frankfurt stock market squares off against london
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Frankfurt stock market squares off against London

Arab Today, arab today

Arab Today, arab today Frankfurt stock market squares off against London

Frankfurt is fighting for post-Brexit financial services.
Frankfurt am Main - Arab Today

German stock market operator Deutsche Boerse said Monday it would launch an "EU-based alternative" for some key financial transactions as it bids to snatch business from London after Brexit.

Its subsidiary Eurex has partnered with big international banks including Bank of America Merrill Lynch, Deutsche Bank and JP Morgan, hoping to attract more work in "clearing" -- or guaranteeing complex financial deals will be completed.

Monday's announcement relates to "interest rate swaps", which firms use to hedge against or bet on changes in interest rates.

Clearing is one of the major battle lines being drawn between London and European financial centres as Britain prepares to leave the European Union.

Brussels unveiled plans in May to deny London the right to host clearing transactions denominated in euros -- potentially costing the British capital trillions in financial flows per year.

And once Britain leaves in March 2019, UK-based banks face losing "passporting" rules that allow them to sell services across the 28-member bloc unhindered.

Capitals including Paris, Amsterdam and Dublin have flung resources into coaxing banks to prepare for Brexit by setting up shop on their territory.

But Germany's sober financial hub Frankfurt has so far outshone its glitzier cousins.

Around 10,000 new banking jobs are expected to spring up in the city on the Main river, according to a study commissioned by lobby group Frankfurt Main Finance.

Major US and Asian banks have already committed to Frankfurt.

Britain's Sunday Times newspaper reported this week that Goldman Sachs and four other banks were spending tens of thousands of euros booking places in the western German city's English-speaking international schools -- a full year before any of their employees have moved.

Goldman Sachs also said last week that it had leased space for around 1,000 workers in the Marienturm, an under-construction Frankfurt skyscraper.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

frankfurt stock market squares off against london frankfurt stock market squares off against london

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

frankfurt stock market squares off against london frankfurt stock market squares off against london

 



GMT 11:28 2017 Saturday ,15 April

President Al-Bashir's visit to Kuwait and Bahrain

GMT 07:51 2017 Sunday ,26 November

HRH Crown Prince condoles with Egyptian President

GMT 14:35 2018 Friday ,12 October

Bahrain's media history documentation hailed

GMT 11:45 2017 Friday ,29 December

10 bodies found in mass grave in Myanmar

GMT 08:44 2016 Monday ,19 December

Hopeless Afghan struggle to save boy sex slaves

GMT 15:15 2013 Friday ,05 July

I breathe freedom in Jordan

GMT 12:55 2016 Sunday ,18 December

Kerry in likely last visit with Saudi king

GMT 05:49 2017 Wednesday ,24 May

Indian police make arrests after mobs lynch 8

GMT 12:12 2017 Sunday ,19 February

More South Sudanese officials quit unity gov't

GMT 09:25 2017 Wednesday ,09 August

Ghada Abdel Raziq prefers exciting drama

GMT 15:03 2017 Saturday ,14 October

HM King congratulates French President

GMT 22:10 2017 Wednesday ,03 May

Boosting Bahraini-Czech relations discussed

GMT 12:43 2017 Thursday ,30 November

Saudi prince freed in 'billion-dollar deal'

GMT 03:55 2017 Friday ,17 November

Al-Hilal's Eduardo looking to lead from the front

GMT 03:26 2017 Saturday ,18 November

Tesla's all-electric semi truck
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday