
BAML may rejoin China swaps market after US policy shift
Clearing exemption removes swaps deterrent as bank seeks to hedge growing China exposure

Bank of America Merrill Lynch is expected to re-enter the Chinese interest rate swaps market, after US authorities signalled a more relaxed stance towards clearing house equivalence, sources close to the bank say.
The move would reverse a decision by the US bank to exit the market two years ago in response to punitive rules on clearing and margining that hit BAML’s branch structure in China.
The US Commodity Futures Trading Commission granted the Shanghai Clearing House – the hub for clearing
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