"Even if it's not your fault, it's your responsibility."
Terry Pratchett, A Hat Full of Sky
Strict legal liability was imposed on depositories for restitution of lost assets in the wake of systemic failures such as Lehman and major frauds like Madoff. When the proposal first surfaced in the alternative investment fund managers directive (AIFMD), depositories initially asserted that assets held by prime brokers should be incorporated into their sub-custody networks.
If they were expected to pick
The week on Risk.net, July 14–20, 2017Receive this by email