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."
While there will be no job transfers, the move is significant as one of the first moves away from the London Stock Exchange's clearing house LCH to Deutsche Borse's Eurex Clearing.
The uncertainty around the UK's exit from the EU has increased significantly this month after foreign secretary Boris Johnson and Brexit secretary David Davis resigned following Prime Minister Theresa May's decision to adopt a "soft Brexit".
Subsequently, the European Union rejected the UK government's White Paper on 23 July over concerns the proposal would endanger the bloc's "decision making autonomy", pushing the two closer to a "no deal" scenario.
Warnings have been made by the Bank of England last October that Brexit could result in losses of up to 75,000 UK financial services jobs, especially in a "no deal" situation.