Nomura exits swaps client clearing business. Who might be next?

Last week Nomura announced they were exiting the swaps client clearing business in the US and EMEA. They join a list of other institutions that have also left – RBS, BNY Mellon and State Street. Some have argued this means that the regulatory framework is simply too expensive and cumbersome. Others have suggested that this is more basic: covering the fixed costs when market share is low simply is not sustainable.

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