BofA Forms Clearing Services Group for Derivatives Market
By David Mildenberg
September 23 (Bloomberg)
Bank of America Corp., the largest U.S. bank, formed a futures and derivatives clearing services group in anticipation of greater demand in the $615 trillion over-the-counter derivatives market.
Bob Burke and Gonzalo Chocano were named co-heads of the group, reporting to Denis Manelski and Syl Chackman, co-heads of Bank of America Merrill Lynch’s global markets financing and futures platform, according to a statement today. The new group contacted more than 3,000 clients in its planning over the past year, the Charlotte, North Carolina-based company said.
Congress sought to regulate over-the-counter derivatives, including swaps, after the trades complicated efforts to solve the financial crisis. Creating clearinghouses and transparent trading systems are components of the new rules.
“Establishing an industry-leading derivatives clearing service is a top priority for our global markets business,” Tom Montag, president of global banking and markets, said in the statement. “Every client we serve will be impacted by the financial reforms transforming the OTC derivatives market.”
September 23 (Bloomberg)
Bank of America Corp., the largest U.S. bank, formed a futures and derivatives clearing services group in anticipation of greater demand in the $615 trillion over-the-counter derivatives market.
Bob Burke and Gonzalo Chocano were named co-heads of the group, reporting to Denis Manelski and Syl Chackman, co-heads of Bank of America Merrill Lynch’s global markets financing and futures platform, according to a statement today. The new group contacted more than 3,000 clients in its planning over the past year, the Charlotte, North Carolina-based company said.
Congress sought to regulate over-the-counter derivatives, including swaps, after the trades complicated efforts to solve the financial crisis. Creating clearinghouses and transparent trading systems are components of the new rules.
“Establishing an industry-leading derivatives clearing service is a top priority for our global markets business,” Tom Montag, president of global banking and markets, said in the statement. “Every client we serve will be impacted by the financial reforms transforming the OTC derivatives market.”