The withdrawal of BNY Mellon is the latest by a large bank this year
Much has been made (in this publication and beyond) of most
of the large investment banks pulling back in derivatives but
this week saw another example as BNY Mellon finally pulled the
plug on its European derivatives clearing business.
No-one could say the writing wasn’t on the
wall. The US custody giant shut late last year
it’s US derivatives clearing business and took a
few months to wind it down before it was finally closed in
BNY Mellon’s European clearing clients now face
a similar fate, though it is likely that they have already
started looking for alternative suppliers.
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