Clear out: inside the equities takeover of Citi’s FCM

Clearing unit is being reshaped to support equities growth push

It’s been nearly a decade since US swaps users were first required to clear their trades. For almost the entirety of that time, one bank – Citi – has accounted for the largest share of client clearing volumes. So, it came as a surprise to many of the firm’s clients, peers and even its own executives to learn earlier this year that the business was under an internal review – one that has culminated in the unit being re-housed in the equities division and its senior management team departing.