Banks rethink clearing structures under CFTC pressure

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Attempts by the US Commodity Futures Trading Commission (CFTC) to eliminate conflicts of interest within banks providing over-the-counter clearing services are leading some market participants to rethink the organisational structure of their clearing and prime brokerage businesses.

The CFTC rules, which became effective on June 4, prohibit swap dealers and major swap participants from "interfering with or attempting to influence decisions related to the provision of clearing or the acceptance of

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