
No carve-outs in Fed’s revised leverage ratio proposal
Holdco leverage ratio will fall, but initial margin and custody funds still in scope

A highly anticipated proposal to revise leverage limits for the largest US banks, which could be unveiled as early as next week, is not expected to offer the targeted capital relief sought by custodians and clearing banks.
Regulators at the US Federal Reserve and Office of the Comptroller of the Currency (OCC) are understood to have agreed the outlines of a proposal that would see the enhanced supplementary leverage ratio (eSLR) – which is set at 5% for the eight largest US bank holding
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