Jerome Kemp on the skewed economics of clearing

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

jerome-kemp

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

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