Spain's bbva has become the latest bank to outsource derivatives clearing activities to a third party in a sign that regional players are stepping up to plug a gap after larger brokers scaled back. The Spanish bank has signed an agreement with sernova financial, a two-year-old fintech that aims to lower the barriers to entry for exchange-traded and over-the-counter derivatives clearing by recreating the infrastructure and service elements of a traditional clearing broker in a shared utility.
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