LEADER 05659oam 22013694 450 001 9910788338703321 005 20230721045635.0 010 $a1-4623-1340-X 010 $a1-4527-1879-2 010 $a9786612842641 010 $a1-4518-7190-2 010 $a1-282-84264-1 035 $a(CKB)3170000000055229 035 $a(EBL)1608228 035 $a(SSID)ssj0001474774 035 $a(PQKBManifestationID)11873511 035 $a(PQKBTitleCode)TC0001474774 035 $a(PQKBWorkID)11471460 035 $a(PQKB)11300630 035 $a(OCoLC)469135319 035 $a(MiAaPQ)EBC1608228 035 $a(IMF)WPIEE2009042 035 $a(EXLCZ)993170000000055229 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDeleveraging After Lehman : $eEvidence From Reduced Rehypothecation /$fJames Aitken, Manmohan Singh 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (13 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1625-6 320 $aIncludes bibliographical references. 327 $aContents; 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; References 330 3 $aRehypothecation is the practice that allows collateral posted by, say, a hedge fund to their prime broker to be used again as collateral by that prime broker for its own funding. In the United Kingdom, such use of a customer?s assets by a prime broker can be for an unlimited amount of the customer?s assets. And moreover, there are no customer protection rules (such as in the United States under the Securities Act of 1933). The paper shows evidence that, following Lehman?s bankruptcy, the extent of rehypothecation has declined substantially, in part because investment firms fear losing collateral if their prime broker becomes insolvent. While less rehypothecation reduces counterparty risk in the system, it also reduces market liquidity. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/042 606 $aSuretyship and guaranty 606 $aEconomic stabilization 606 $aFinance: General$2imf 606 $aInvestments: General$2imf 606 $aIndustries: Financial Services$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aInternational Monetary Arrangements and Institutions$2imf 606 $aCorporation and Securities Law$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aInternational Financial Markets$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aInvestment Banking$2imf 606 $aVenture Capital$2imf 606 $aBrokerage$2imf 606 $aRatings and Ratings Agencies$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aCollateral$2imf 606 $aSecurities$2imf 606 $aHedge funds$2imf 606 $aBrokers and dealers$2imf 606 $aFinancial institutions$2imf 606 $aFinancial markets$2imf 606 $aLoans$2imf 606 $aFinancial instruments$2imf 606 $aFinancial services industry$2imf 606 $aStockbrokers$2imf 607 $aUnited States$2imf 615 0$aSuretyship and guaranty. 615 0$aEconomic stabilization. 615 7$aFinance: General 615 7$aInvestments: General 615 7$aIndustries: Financial Services 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aInternational Monetary Arrangements and Institutions 615 7$aCorporation and Securities Law 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aInternational Financial Markets 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aInvestment Banking 615 7$aVenture Capital 615 7$aBrokerage 615 7$aRatings and Ratings Agencies 615 7$aFinance 615 7$aInvestment & securities 615 7$aCollateral 615 7$aSecurities 615 7$aHedge funds 615 7$aBrokers and dealers 615 7$aFinancial institutions 615 7$aFinancial markets 615 7$aLoans 615 7$aFinancial instruments 615 7$aFinancial services industry 615 7$aStockbrokers 700 $aAitken$b James$0191524 701 $aSingh$b Manmohan$01464153 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788338703321 996 $aDeleveraging After Lehman$93685592 997 $aUNINA