EU clearing timeline could drive banks out of the business

Banks say they will not hit revenue targets if Esma deadline is endorsed

RBS exited OTC clearing

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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