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Deutsche Boerse steps up clearing fight with London ahead of Brexit

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Deutsche Boerse steps up clearing fight with London ahead of Brexit

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LONDON (Reuters) – Deutsche Boerse <DB1Gn.DE> has introduced a profit-sharing scheme to wrest volumes from the London Stock Exchange <LSE.L> as banks face uncertainty over cross-border markets ahead of Britain’s departure from the European Union. The German exchange’s clearing unit, Eurex Clearing, said it will launch a partnership programme in November to attract more volume in clearing interest rate swaps or IRS. An IRS is a popular derivatives contract used by companies to insure themselves against adverse moves in borrowing costs. The clearing of IRS in Europe is dominated by the LSE’s LCH unit.

(Reporting by Huw Jones; Editing by Rachel Armstrong)
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