Banks try to copy Citi and UBS clearing leverage cuts

Tactic slashes exposure for FCMs, but could undermine lobbyists

"Everybody's working with their accounting firms to get it done", but it's not so straightforward

Having spent the past year campaigning for a change to the leverage ratio, you might expect futures commission merchants (FCMs) to be cock-a-hoop about an accounting tweak that achieves a similar outcome – placing billions of dollars' worth of cash margin outside the ratio's clutches, and slashing required capital.

They're not. A number of FCMs are trying to copy Citi and UBS – the only banks known to be using the tactic, with Credit Suisse also said to have gained its auditors' approval – but

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