The custody bank said late last year it was shutting its US business
US bank BNY Mellon is to shut its European derivatives
clearing unit, citing frustration with the delay to
Europe’s swap clearing mandate.
The US custodian decided to shut the business last week and
has spent recent days telling European clients of its decision
and the plan to wind-down the unit.
The bank told FOW in a statement: "After careful
consideration BNY Mellon has decided to exit the European
derivatives clearing business. We have taken the view that
market and regulatory factors will limit our ability to grow
the business in the future."
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