LSE Sets Stocks Deal With Frankfurt Amid Brexit Fight Over Swaps
(Bloomberg) -- The London Stock Exchange Group Plc and Deutsche Boerse AG, rivals for post-Brexit derivatives business, have decided to work together on trading tied to U.K. equities.
The companies announced an agreement on Monday for Deutsche Boerse's Eurex exchange to list futures and options contracts tied to the FTSE 100 benchmark index of Britain's biggest publicly traded companies. The LSE, which owns FTSE Russell indexes, said the contracts will start March 29.
“Our collaboration with Eurex reflects LSEG's commitment to supporting clients across the markets and communities that we serve,” Waqas Samad, chief executive officer of FTSE Russell, said in a statement.
The LSE is facing increased competition from Deutsche Boerse for clearing of euro-denominated interest-rate swaps. The European Union is pressing banks to move more of that business to clearinghouses in the bloc from London.
Brexit is already taking a toll on the City of London, which lost its spot to Amsterdam as Europe's top place to buy and sell stock. Traders have also shifted interest-rate swaps out of the U.K. and bankers are streaming into the bloc.
©2021 Bloomberg L.P.
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