Prime of prime providers see growth despite SNB fallout
Rising cost of credit and retrenching PBs opens door for PoPs
Credit provision to buy-side clients has seen a substantial shift over the past few years as regulatory requirements and years of price wars among providers resulted in several large prime broker (PB) banks exiting the space.
The retrenchment began with Rabobank, which closed its PB operation last year, after an incident involving a high-frequency trading firm prompted the bank to reassess its strategy. Others, including SEB and Commerzbank, have followed suit, allowing prime of prime (PoP)
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