Royal Bank of Scotland has combined its over-the-counter (OTC) derivatives clearing unit with its futures business, Reuters reports. The new merged business is being run by new global head, Jeremy Wright, while the former managing director and global head of OTC clearing, John Wilson, left earlier this month. The bank has also named William Knottenbelt as global head of clearing as part of the reshuffle and appointed Fred Matt as global head of prime brokerage services to support the bank’s client business. The move comes as banks prepare for new regulations in the U.S. and Europe aimed at making the OTC derivatives market less opaque.
Click here for the story from Reuters.
Click here for additional coverage from Scotsman.