The risks associated with the insolvency of a particular broker vary according to: (1) the terms of the first brokerage documentation; (2) the legal structure of the first broker, including existing regulatory and insolvency systems, and the participation of unregulated subsidiaries; (3) where, how and in what name assets are registered and held; and (4) to what extent a remypotheque is allowed. In order to ensure that the client is informed, we propose that the main brokerage agreement will contain a calendar (the calendar‖) describing (i) how each type of customer/deposit account is created within the institution, (ii) the main features of that account; (iii) the legal status of such an account within the predator`s establishment (z.B. if the first broker were Lehmans, the contents of that account would be integrated into Lehmans` centralized rascaLs clearing system) and the FSA and (iv) the intended status of such an account in the event of insolvency – this information should not be provided in words, but can be presented as diagrams as long as the client has sufficient details for the client to determine how the account is actually managed and processed by the institutional group, of which the first broker belongs – and a representative in the agreement which stipulates that at the time of the agreement, the corresponding accounts are exploited. Premium brokers will tell clients that, as the right to use securities is increasingly limited, the prices offered under premium-brokerage agreements must be increased as part of the fees generated by the prime broker`s ability to use these securities freely for other transactions (e.g. B under reannuated agreements concluded by the larger institution) are no longer available to be passed on to the client. The use of bonus brokerage services exposes a hedge fund to the risk of insolvency of premium brokers; as a general rule, at the level of the assets of this hedge fund held by the prime broker and available for the rehypotheque (the actual exposure may exceed this amount), which corresponds to the use of bonus brokerage services. The broker-dealer regime in the United States is organized in a way that is intended to protect the client`s assets, so that its guarantees are separate and can be quickly forwarded to another broker in case of signs of instability. However, where a client has other relationships with related companies, unless the provisions of the PB agreement are sufficiently limited to protect the client, other relationships can significantly limit the client`s rights to his assets, his ability to take positions and invalidate the protective measures he originally sought in the search for the relationship between U.S. brokers. When one of ISDA`s subsidiaries declares bankruptcy, the liquidator may exercise the rights conferred on it under the PB agreement and require the other five concession companies to hold the guarantee until it finds that the ISDA customer`s obligations are fulfilled.