Clearing fees up for 60% of swaps users due to leverage ratio

Survey of US asset managers reveals higher costs and reduced access to clearing

dollar-squeeze-leverage

Most US asset managers have been either forced to pay more to clear swaps or given the boot by their clearing firm as a result of the leverage ratio, a survey has found, documenting for the first time the detrimental impact of the incoming rules on end-users.

The leverage ratio requires banks to hold a minimum amount of capital relative to their total exposure, which includes initial margin received from clearing clients. However, banks point out that these funds are segregated from their other

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