Deutsche Bank moves euro clearing from London to Frankfurt – The Guardian
Deutsche Bank has moved a “large part” of its euro clearing activity to Frankfurt from London in the latest sign of rival European cities seeking to divert business away from the City ahead of Brexit.
The shift, confirmed by a spokesman and first reported by the Financial Times, is a boon to Deutsche Boerse’s goal of winning a large part of the euro clearing market from London as Britain leaves the European Union.
“Deutsche Bank has begun to clear large parts of its euro derivatives trading with Eurex Clearing,” the spokesman said.
The move by Germany’s biggest bank is largely symbolic, with no job transfers. The bank was effectively pushing a different button to route the clearing to Eurex, Deutsche Boerse’s clearing division, the spokesman said.
“Deutsche Bank has begun to clear large parts of its euro derivatives trading with Eurex Clearing.”
A spokeswoman for Eurex said it now had a market share of 8% of euro clearing, up from virtually zero a year ago.
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Hubertus Väth, chief executive of the marketing group Frankfurt Main Finance, told the FT that moving euro clearing from London to Frankfurt was “on top of our priority list from the very first day after the Brexit referendum”.