A quarter of financial institutions expect to close businesses most heavily hit by new capital adequacy and clearing rules, a survey has found, as the impact of post-crisis rules begins to be felt across the financial sector.

The Professional Risk Managers' Association, a trade body, carried out a survey of more than 170 of its members - half of which were either buyside or sellside firms - which revealed mounting concerns over the increase in trading costs, particularly in the over-the-counter derivatives markets, which are set to BE most affected by new legislation.