Deutsche Bank closes US swaps clearing business
Deutsche Bank has closed its US-based swaps clearing business as part of larger changes in its investment bank structure. The company is seeking to simplify operations, save on costs and increase profitability. Deutsche Bank has fallen to 13th place among clearing banks, according to the US Commodity Futures Trading Commission. Deutsche Bank will continue clearing exchange-traded derivatives, including futures, in the US.
The bills have the potential to do damage to both New York and sovereigns themselves, say sources, while others urge change