The public bank has completed the transfer of the compensation of 28 billion euros of interest rate derivatives from London to Frankfurt. She wants to avoid any uncertainty as to the treatment which will be made of these products within eighteen months, when the exemptions granted to the City will fall.
It is a technical operation, but which has symbolic value a few days before the United Kingdom leaves the European Union. Bpifrance has completed the transfer of the clearing of its portfolio of derivatives from London to Frankfurt, as the Deutsche Börse group announced on Wednesday evening in a press release.
Derivatives previously processed by the LCH clearing house will now be handled in the euro zone, in the clearing house of the Frankfurt Stock Exchange, Eurex. ” As Brexit looms, we wanted to avoid any uncertainty regarding the possibility of continuing to work with a clearing house in the UK, once the divorce has been consummated. », Explains Jean-Michel Arnoult, deputy financial director of bpifrance.