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Quantitative Finance · Glossary

What is Prime-of-prime?

Definition 27.2 Markets II: Rates, FX and Credit · Chapter 27 — Getting Access: FX

Prime-of-prime is an arrangement in which a client is prime-brokered by a non-dealer bank or firm that is itself prime-brokered by an FX dealing bank.

Prime-of-prime: a client too small for a bank’s prime brokerage is prime-brokered by a non-dealer firm, which is itself prime-brokered by a dealing bank and reaches venues and dealers under its name. Schematic.
Figure 27.2. Prime-of-prime: a client too small for a bank’s prime brokerage is prime-brokered by a non-dealer firm, which is itself prime-brokered by a dealing bank and reaches venues and dealers under its name. Schematic.
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