• UBS expects London to lose 25% of a €1 trillion-a-day business due to Brexit

    7 monthes ago - By Chron

    REUTERS/Toby Melville/File Photo
    UBS: LCH, the London clearing house owned by the London Stock Exchange, is likely to lose at least 25% of its euro clearing volumes as a result of Brexit.
    LCH processes the bulk of all euro clearing in the UK, which is a €1 trillion-a-day business.
    Even if Britain avoids a "hard" Brexit, UBS expects volumes to shift to the continent as regulators order firms to do so to guard against the potential risk.
    Deutsche Bank, Barclays, and HSBC have all moved some of their euro-denominated clearing business to the continent in recent months.
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