Barclays PLC, Britain’s second-largest bank, is exiting the non-agency MBS market due to growing regulatory pressure in its home country to maintain a capital cushion against the riskier, lower-grade mortgage assets, according to Bloomberg. The move appears to be part of Barclays’ “Project Transform,” a group-wide reorganization plan announced last year, which aims to make sweeping changes to the financial institution’s business model to ensure long-term profitability. Specifically, the plan seeks to reduce Barclays’ investment banking activities as it shifts focus from securities trading to mortgage originations. Resolving legacy conduct issues is...