BNP leads a comeback for Europe’s clearers
Brexit, leverage ratio tweaks and concentration fears could help European banks compete with US FCMs
Turning a profit in over-the-counter clearing is a tough slog. Some of Europe’s biggest banks – such as Deutsche Bank and RBS – have all but quit the business. Others have pulled back significantly. The big US banks – Citi, JP Morgan, Morgan Stanley and Bank of America – have been dominant for much of the past decade, bolstered by their scale and sizeable balance sheets.
But changes to capital
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