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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

prime brokerage services

    84a package of services provided under a prime brokerage agreement which gives a prime brokerage firm a right to use safe custody assets for its own account and which comprises each of the following:

      1. (a) custody or arranging safeguarding and administration of assets;
      1. (b) clearing services; and
      1. (c) financing, the provision of which includes one or more of the following:
        1. (i) capital introduction;
        1. (ii) margin financing;
        1. (iii) stock lending;
        1. (iv) stock borrowing;
        1. (v) entering into repurchase or reverse repurchase transactions;

    and which, in addition, may comprise consolidated reporting and other operational support.