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Alternative Market Briefing

Fidelity Capital Markets helps hedge funds rate prime brokers

Monday, August 13, 2012

Bailey McCann, Opalesque New York: Fidelity Capital Markets has launched a new tool designed to help hedge funds rate prime brokers. The new tool was first reported on by The Wall Street Journal and will allow Fidelity Investments hedge funds clients to compare prices between prime brokers. The company has said that it wants to improve the transparency of the securities lending industry, and this tool is the first move in that direction.

Fidelity isn't planning to charge a fee for the service, but it will only be available to Fidelity clients. The firm will include its own rates relative to those of other primes for comparison, and is the first and only prime to offer this function. According to the Wall Street Journal report, the firm has already met some resistance from one brokerage which is refusing to release its rates.

The move by Fidelity follows others in the industry like BlackRock which recently launched its own bond trading platform. This was quickly followed by Morgan Stanley revamping its own bond platform in an effort to keep a hold on transaction fees. Fidelity is the third largest mut......................

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