OTC client clearer of the year: Citi

Clearing businesses are under growing pressure, but Citi - so far - is finding ways to stay healthy, while keeping clients happy

Jerome Kemp, global head of futures and OTC clearing, Citi

"Most clearers have something horrible about them," says the operations head at one New York-based hedge fund. It could be hitches in trade reporting, mistaken calls for margin when there is already excess in the firm's account, inaccessible business heads, clunky onboarding or a failure to stay on top of regulatory changes. The specific complaints vary from client to client, but the story is basically the same – clearing members have blind spots and they make mistakes.

Citi makes fewer. The