Hedge Funds and Prime Brokers - Risk Books
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Hedge Funds and Prime Brokers

Edited By Mark Berman


“This is a wonderful book for sophisticated readers. It provides dry but critically important information. What is more, it is a quick read. You can assimilate the information in an afternoon.“

Glyn Holton, Contingency Analysis

Hedge Funds and Prime Brokers explores the ever-changing and dynamic hedge fund-prime broker relationship through the use of a panel comprising of some of the world’s experts in investment, law and regulation.

Publish date: 2 Oct 2006

Availability: In stock


Book description

You will discover:

  • the changing relationship between prime brokers and hedge funds, the relationship they have with hedge fund service providers (such as administrators, risk managers, directors, investors and regulators)
  • how "unregulated hedge funds" are regulated - and why more "regulation" may not be required
  • how prime brokers are regulated in their hedge fund activities
  • the trading and economic factors that drive the relationship
  • how prime brokers shape the development of hedge funds and their trading strategies
  • the legal, regulatory and jurisdictional issues that affect the prime broker-hedge fund relationship, emphasising relevant laws, listing and continuing obligation standards and agreements (including, among others, prime brokerage agreements, ISDAs and iTraxx, stock borrowing and lending and other key agreements)

Understand how and why the prime broker-hedge fund relationship is maturing and changing to a more level playing field.

An essential read for fund managers, hedge funds, investors, law firms, in-house legal and compliance departments, regulators, securities professionals, investment bankers, accounting professionals, treasurers, the financial services community, corporate governance professionals and practitioners working in listing rules or markets activity.

Book details

Publish date
2 Oct 2006
155mm x 235mm

Editor biography

Mark Berman

Mark Berman, the founder and CEO of CompliGlobe Ltd, advises and conducts training programmes for hedge funds, investment managers, issuers, regulators and multi-national banks and brokers in Europe and Asia on SEC practice outside the United States, UK and EU issues and cross-border regulatory, compliance and AML matters. Mark was a senior lawyer with the Division of Corporation Finance and the Division of Market Regulation of the US Securities and Exchange Commission where he worked on disclosure and trading practices issues, respectively. He was a senior lawyer with the London Stock Exchange where he advised on UK, EU and US supervision, surveillance and regulatory matters and listing rules issues, and drafted the 1994 re-write of the trading rules. Mark began his career in financial services with Merrill Lynch. In 15 years of industry experience and apart from his time as a regulator, he held senior positions as head of legal and compliance, compliance officer, MLRO and assistant company secretary. He chaired and served on new product committees.

Mark wrote An Introduction to Hedge Funds (2007 Risk Books) and edited and contributed to SEC Regulation Outside the United States (6th ed. 2007 Risk Books) and Hedge Funds & Prime Brokers (2nd ed. 2010 Risk Books). He founded, chairs and speaks at “SEC Regulation Outside the United States” and the workshops “SEC Basics”, “SEC Inspections and CCOs” and “How to Navigate a Prime Brokerage Agreement,” given in Hong Kong, London, Singapore and other European and Asian locations. Mark is a member of the Advisory Council of the SEC Historical Society (Trustee from 2006 to 2009) and served on the task force for the SEC’s 75th anniversary. He is a member of the BSF Hall of Fame.

Table of contents

1 Hedge Funds: What are They, How are Unregulated Hedge Funds Regulated and How do They View the Hedge Fund-Prime Broker Relationship?

Mark Berman

2 Hedge Funds and Prime Brokers: The Legal Relationship from the US perspective

Karrie H. McMillan, Larry E. Bergmann

Willkie Farr & Gallagher LLP

3 The Hedge Fund-Prime Broker Relationship from the Industry Perspective

Richard R. Lindsey

Bear Stearns Securities Corporation

4 "Related Parties" and their Role in the Relationship

Bruce Gardner

SJ Berwin LLP

5 The Legal Underpinnings of the Relationship: The "Level Playing Field"

Mark Berman

6 The Trading and Economic Factors Driving the Relationship

Paul Dentskevich

HSH Nordbank AG

7 Corporate Governance by and for Hedge Funds

Barry P. Barbash

Willkie Farr & Gallagher LLP

8 Key Tax and Accounting Issues

Diya Agarwal, Debbie Anthony,

Patrick Connolly, Robert Mirsky

Deloitte & Touche LLP


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