Why did Leopold turn to Clear Street as his new prime broker (after JPM dumped him)? Because Clear is the biggest provider of swaps to levered ETFs. When you need to force a squeeze and ramp vega, easiest way is to work with the fund that controls the entire orderflow.
Why now
Thesis: Prime brokerage and levered ETF orderflow claims unverified
Catalyst to watch: Any confirmed prime broker or ETF flow changes
Main risk: Unverified allegations driving misplaced positioning bets
Why it matters
Allegations about prime brokerage and levered ETF orderflow describe positioning mechanics, not a verified market event.
Details
Why did Leopold turn to Clear Street as his new prime broker (after JPM dumped him)? Because Clear is the biggest provider of swaps to levered ETFs. When you need to force a squeeze and ramp vega, easiest way is to work with the fund that controls the entire orderflow.
Sources
- x · 2026-09-21 00:56 UTC