The headquarters of Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo
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Deutsche Bank has moved the clearing of a "large part" of new euro-denominated derivatives trades from London to Frankfurt, as financial firms ramp up their Brexit preparations.The Deutsche Bank spokesperson said no jobs were being transferred and that the bank was effectively pushing a different button to route the clearing to Eurex, Deutsche Boerse's clearing division, rather than LCH.International banks with European bases in London have been opening hubs in the EU to avoid Brexit disrupting business.Credit Suisse is looking to shift about 50 jobs from London to Madrid as part of its efforts to continue doing business in the European Union after Britain leaves the bloc in 2019, a source close to the bank said Monday.A spokeswoman for Eurex said that it now has a market share of 8.9 percent in notional outstanding euro clearing, up from virtually zero a year ago, though still tiny compared with 89.07 percent for LCH, according to calculations from Eurex.
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