Deleveraging After Lehman : : Evidence From Reduced Rehypothecation / / James Aitken, Manmohan Singh

• Autore: Aitken James
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
• Descrizione fisica: 1 online resource (13 p.)
• Soggetto topico: Suretyship and guaranty; Economic stabilization; Finance: General; Investments: General; Industries: Financial Services; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Financial Institutions and Services: Government Policy and Regulation; International Monetary Arrangements and Institutions; Corporation and Securities Law; General Financial Markets: Government Policy and Regulation; International Financial Markets; General Financial Markets: General (includes Measurement and Data); Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies; Finance; Investment & securities; Collateral; Securities; Hedge funds; Brokers and dealers; Financial institutions; Financial markets; Loans; Financial instruments; Financial services industry; Stockbrokers
• Soggetto geografico: United States
• Altri autori: SinghManmohan
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: 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; References
• Sommario/riassunto: Rehypothecation 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.
• Titolo autorizzato: Deleveraging After Lehman
• ISBN: 1-4623-1340-X; 1-4527-1879-2; 9786612842641; 1-4518-7190-2; 1-282-84264-1
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788338703321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/042