In this session on prime brokerage, we will cover the following topics. First, we'll define what a prime broker is and we'll differentiate a prime broker from other types of brokers. We'll then go on to explore the trading and settlement ecosystem, exploring the relationship between a prime broker and all other brokers in the context of trading and settling trades. And then go on to consider the securities lending ecosystem through reviewing the roles of market participants involved in securities lending and through exploring how they interact with each other. Next, we'll have a look at various securities borrowing strategies through specific examples from the perspective of the borrowers to better understand the plumbing of the system. Towards the end, we'll consider the evolution of prime brokerage. Since knowing where we started and why things changed, will help us to understand prime brokerages and their role in the financial system today before moving on to thinking about industry competitive dynamics, exploring how prime brokers compete with each other and differentiate to win business.