The swaps clearing highway has seen a steady stream of traffic in recent years - all of it one way, with four banks exiting the business. Now, some firms may be on their way in.
The National Futures Association (NFA) has received "a couple" of applications from firms wanting to open a swaps clearing business, according to Dale Spoljaric, a managing director at the association. The NFA is the self-regulatory organisation for futures commission merchants (FCMs) in the US.
"We have had serious conv