The last quarter of 2018 saw significant volatility and declines in all major equity indices. Fixed income investments also experienced declines in 2018 as interest rates increased, driven by the Federal Reserve’s rate hikes. These developments will inevitably lead to increases in arbitration filings against brokerage firms by investors seeking to recoup their losses. In addition, a large number of hedge funds performed poorly in 2018, and we have seen an uptick in complaints by funds against their prime brokers relating to portfolio margin and other trading issues. After many years in which the number of new securities arbitrations filed remained flat or declined, the number of customer cases filed in 2018 increased, and looking forward we expect 2019 to be a far busier year for securities arbitrations.