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Small is Beautiful

Mini-primes eschew clients with exotic strategies

Traders Magazine, May 2008

Gregory Bresiger

Hedge funds managers using structured products and other exotic strategies have become toxic for small prime brokers. Small primes, sometimes referred to as "mini-primes," might have tallied some business with big hedge funds that had exotic strategies. But these days, that is no longer the case, after the credit crunch and the fall of Bear Stearns. This change in strategy speaks to the severity of the impact that illiquid securities can have on markets.

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