ABN Amro to sell clearing business to UBS

ABN Amro is to sell its Global Futures business to UBS for $386 million. The sale, which is expected to close in the third quarter of 2006, will make UBS the world's leading clearer of futures and options contracts.

The Global Futures business offers execution, clearing and related services for exchange-traded futures and options contracts. An ABN Amro spokesman stressed that the bank is not exiting either its derivatives or commodity businesses: "Increasing derivatives revenues remains a key

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