Hi NightstalkerDefinitely my name mate. Just for your info there...

Hi Nightstalker

Definitely my name mate. Just for your info there are 2 ways for a HF to trade, one in their own name via PB or two to trade on swap. Anything done via PB is done in their own name and their positions are held in their own name. They own the positions. In terms of disclosure, as they own the positions, they disclose in their own name. This is what you are seeing on the MS disclosure updates. I may have overly simplified my discussion of the flow of stock as MS prime brokerage arm will never hold any stock, it will all be held in individual accounts in the name of the HF's.

The second option for a HF to trade is on swap. I won't go into the detail of it but it is essentially where the IB will trade and hold stock in the IB's name but the HF will control it and the bank will see it as a HF position. Disclosure though is in the name of the IB not the HF as they actually own the position. I think this is how you see PB operating.

I'm simply trying to educate people here as I understand it is a complicated area so don't take it as anything else. I simply get frustrated by people speculating on things when i may be able to help clear the waters a little.