Deutsche Bank shifts large part of euro clearing to Frankfurt from London
FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has moved a “large part” of its euro clearing activity to Frankfurt from London, a spokesman confirmed on Monday.
FILE PHOTO: The headquarters of Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo
The shift by Germany’s largest bank is a boon to Deutsche Boerse’s (DB1Gn.DE) goal of stealing a large part of the euro clearing market from London as Britain exits the European Union.
FILE PHOTO: A man walks past Deutsche Bank offices in London, Britain, December 5, 2013. REUTERS/Luke MacGregor/File PhotoThe Financial Times was first to report the shift in clearing.
The move is largely symbolic, with no jobs transfers as a result. A Deutsche Bank spokesman said that the bank is effectively pushing a different button to route the clearing to Eurex, Deutsche Boerse’s clearing division.
A spokeswoman for Eurex said that it now has a market share of 8 percent of euro clearing, up from virtually zero a year ago.
Reporting by Tom Sims; Editing by Edward Taylor and Louise Heavens
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