Brexit’s money exit
Five of the largest London banks are planning to shift as much as €750bn of assets to Frankfurt so that they can continue to serve continental clients after Brexit. Deutsche Bank alone will send around €400bn to Germany, while JPMorgan is looking to move €200bn.
In addition, traders are transferring their operations from London to Amsterdam. CME Group announced in November that it was shifting its the €200bn a day repo market to the Netherlands, and it now plans to move its BrokerTec market for short-term funding in mid-March, according to Bloomberg.