Bank of America launches derivatives clearing

BAML is following in the footsteps of Goldman Sachs by publicising its new business

Bank of America Merrill Lynch has set up a new global futures and derivatives clearing service, headquartered in New York. The group will be led by Robert Burke, head of over-the-counter derivatives clearing, and Gonzalo Chocano, the bank's global head of futures. They will report to the co-heads of global markets financing and futures, Syl Chackman and Denis Manelski.

The bank says it anticipates "substantial growth in OTC derivatives clearing and tremendous demand for education and related