DB steps away from Clearing US swaps

Deutsche Bank is closing its US swaps clearing business as it battles to cut costs amid continued questions over its business model.

The bank will continue to clear futures globally, according to people briefed on its plans, but its decision to stop clearing swaps in the US is effective immediately. The business had dwindled, with the German lender slipping to become only the 13th largest clearing bank for US swaps at the end of 2016.

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