05902oam 22014774 450 991096089020332120250426110530.097866128426419781462313402146231340X978145271879814527187929781451871906145187190297812828426491282842641(CKB)3170000000055229(EBL)1608228(SSID)ssj0001474774(PQKBManifestationID)11873511(PQKBTitleCode)TC0001474774(PQKBWorkID)11471460(PQKB)11300630(OCoLC)469135319(IMF)WPIEE2009042(MiAaPQ)EBC1608228(IMF)WPIEA2009042WPIEA2009042(EXLCZ)99317000000005522920020129d2009 uf 0engur|n|---|||||txtccrDeleveraging After Lehman : Evidence From Reduced Rehypothecation /James Aitken, Manmohan Singh1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (13 p.)IMF Working PapersDescription based upon print version of record.9781451916256 1451916256 Includes bibliographical references.Contents; I. Introduction; II. Rehypothecation in the United States and the United Kingdom; III. Rehypothecation After Lehman's Bankruptcy; Tables; 1. Collateral Received that can be Pledged is Decreasing; 2. Securities Lending by Major Custodians; IV. Conclusion; Appendix; 1. Securities Exchange Act's Rule 15c3-3; ReferencesRehypothecation is the practice that allows collateral posted by, say, a hedge fund to their prime broker to be used again as collateral by that prime broker for its own funding. In the United Kingdom, such use of a customer’s assets by a prime broker can be for an unlimited amount of the customer’s assets. And moreover, there are no customer protection rules (such as in the United States under the Securities Act of 1933). The paper shows evidence that, following Lehman’s bankruptcy, the extent of rehypothecation has declined substantially, in part because investment firms fear losing collateral if their prime broker becomes insolvent. While less rehypothecation reduces counterparty risk in the system, it also reduces market liquidity.IMF Working Papers; Working Paper ;No. 2009/042Suretyship and guarantyEconomic stabilizationBanksimfBrokerageimfBrokers and dealersimfCollateralimfCorporation and Securities LawimfDepository InstitutionsimfFinanceimfFinance: GeneralimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial institutionsimfFinancial InstrumentsimfFinancial instrumentsimfFinancial marketsimfFinancial services industryimfGeneral Financial Markets: General (includes Measurement and Data)imfGeneral Financial Markets: Government Policy and RegulationimfHedge fundsimfIndustries: Financial ServicesimfInstitutional InvestorsimfInternational Financial MarketsimfInternational Monetary Arrangements and InstitutionsimfInvestment & securitiesimfInvestment BankingimfInvestments: GeneralimfLoansimfMicro Finance InstitutionsimfMortgagesimfNon-bank Financial InstitutionsimfPension FundsimfRatings and Ratings AgenciesimfSecuritiesimfStockbrokersimfVenture CapitalimfUnited StatesimfSuretyship and guaranty.Economic stabilization.BanksBrokerageBrokers and dealersCollateralCorporation and Securities LawDepository InstitutionsFinanceFinance: GeneralFinancial Institutions and Services: Government Policy and RegulationFinancial institutionsFinancial InstrumentsFinancial instrumentsFinancial marketsFinancial services industryGeneral Financial Markets: General (includes Measurement and Data)General Financial Markets: Government Policy and RegulationHedge fundsIndustries: Financial ServicesInstitutional InvestorsInternational Financial MarketsInternational Monetary Arrangements and InstitutionsInvestment & securitiesInvestment BankingInvestments: GeneralLoansMicro Finance InstitutionsMortgagesNon-bank Financial InstitutionsPension FundsRatings and Ratings AgenciesSecuritiesStockbrokersVenture Capital332.112Aitken James191524Singh Manmohan1815606DcWaIMFBOOK9910960890203321Deleveraging After Lehman4372063UNINA