Financial Times reporting says hedge-fund borrowing from banks has roughly tripled since 2020. It cites Bank of England data showing prime-brokerage balances up about 40% year over year and a Coalition Greenwich projection of $47.9 billion in combined equity and fixed-income prime-brokerage revenue for 2026. Those are reported estimates, not a universal audited ledger. The actionable reading is incentive structure: banks are competing for a large financing pool at the same time supervisors are worrying about exposure to the same leveraged firms. That can weaken the commercial appetite for conservative limits even when every institution believes its own collateral process is sound. Financial Times