Jerome Kemp on the skewed economics of clearing

Only Fed intervention prevented “a really big market disaster” during Covid, says derivatives veteran

Jerome Kemp leaves his job at the helm of Citi’s clearing business with many battles won, but plenty of unfinished business.

After a year in which he managed – from his kitchen table – Citi’s response to coronavirus-induced market turmoil, he leaves the front lines of one of the biggest jobs in derivatives with deep pride at Citi’s blistering growth in derivatives clearing from a standing start in the near-decade he spent with the firm. According to disclosures to the Commodity Futures Trading