RBS winds down rates prime broking and rates OTC clearing businesses

Royal Bank of Scotland said on Sunday it is winding down its rates prime broking and rates OTC clearing businesses as capital and operating costs increase.

Reuters reports that RBS cited 'increasing level of capital, operating costs and investment that would be required for business to be globally competitive in a market with extremely thin margins', as the reason for winding down its Rates Prime Broking and Rates OTC Clearing businesses.

RBS' prime broking business provides clients with margin consolidation and credit efficiency services, while its rates OTC clearing unit aids customers in clearing interest rates contracts that relate to over-the-counter transactions.

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