Irish central bank warns of swaps market shut-out

Smaller European banks, insurers and funds may find themselves shut out of the swaps market from late next year, an official at the Irish central bank has warned. Martin Moloney, head of the bank's market policy department, says it is not clear there are enough big banks willing to provide access to clearing houses, which will affect thousands of swaps users when clearing becomes mandatory under the incoming European Market Infrastructure Regulation (Emir).

"Sooner rather than later, existing