EU clearing timeline could drive banks out of the business
Start of widespread client clearing – and revenues that go with it – could be more than two years away under draft Esma rules
Banks could be forced to close their European swaps clearing businesses, critics claim, after regulators proposed a timeline that would only force prospective clients to start clearing at some point in 2016. Many institutions built their business on the expectation that client clearing would take off in 2015, or even this year.
"We have all wasted money building that business. We are making some revenues in the US now but revenues in Europe are negligible because there are only a few early
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