Hedge funds have long used arrangements that allow them to execute trades with several dealers but there is now an increasing tendency on their part to consolidate the clearing and settlement of their trades at a single firm, the "prime broker". Prime brokerage poses some unique challenges for the management of counterparty credit and operational risk.
Second, there is a need to upgrade current arrangements to enable the participation of payment service providers, including non-banks. This will support the environment for innovation and efficiency in payment channels and the development new and inclusive business models. Third and last is to always have the customer in mind.