Deutsche Bank shifts large part of euro clearing to Frankfurt from London

[webfact]

Deutsche Bank shifts large part of euro clearing to Frankfurt from London

 

FILE PHOTO: The headquarters of Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo

 

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.

 

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.

 

The 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)

 

-- © Copyright Reuters 2018-07-30

[Chomper Higgot]

Oops!

[anon7867763]

Brexodus ! 

[Grouse]

?

[sammieuk1]

Don't panic Boris has it all under control?

[ivor bigun]

If you read the article you find that the move is only symbolic.no jobs will be lost most of it is already done electronically already.
Its just a German bank that went bust symbolically moving back to Germany.
We were told in the beginning if we voted for Brexit thousands of jobs would go immediatly.they didnt ,move on nothing to see here

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[ivor bigun]

Oops!

Quite right oops project fear still not working

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[Chomper Higgot]

4 minutes ago, ivor bigun said:

Quite right oops project fear still not working

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Not working.... as it turns into reality.

[ivor bigun]

Not working.... as it turns into reality.

Dream on.because thats all you can do .chomp at the bit

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[Andrew65]

Is this the same Deutsche Bank that's been flirting with collapse? One so big it would probably be the next Lehman Brothers-moment??!!?

[bristolboy]

40 minutes ago, Andrew65 said:

Is this the same Deutsche Bank that's been flirting with collapse? One so big it would probably be the next Lehman Brothers-moment??!!?

And your point is?

[Chomper Higgot]

This is reminiscent of when the British thought nobody could takeover British shipbuilding, car manufacturing, steel production......

[BuaBS]

47 minutes ago, Andrew65 said:

Is this the same Deutsche Bank that's been flirting with collapse? One so big it would probably be the next Lehman Brothers-moment??!!?

Yes same bank , but the germans won't let it collapse , but they should.

[Andrew65]

4 minutes ago, Chomper Higgot said:

This is reminiscent of when the British thought nobody could takeover British shipbuilding, car manufacturing, steel production......

20-20 hindsight!?

 

Lots have financial-services have been done in Tokyo, Singapore, HK for very many years now, and it isn't just British business that's moved there.

 

Also, it isn't just British industry that's been offshored, this is what Trump's on about vis-a-vis America.

 

 

[Andrew65]

10 minutes ago, BuaBS said:

Yes same bank , but the germans won't let it collapse , but they should.

They handle 10's of trillions in derivatives etc, a collapse would affect the EU & the whole World.

 

Another thing, the Germans seem very reluctant to let Italy help it's failing banks, a big bone of contention.

 

Maybe just wishful thinking, but at some time in the future Brexit (and not having adopted the Euro or Schengen) might be seen as a prescient move.

 

There is lots of Euro-scepticism within the EU, not just in the UK.

[Jonnapat]

12 hours ago, Chomper Higgot said:

Not working.... as it turns into reality.

Yes, and remember Brexit has not yet even begun. Much worse to follow, for sure

[bert bloggs]

1 hour ago, Jonnapat said:

Yes, and remember Brexit has not yet even begun. Much worse to follow, for sure

Worse than what ? this non story , as ivor said to chomper dream on .

Edited July 31, 2018 by bert bloggs

[nabbie]

12 hours ago, Chomper Higgot said:

Not working.... as it turns into reality.

leading to the disaster.

[mlmcleod]

Just the tiniest beginning of the effect of Brexit on the economy!  Next March we will all see the real results!

Edited August 3, 2018 by metisdead
Bold font removed again. Please stop using bold font when posting.

[ivor bigun]

On 7/31/2018 at 10:36 AM, mlmcleod said:

Just the tiniest beginning of the effect of Brexit on the economy!  Next March we will all see the real results!

Yes when things start to improve for our country

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[Baerboxer]

2 hours ago, BuaBS said:

Yes same bank , but the germans won't let it collapse , but they should.

 

And the German government will quite happily disregard EU law and rules on bail outs if it has to.

 

[stevenl]

16 minutes ago, Baerboxer said:

 

And the German government will quite happily disregard EU law and rules on bail outs if it has to.

 

Are they doing that already then, or is this just your feelings for the Germans, having surpassed the UK?

[Jane Dough]

15 hours ago, ivor bigun said:

Quite right oops project fear still not working

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 The same could be said for project smokescreen.

[puck2]

4 hours ago, BuaBS said:

Yes same bank , but the germans won't let it collapse , but they should.

You are completely right. Because the Germans wouldn't like that Trump would get rid of his Deutsche Bank  debts.

[simple1]

22 hours ago, Chomper Higgot said:

Oops!

Correct, an indicator for the future even though in this particular instance no immediate job losses. Some are not observing trends...

 

The U.K.’s share of the jobs created by the financial services industry in Europe shrank to 16 percent last year, its lowest level in a decade, according to EY. Back in 2016, the figure stood at 37 percent.

 

https://www.bloomberg.com/view/articles/2018-07-10/london-s-post-brexit-decline

Edited July 31, 2018 by simple1

[ivor bigun]

Correct, an indicator for the future even though in this particular instance no immediate job losses. Some are not observing trends...
 
The U.K.’s share of the jobs created by the financial services industry in Europe shrank to 16 percent last year, its lowest level in a decade, according to EY. Back in 2016, the figure stood at 37 percent.
 
https://www.bloomberg.com/view/articles/2018-07-10/london-s-post-brexit-decline

Writen by Mark Gilbert an OPINION ANALYST for Bloomberg.they even put out a disclaimer to say his opinions are not theirs at the end of the piece.

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[tomacht8]

Brexit drives Asian banks to Frankfurt
From Desirée Backhaus
27/7/18
Banking & Adviser


After the Japanese, the Chinese are now coming: With the CICC, the first Chinese investment bank wants to manage its European business from Frankfurt. Is there more to it than the Brexit?

The five major Chinese state-owned banks already have offices in Frankfurt, followed by the first Chinese investment bank: The China International Capital Corporation (CICC) has chosen the Main metropolis as its headquarters for continental Europe because of Brexit, said a few days ago, the lobby organization Frankfurt Main Finance.

Shortly before, the equally Chinese bank Essence Securities had already decided for Frankfurt as a European hub. As early as last year, four of the five major Japanese investment banks had announced that they would move their EU headquarters from London to Frankfurt because of Brexit. The first new employees have now started work. As the UK wants to leave the European single market, banks will no longer be able to fully operate their financial operations on the continent with a British license.

Edited July 31, 2018 by tomacht8

[stevenl]

1 hour ago, ivor bigun said:

Writen by Mark Gilbert an OPINION ANALYST for Bloomberg.they even put out a disclaimer to say his opinions are not theirs at the end of the piece.

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Yes, his opinions are just that, opinions.

 

But the facts are: " The U.K.’s share of the jobs created by the financial services industry in Europe shrank to 16 percent last year, its lowest level in a decade, according to EY. Back in 2016, the figure stood at 37 percent. ".

[dunroaming]

19 hours ago, ivor bigun said:

If you read the article you find that the move is only symbolic.no jobs will be lost most of it is already done electronically already.
Its just a German bank that went bust symbolically moving back to Germany.
We were told in the beginning if we voted for Brexit thousands of jobs would go immediatly.they didnt ,move on nothing to see here

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Immediately being the moment Brexit is completed.  That hasn't happened yet.

[observer90210]

Good,  if no jobs are transfered.....as the trafic in Frankfurter is much more accessible, non congested then in exciting and lively Londonia !  (no offence please to my pals from England )