Calypso Technology: No FCM, no problem

Ex-RBS clearing head maps out a world without FCMs

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Venkatesh Ramasamy, Calypso Technology

Large global banks are falling out of love with the client-clearing business. At an investor day presentation on February 24, JP Morgan warned the economics of client clearing were "incompatible with capital rules in their current form". Fees must rise ten-fold to meet common return-on-equity targets for global banks, clearers warn. That leaves end-users, which are required to clear standard over-the-counter products under post-crisis financial regulations, in a difficult position.

Venkatesh

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