Deleveraging After Lehman : : Evidence From Reduced Rehypothecation / / James Aitken, Manmohan Singh
(Visualizza in formato marc)
(Visualizza in BIBFRAME)
| Autore: |
Aitken James
|
| Titolo: |
Deleveraging After Lehman : : Evidence From Reduced Rehypothecation / / James Aitken, Manmohan Singh
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2009 |
| Edizione: | 1st ed. |
| Descrizione fisica: | 1 online resource (13 p.) |
| Disciplina: | 332.112 |
| Soggetto topico: | Suretyship and guaranty |
| Economic stabilization | |
| Banks | |
| Brokerage | |
| Brokers and dealers | |
| Collateral | |
| Corporation and Securities Law | |
| Depository Institutions | |
| Finance | |
| Finance: General | |
| Financial Institutions and Services: Government Policy and Regulation | |
| Financial institutions | |
| Financial Instruments | |
| Financial instruments | |
| Financial markets | |
| Financial services industry | |
| General Financial Markets: General (includes Measurement and Data) | |
| General Financial Markets: Government Policy and Regulation | |
| Hedge funds | |
| Industries: Financial Services | |
| Institutional Investors | |
| International Financial Markets | |
| International Monetary Arrangements and Institutions | |
| Investment & securities | |
| Investment Banking | |
| Investments: General | |
| Loans | |
| Micro Finance Institutions | |
| Mortgages | |
| Non-bank Financial Institutions | |
| Pension Funds | |
| Ratings and Ratings Agencies | |
| Securities | |
| Stockbrokers | |
| Venture Capital | |
| 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.: | 9910826449803321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2009/042