Deutsche Bank has shifted a “large part” of its euro clearing activity to Frankfurt from London, a spokesman confirmed Monday.
The shift by Germany’s largest bank is a boon to Deutsche Boerse’s 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.