State Street Exiting Swaps Clearing Business, Citing New Rules
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State Street Corp. is closing down its swaps business after clients said new regulations steered them away for using the products.
The bank will shutter its U.S. business for clearing swaps early next year and will shelve plans to start a similar operation in Europe, Anne McNally, a spokeswoman for the Boston-based company, said in an e-mail statement today.