The Finance Foundation
Reinventing capitalism for all
AUTHOR
Michel
Gabrysiak
President of the Finance Foundation

The Deutsche Bank CEO believes that clearing interest rate derivatives will remain in London…. forever.AHHA??
November 30, 2017 , Michel Gabrysiak - Financial Markets
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John Cryan, who is the CEO of Deutsche Bank and has done a very good job lately putting Deutsche Bank on the highest level of the staircase in Europe, says some intriguing things about clearing interest rate derivatives. He says that he does not understand why the whole thing should be relocated to continental European cities. The job factor is absolutely overstated. Very few jobs will be lost to London. 

In fact, London is the clearings’ global home. One trillion dollars of swaps and fixed income trades are being processed near the river Thames each day.

Nobody will leave London according to him in that area.

He may be right or wrong, but clearly how can one even think of having the global clearing in London with UK and London out of Europe? 

Therefore, there is no doubt that we shall have many, many, many discussions on that, and European clearing will not be done in London. 

 

 

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