Citigroup’s head of risk has put himself at odds with Wall Street dealers after calling for derivatives to move to exchange trading.
“I think I’m the lone voice,” Brian Leach told the Financial Times. In the US, mandatory clearing of some derivatives began this week – where a clearing house stands between both sides of a trade – but the precise rules for trading venues are still being finalised.
Most large investment banks are fighting to limit the move to transparent exchanges: they would prefer to keep the status quo with bilaterally agreed contracts that protect their profits.
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