Deutsche Bank AG has transferred almost half of its euro clearing activities to Frankfurt from London ahead of the U.K.'s departure from the EU in March 2019, the Financial Times reported.
The move has not resulted in job relocations, with Stefan Hoops, the German lender's global co-head of institutional and treasury coverage, saying the the bank will only be using a different clearing house, according to the FT.
The move will provide a significant boost to Deutsche Börse AG, which looks to bring in more business for its Eurex Clearing AG unit amid uncertainty created by Brexit. Clearing of euro-denominated assets has been one of the most contentious issues in the financial services sector in connection to Britain's impending exit from the bloc, as most of it is currently done through London with LCH Group Holdings Ltd., the clearing arm of London Stock Exchange Group PLC.
In June, German Finance Minister Olaf Scholz also backed calls to relocate London's euro clearing business after Brexit, while Frankfurt Main Finance's marketing group CEO, Hubertus Väth, said moving euro clearing to Frankfurt has been top of its priority list since the day after the Brexit referendum, the FT said.