Bank of America launches derivatives clearing

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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