Deutsche Bank’s transition of prime and electronic equities clients to BNP Paribas moves forward after both banks receive approval for the deal.
Sponsored clearing services among factors leading to a major rise in aggregate cleared repo and reverse repo volumes.
Deutsche Bank is transitioning its prime brokerage and electronic equities clients to BNP Paribas as part of a major restructure.
Group CEO of Barclays, Jes Staley, says the bank is continuing to see gains in prime brokerage after increasing prime balances in the third quarter.
Prime brokerage is ‘the centre of the machine’, according to Morgan Stanley’s CFO, as revenues rise in the third quarter.
The two firms agreed on a deal in principle in July as part of the German bank’s major restructuring and a complete withdrawal from equities trading.
JP Morgan has increased prime brokerage balances by 25% over the year, following near-record levels set across the cash and synthetic businesses.
Standard Chartered hopes the move will boost acceptance of Chinese debt as collateral for its foreign investor clients.
Capital introduction teams have downsized significantly over the years as banks look to shift resources to more revenue-driving services.
New York event will see Prime Brokerage, Hedge Fund and Private Equity Fund Administration and Editors' choice awards handed out, along with individual and innovation honours.