OTC client clearing service of the year: Citi

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Mariam Rafi

It’s a nasty case of divided loyalties. On the one hand, clearing rules for over-the-counter derivatives create a new business – thousands of derivatives market participants will be relying on a couple of dozen member firms to provide them with access to central counterparties (CCPs). On the other, the new regime also looks likely to compress margins for derivatives market-making. As a result, many clients complain the dealers’ new OTC clearing units are spending more time trying to protect thei