The prime brokerage industry is preparing for the worst – and expects to increase pricing – as the European Securities and Markets Authority (Esma) continues to drag out deliberations on the level of segregation to be applied to client assets under the alternative investment fund managers directive (AIFMD).
Under AIFMD, prime brokers must segregate assets posted as collateral by hedge funds and held on their behalf. But primes contend that if they cannot hold all alternative investment fund (AIF
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