"Most clearers have something horrible about them," says the operations head at one New York-based hedge fund. It could be hitches in trade reporting, mistaken calls for margin when there is already excess in the firm's account, inaccessible business heads, clunky onboarding or a failure to stay on top of regulatory changes. The specific complaints vary from client to client, but the story is basically the same – clearing members have blind spots and they make mistakes.
Citi makes fewer. The hed