Security financial collateral transfers and prime broker insolvency

Author: Bridge, Michael

Source: Law and Financial Markets Review, Volume 4, Number 2, March 2010 , pp. 189-193(5)

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Abstract:

This article deals with the consequences of a prime broker's insolvency in the case of a security financial collateral arrangement. In Re Lehman Brothers International (Europe), Briggs J had to deal with the proprietary rights of a custody client in respect of securities initially transferred to a prime broker and securities substituted for those original securities by the prime broker. In addition, issues arose as to the prime broker's beneficial ownership of cash generated by securities after the prime broker went into administration and as to whether a duty on the part of administrators to account to the custody client for that cash was an expense of the administration.

Document Type: Research article

Publication date: 2010-03-01

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Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published bi-monthly LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.
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