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{{ | {{ap|pb|}}The process, common in prime brokerage, of calculating required initial margin by reference to net [[exposure]] across ''all'' products, rather than in silos where outstanding transactions under each [[master agreement]] are margined separately. | ||
Cross-margining is often seen under a [[prime brokerage agreement]], which acts as a [[security]] deed over all clients assets that the [[prime broker]] holds in custody, and also often functions as a [[master netting agreement]] sitting across and cross-netting exposures under distinct [[master agreement]]s that may exist between the parties alongside the PBA (for example, an {{isda}} or a [[futures]] clearing agreement). | Cross-margining is often seen under a [[prime brokerage agreement]], which acts as a [[security]] deed over all clients assets that the [[prime broker]] holds in custody, and also often functions as a [[master netting agreement]] sitting across and cross-netting exposures under distinct [[master agreement]]s that may exist between the parties alongside the PBA (for example, an {{isda}} or a [[futures]] clearing agreement). | ||
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{{sa}} | {{sa}} | ||
*[[Archegos]] | *[[Archegos]] | ||