State Street Corp. (STT), citing new regulations, said it is
closing its U.S. swaps clearing business early next year and will
abandon plans to start an operation in Europe, Bloomberg reported
Thursday.
"Due to market and regulatory factors, our clients have largely
evolved their investment strategies towards the use of futures and
away from" over-the-counter derivatives, the company said in a
statement.
State Street will focus on trading more traditional
exchange-traded futures, not subject to new regulations adopted
since the 2008 financial crisis, the report said.
Full story at
http://www.bloomberg.com/news/2014-12-04/state-street-exiting-swaps-clearing-business-citing-new-rules.html
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