
What the leverage ratio means for clearing fees – Citi analysis
The future of swap clearing depends on the finer details of the supplementary leverage ratio

Mandatory clearing in the US is in full swing, and with the rapid growth in client volumes, a primary focus for many clearing members has become managing the capital requirements and returns on capital associated with client clearing activity. Under Basel III, clearing members must hold capital against cleared futures and over-the-counter positions – this was not a requirement under Basel II and I – and the additional capital burdens are causing many to reevaluate their books of business to
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