UniCredit biggest bank to quit trading derivatives with U.S. banks, FT says

Italy's UniCredit (UNCFF) is the biggest bank yet to say publicly it will not trade over-the-counter derivatives with U.S. banks due to uncertainty over new U.S. rules and concerns about their costs, reported Financial Times. At the same conference where UniCredit announced its decision, the chairman of the International Swaps and Derivatives Association, Stephen O’Connor, who is also a managing director at Morgan Stanley (MS), said the rules were already having an impact on U.S. banks, the report noted.