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All About Hedge Funds, Fully Revised Second Edition, 2nd Edition by Ezra Zask

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CHAPTER 4Hedge Fund Service Providers

Hedge funds survive because of a network of service providers—prime brokers, administrators, custodians, auditors, and attorneys—that cater to their complex needs and requirements. In turn, hedge funds have been instrumental in shaping the service providers. In fact, some features of the modern financial world—notably shorting, repurchase agreements, and prime brokerage—have grown to the extent they have as a direct result of the need to service hedge funds.

ACCESS TO MARKETS AND CONSOLIDATION OF TRADING ACTIVITIES

In broad terms, the prime broker acts as a conduit between hedge funds and the financial marketplace by providing transaction execution, clearing and settlement services where hedge funds can access ...

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