedge USA, LLC

Merrill Lynch Professional Clearing Corp.

Lakeshore Securities, L.P.

Merrill Lynch Pierce Fenner & Smith/Broker Dealer Execution Services

Goldman Sachs Execution & Clearing, L.P.

Fortis Clearing Americas LLC

Cantor Fitzgerald & Co.

Clearview Correspondent Services, LLC

Scottrade, Inc.

Newedge USA, LLC

Fortis Securities, LLC

Newedge USA, LLC

Raymond James & Associates, Inc.

Mesirow Financial Inc.

Fortis Clearing Americas LLC

Wells Fargo Investments, LLC

Goldman Sachs Execution & Clearing, L.P.

Citigroup Global Markets Inc.

EWT, LLC

H&R Block Financial Advisors, Inc.

Newedge USA, LLC

J.J.B. Hilliard, W.L. Lyons, LLC

William Blair & Company, L.L.C.

Bank of America Securities, LLC

Citadel Trading Group L.L.C.

TD Ameritrade Clearing, Inc.

Morgan, Keegan & Company, Inc.

Merrill Lynch Professional Clearing Corp.

Merrill Lynch Pierce Fenner & Smith/Broker Dealer Execution Services

Stifel Nicolaus & Company Incorporated

RBC Capital Markets Corporation

Fortis Clearing Americas LLC

HSBC Securities (USA) Inc.

J.P. Morgan Clearing Corp.

Goldman Sachs Execution & Clearing, L.P.

Fortis Clearing Americas LLC OCC/ICE CLEAR Cross Margin

J.P. Morgan Clearing Corp.

Goldman Sachs Execution & Clearing, L.P.

Merrill Lynch Professional Clearing Corp.

Chicago Mercantile Exchange

Goldman Sachs Execution & Clearing, L.P.

Bank of America Securities, LLC

Nomura Securities International Inc.

Related to Prime Broker List - Long List of Prime Brokerage Firms:

Tags: Prime Brokerage list, prime broker firm list, list of prime broker firms, list of prime brokerage firms, prime brokerage choices, choices of prime brokers, listings of prime brokerage companies

BNP Paribas Prime Broker Profile Updated

BNP Paribas

BNP Paribas Prime Brokerage Notes

Just a quick note that we have updated the BNP Paribas profile on our site. Read the updated news piece here: BNP Paribas SA Prime Brokerage

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Tags: BNP Prime Brokerage, BNP Prime Brokerage, Prime Brokerage Services by BNP Paribas, BNP Paribas Prime Brokerage Clients news holdings risk multi-prime brokerage

Prime Brokerage & Hedge Fund Lawsuits

Prime Brokerage Lawsuits

Hedge Fund Lawsuit | Legal Actions

(http://HedgeFundBlogger.com) Perhaps more dangerous than a wave of further redemptions in the hedge fund industry would be a wave of legal actions. With gates dropping as fast as assets at many hedge funds investors may be often left with locked-up assets, partial withdrawals, steep losses or all three. The last thing the industry needs is wave of 500+ lawsuits against hundreds of the top managers in the industry. Most hedge funds are relatively short on staff as it is and legal battles can keep managers from trading and raising capital as they should.

Here is a story excerpt about Amaranth and their lawsuit against JP Morgan and their prime brokerage division:

Remember the days when a hedge fund losing billions was news? Wise men would knot up their brows and wonder if hedge funds weren’t too loosely regulated or were creating some kind of systemic risk. After what we’ve been through in the past year that all seems like the good old days.

We were reminded of this today when we discovered that Amaranth’s lawsuit against JP Morgan Chase was still going on. It seems like a lifetime ago that the fund run by Nick Maounis imploded amid bad bets on natural gas. It was the trade that made Brian Hunter, Amaranth’s lead energy trader, famous. Amaranth lost $6 billion, collapsed, and sold its assets to JP Morgan and Citadel.

Afterwards, there were recriminations in all directions. Hunter is said to blame Maounis for not having the available cash to cover the margin calls. Maounis, for his part, felt he was done in by nefarious deeds at his prime broker, JP Morgan. Those feelings because a lawsuit, of course. Read more...

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Tags: Hedge Fund Lawsuit, Hedge Fund Lawsuits, Hedge Fund Court Cases, Hedge Fund Legal Experts, Sue a Hedge Fund, Hedge Fund Legal Cases, Hedge Fund Legal Decisions, Hedge Fund Law

Prime Brokerage Regulations | New Regulation Possible?

Prime Brokerage Regulation

Prime Brokerage Regulation | New Regulations?

(http://PrimeBrokerageGuide.com) Below is a article from All About Alpha regarding pending regulations on the hedge fund industry and how they may target prime brokerage firms. From a cost perspective this may make sense since this is a central point of potential risk control, but I would be surprised if regulators gone down this road. I believe regulations will stay at the security level and then target banks more directly than hedge fund managers.

While the average hedge fund is small and uses a very small amount of leverage, the average dollar invested in hedge funds is managed by a large manager who regularly uses leverage. This state of affairs is courtesy of the significant amount of concentration in the hedge fund industry. Most of the world’s hedge fund assets are managed by a small group of mega-managers who can shop their business around to various prime brokers in order to extract the best deal.

A new paper says that in an effort to win this business, prime brokers have been falling over themselves to offer the most leverage and the best terms. Ergo, it is the prime brokers, not the hedge funds themselves, that require stricter regulation. (Think: regulating mortgage brokers, not home-owners…)

By doing so, regulators can also get the prime brokers to do some of their their bidding when it comes to hedge fund oversight. In other words, they’d essentially be informally deputizing the prime brokers.

The paper was written by Michael King of the Bank for International Settlements and Philipp Maier of the Bank of Canada. (Note to PR departments of these organizations: Relax, the author say that “No responsibility should be attributed to the Bank for International Settlements or the Bank of Canada“.) Read more...

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Tags: Prime Brokerage Regulation, Prime Brokerage Regulations, Regulations on prime brokerage, prime brokerage compliance, prime brokerage rules laws and securities regulation