Germany’s largest lender Deutsche Bank has confirmed plans to move a “large part” of its euro clearing activity to Frankfurt from London. Reports suggest that the move is largely symbolic, with no jobs transfers as a result.
Hubertus Väth, chief executive of the marketing group Frankfurt Main Finance, further 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”.
A spokeswoman for Eurex added that it now has a market share of 8 per cent of euro clearing, up from virtually zero a year ago.