The Archegos Implosion: Total Return Swaps and Prime Brokers

Beschreibung

Dissect the catastrophic risk management failures and opaque derivative contracts that allowed a single family office to trigger a twenty-billion-dollar banking implosion.
The definitive operational post-mortem of modern Wall Street's most secretive disaster has arrived. When Archegos Capital Management collapsed in March 2021, it didn’t just erase a ten-billion-dollar family fortune overnight—it exposed a systemic blind spot that crippled global banking titans and rewrote the rules of counterparty risk forever. This masterfully calculated analysis strips away the financial jargon to dissect the mechanical engineering of a catastrophic default. Discover how a single prohibited trader leveraged unrated subsidiaries, fragmented booking systems, and off-balance-sheet Total Return Swaps to build a massive, invisible synthetic corner on the public equity market. Go behind the closed doors of the Thursday night conference calls where competing prime brokers faced a brutal, real-time Prisoner’s Dilemma. From the high-urgency defection of first-mover block trades to the fatal organizational paralysis that cost Credit Suisse billions, this book reconstructs the market microstructure breakdown tick by tick. Essential reading for risk officers, quantitative traders, and institutional compliance professionals, this text exposes the enduring threat of synthetic leverage. The system survived the cascade, but the exact regulatory loopholes and structural vulnerabilities remain open today.

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Brian Ward
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archegos capital collapse total return swaps prime brokerage risk family office leverage hidden derivative exposure margin call contagion wall street risk management

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