The impending launch of portfolio margining in the US
securities markets is starting to shake up the traditional
prime brokerage business in stocks and equity options.
Portfolio margining, a staple of risk management in the
futures industry for years, is expected to open the competition
among firms for institutional business and among futures and
"It gives us a more level playing field, before it was a
group of prime brokers doing joint back offices," said Steve
Sanders, vice president of business development and marketing
at Interactive Brokers [IB]. "Now many firms can do this. It
lowers the cost to the end user and helps increase our
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