• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

New York extends post-Brexit gains in euro swaps trading

September 9, 2021 by David Barret Leave a Comment

September 9, 2021

By Huw Jones

LONDON (Reuters) – New York has increased its market share in trading euro interest rate swaps at London’s expense, data group OSTTRA said on Thursday, in the latest sign of how global financial markets are being permanently fragmented by Brexit.

Trading in euro rate swaps began leaving London for the European Union and United States after Britain fully left the bloc on Dec. 31.

EU banks could no longer trade euro swaps in London and must use a platform in the bloc or those approved by EU regulators, such as in the United States and Singapore.

OSTTRA, a new joint venture between CME Group and IHS Markit, said that in the second quarter of 2021 U.S.-based platforms accounted for 23% of euro rate swaps by volume, up from 18% in the first quarter.

For UK and EU counterparties that want to trade with each other, they have little choice but to use U.S. platforms.

In contrast, London’s share in euro swaps fell from 11% to 8% over the two quarters, while that of EU-based platforms remained flat at 26%.

OSTTRA Graphic on euro swaps trading – https://ift.tt/3C13KYF

There has been little or no change in where rate swaps are being cleared, OSTTRA said.

The EU is now putting pressure on banks to shift clearing in euro swaps from the London Stock Exchange’s LCH unit in London to Deutsche Boerse in Frankfurt, but has met broad opposition so far.

LCH has permission to clear trades for EU clients until June next year, and Brussels has yet to say if this will be extended in any form.

Bankers have warned that if permission is not extended, clearing will likely go the same way as trading, with chunks shifting to the United States.

Billions of euros worth of daily euro share trading has also left London for Amsterdam and other EU financial centres, prompting Britain to review its capital market and listing rules.

(Reporting by Huw Jones; Editing by Jan Harvey)

Source Link New York extends post-Brexit gains in euro swaps trading

David Barret
David Barret

Related posts:

  1. Hackers are hiring more English speakers to write believable email scams
  2. JBL Quantum 350 looks like a great affordable wireless gaming headset
  3. Canada trade surplus narrowed in July to C$778 million
  4. Life insurers shift to pre-pandemic norms after COVID vaccine roll-outs

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • HUNTR/X Or Giant Squid? Following Alien Claims, We Asked Scientists What They Would Like Interstellar Object 3I/ATLAS To Be
  • Flat-Earthers Proved Wrong Using A Security Camera And A Garage
  • Earth Breaches Its First Climate Tipping Point: We’re Moving Into A World Without Coral Reefs
  • Cheese Caves, A Proposal, And Chance: How Scientists Ended Up Watching Fungi Evolve In Real Time
  • Lab-Grown 3D Embryo Models Make Their Own Blood In Regenerative Medicine Breakthrough
  • Humans’ Hidden “Sixth Sense” To Be Mapped Following $14.2 Million Prize – What Is Interoception?
  • Purple Earth Hypothesis: Our Planet Was Not Blue And Green Over 2.4 Billion Years Ago
  • Hippos Hung Around In Europe 80,000 Years Later Than We Thought
  • Officially Gone: Slender-Billed Curlew, Once-Widespread Migratory Bird, Declared Extinct By IUCN
  • Watch: Rare Footage Captures Freaky Faceless Cusk Eels Lurking On The Deep-Sea Floor
  • Watch This Funky Sea Pig Dancing Its Way Through The Deep Sea, Over 2,300 Meters Below The Surface
  • NASA Lets YouTuber Steve Mould Test His “Weird Chain Theory” In Space
  • The Oldest Stalagmite Ever Dated Was Found In Oklahoma Rocks, Dating Back 289 Million Years
  • 2024’s Great American Eclipse Made Some Birds Behave In Surprising Ways, But Not All Were Fooled
  • “Carter Catastrophe”: The Math Equation That Predicts The End Of Humanity
  • Why Is There No Nobel Prize For Mathematics?
  • These Are The Only Animals Known To Incubate Eggs In Their Stomachs And Give “Birth” Out Their Mouths
  • Constipated? This One Fruit Could Help, Says First-Ever Evidence-Led Diet Guidance
  • NGC 2775: This Galaxy Breaks The Rules Of “Galactic Evolution” And Baffles Astronomers
  • Meet The “Four-Eyed” Hirola, The World’s Most Endangered Antelope With Fewer Than 500 Left
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version