Top five US swaps clearers have 73% of the business

Full year of clearing data highlights market's reliance on handful of banks

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The over-the-counter derivatives clearing business is maturing – 2014 was the first full year in which the US mandate was in place – but the data suggests there is still some way to go.

In some ways, not a lot changed – the 10 futures commission merchants (FCMs) that started the year with the biggest share of the business, as measured by client margin, also finished the year as part of that group. In total, they had 94.9% of the margin total on January 30, and 96.4% on December 30, according to

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