NAB pushed into clearing role by Clydesdale spin-off
Both parties felt it might be difficult for the UK bank to find a clearing provider alone
National Australia Bank (NAB) has been bounced into the launch of a swaps-clearing business as a result of its decision to spin off Clydesdale Bank. It is understood both parties felt it might be difficult for Clydesdale to find a clearing member in the current environment – a result of regulatory pressures facing the small pool of incumbents – and decided it would be easier for NAB to provide the service.
NAB received approval in early November to provide client clearing for LCH.Clearnet's
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