Multi-clearing isn't plumbing — it's operational edge when borrow tightens, margin gets recalculated, or one route congests at a critical moment. Borrow availability, margin formulas, route flexibility, and recall response all vary by clearer. Single-clearing = single point of failure.

Trading US equities from overseas isn't primarily a time-zone problem — it's an infrastructure problem. The trader in Singapore using a retail mobile app is competing with institutional desks routing through DMA at the same moment, on the same tape, with better borrow access.