Deutsche Bank moves half of its euro clearing from UK to Germany amid Brexit uncertainty

No job transfers

Deutsche Bank has relocated almost half of its euro clearing activities from London to Frankfurt amid heightening uncertainty around the Brexit negotiations.

The firm said its overall risk exposure to euro-denominated derivatives cleared in Frankfurt in recent months had increased to roughly the same level as those cleared in London, according to the Financial Times. This is a boost to Deutsche Borse's aim of winning a large part of London's euro clearing as the UK exits the European Union. Stefan Hoops, global co-head of institutional and treasury coverage at Deutsche Bank, told the FT: "It is the same London-based person who clears the transaction. We are just using a different clearing house." Two-fifths of asset managers eyeing Brex...