US Basel III will provide reprieve for clearing, but no release
Worst excesses of original endgame proposal avoided, but increased capacity still seen as unlikely
The proposed US redraft of Basel III has spared derivatives clearing from the worst impact of an earlier version, but banks are not yet confident it will provide space for increased capacity to offer client clearing.
“It is hard to say how this will play through, but I don’t think it’s an obvious benefit, and it could result in higher margins for client clearing,” says a regulatory expert at a
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