Chasing pack inch closer but big two remain out of sight: battered by the market disruptions of 1998 and with price competition intensifying, a number of prime brokers have embarked on significant restructuring programmes in recent years. Can this `new wave' of providers break the stranglehold exercised on the market by Morgan Stanley and Goldman Sachs? (Prime Brokerage)

Prime brokerage is not what it used to be. With competition hotting up and widespread consolidation in Europe in particular, what started out as a business defined by margin/custody and [...]