• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Economics

Frankfurt “confident” of poaching Britain’s €930 billion clearing industry after Brexit

Germany’s financial centre Frankfurt is “confident” of poaching London’s  €930 billion clearing industry after Brexit. Hubertus Väth, managing director of Frankfurt Main Finance, which lobbies for its financial centre, told Business Insider he was confident the EBA, Europe’s banking authority, would move to Frankfurt, and confident in the arguments for bringing Euro clearing to the city […]

Jack Peat by Jack Peat
2017-07-07 13:36
in Economics, News
FacebookTwitterLinkedinEmailWhatsapp

Germany’s financial centre Frankfurt is “confident” of poaching London’s  €930 billion clearing industry after Brexit.

Hubertus Väth, managing director of Frankfurt Main Finance, which lobbies for its financial centre, told Business Insider he was confident the EBA, Europe’s banking authority, would move to Frankfurt, and confident in the arguments for bringing Euro clearing to the city if it does move from London.

He said: “We are confident about it. I cannot say it will be the likely decision of such a complex body as the European Union, but I think we have very good arguments for it.

“If you look at it from a rational point of view, then I think everything speaks for Frankfurt.”

Frankfurt has also been vying with Dublin, Paris, and Luxembourg to position itself as an attractive destination for banks who wish to maintain a satellite within the passporting zone.

Around 70 per cent of euro-denominated trades worth €930 billion (£820 billion) a day pass through London, according to a House of Lords report, and the London Stock Exchange’s chief executive Xavier Rolet says banks and investors will end up $100 billion (£77 billion) worse off if the process moves after Brexit.

Väth said Frankfurt’s pitch for clearing was based on two principal arguments. Firstly, he said, the collapse of a European clearing house — known as a central counterparty clearing house (CCP) — would be much more complex in London after Brexit. A CCP which collapses has to be “resolved,” a process which means losses and capital have to be shared among its members.

RELATED 

http://www.thelondoneconomic.com/news/paris-frankfurt-battle-brefugees/25/01/

RelatedPosts

Euston tunnellers ‘have won the argument’ amid speculation over HS2’s future

Flybe ceases trading with all scheduled flights cancelled

Unite secures 28% pay rise for hundreds of Luton airport workers

Woman dies from hypothermia after telling her doctor she ‘couldn’t afford heating’

 

Please login to join discussion

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Kwarteng faces massive market turmoil after disastrous day for sterling

Pan-fried Rump steak with Rosemary and Garlic Paste

Triathlete died when bicycle hit flooded pothole weeks after workman repaired wrong road

Amber Rudd ‘no-platformed’ at Oxford University event after student backlash

Pub named after Colston has been renamed – as Pubby Mcdrunkface

Review: 108 Garage chef Chris Denney’s ‘Itineraries of Taste’ banquet

Thousands of puffins ‘starving to death due to global warming’

Russia-Ukraine conflict puts UK food supplies at risk, farming boss warns

5 players who swapped Serie A for Premier League – Liverpool & Manchester United feature

Watch – SNP announce plans for a second independence referendum

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.