Eurex senses Brexit momentum in euro clearing battle with London
Eurex senses Brexit momentum in euro clearing battle with London | NASDAQ. LONDON, Feb 26 (Reuters) - Brexit and other tailwinds will help Frankfurt build stronger momentum this year to attract more euro clearing from London without the need for extra customer sweeteners, a senior Deutsche Boerse Group official has said. Even before Britain's departure from the European Union last month, EU policymakers have long bristled that LCH, part of the London Stock Exchange, clears the bulk of interest rate swaps (IRS) denominated in the euro. "Emotionally, the Europeans are very committed to gaining control of the euro as a currency in all its forms like clearing house activity," Bruce Carnegie-Brown, chairman of the Lloyd's of London insurance market, told parliament on Wednesday. The push began in 2017 when Eurex Clearing, an arm of Frankfurt-based Deutsche Boerse, launched a profit-share to reward its 10 most active customers that increase clearing in euro-denominated interest rate products.