This follows on the heels of closure of their US clearing service

Apparently BNY Mellon have announced the closure of their European Clearing business, which follows the closure of their US clearing business earlier in the year. The full story is over at The Trade News. The article suggests that the recent announcement of the timeline to mandated clearing in Europe was a contributing factor in their decision, I wonder if we will see any further announcements of this nature, or whether BNY were just the firm that didn't get a chair when the music stopped?