Regulation is to blame for swaps clearing concerns that were highlighted by the Financial Conduct Authority (FCA) in its review of competition in investment banking markets, banks claim. The review notes only a handful of banks are extending swaps clearing services to their clients and warns it could become a "missing market" – a service customers need but banks are unwilling to supply.
Basel III's leverage ratio is the cause of that, say two senior clearing executives. The ratio sets capital
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