Prime brokers report cuts to long and short positions in a ‘nowhere to hide’ market.

Prime brokers are reporting cuts to both long and short position in US equities by their hedge fund clients as managers look to mitigate the impact of big swings in US markets brought on by Russia's invasion of neighbouring Ukraine.

According to a report by The Financial Times, fund clients of some of the largest Wall Street banks, including Morgan Stanley, Goldman Sachs and JPMorgan Chase, have moved rapidly to close out bets on either rising or falling prices in what Charlie McElligott, a strategist on Nomura's trading desk is quoted as calling a 'nowhere to hide market'.