Ray Kahn, who held the top clearing role at Barclays, has quit, reports Financial Times.
Kahn’s LinkedIn profile lists his former title as Managing Director; Global Head of Risk, Treasury, Resources, and Regulatory Management – Agency Derivative Services. His move comes after several clearing executives changed positions this year.
Read: CSA proposes mandatory central clearing of OTC derivatives
FT says higher capital requirements enacted after the financial crisis are making it difficult for banks to profit from trade clearing.
“A number of banks, including RBS, State Street and Nomura, have already pulled out of the business, citing the rules’ effect,” reports Financial Times. “Others, like Barclays, have retrenched, leaving just five banks clearing more than 70% of all swaps trades in the U.S.”