Russell Boyce/Reuters
- Deutsche Bank is moving close to half of its euro clearing volumes from London to Frankfurt, according to the Financial Times.
- It's a blow to the City of London, which is at risk of declining as a global financial centre post-Brexit.
- Eurozone financial bigwigs argue euro clearing should take place within the euro area. Britain's vote to leave the EU has revived and strengthened these arguments.
LONDON — Deutsche Bank has executed plans to shift around half of its euro clearing activities out of the UK in a move that will worry those seeking to defend the City of London's place at the heart of European finance post-Brexit.
The move, first reported by the Financial Times late on Sunday, will see Deutsche Bank repatriate euro clearing to the bank's Frankfurt operation, where it is headquartered. Deutsche Bank, Germany's biggest lender, is one of the top five clearers of interest rate derivatives.
See the rest of the story at Business Insider
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