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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Börse AG    DB1   DE0005810055

DEUTSCHE BÖRSE AG

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Deutsche Börse : EU gives banks 18-months to cut "excessive" reliance on UK clearers

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09/21/2020 | 09:42am EDT

LONDON, Sept 21 (Reuters) - Banks and other financial market participants in the European Union will have until mid-2022 to cut their "excessive reliance" on derivatives clearing houses in Britain, the bloc's executive European Commission said on Monday.

Britain, which hosts Europe's biggest financial hub in London, left the EU in January and its unfettered access to the bloc ends in December.

EU financial services chief Valdis Dombrovskis said he has approved a proposal to allow clearing houses or central counterparties (CCPs) in Britain to continue serving EU customers for 18 months from January 2021.

"This time-limited decision has a very practical rationale, because it gives EU market participants the time they need to reduce their excessive exposures to UK-based CCPs, and EU CCPs the time to build up their clearing capability," Dombrovskis said in a statement.

Clearers stand between the two sides of a trade, ensuring its orderly completion even if one side goes bust.

LCH, a unit of the London Stock Exchange, clears the bulk of euro-denominated interest rate swaps that are widely used by companies to hedge against adverse moves in borrowing costs. ICE Clear Europe is also used by EU clients.

The Bank of England, which regulates LCH, said it welcomed the EU's decision, though a time-limited one, to avoid shifting contracts in a short period which would raise financial stability risks.

As of August 2020, there were 60 trillion pounds ($76.93 trillion) of derivative contracts between clearers in Britain and their EU members, with 43 trillion of this due to expire after December, the BoE said.

Brussels and the European Central Bank want euro clearing located in the bloc where it can be directly regulated, viewed in Britain as an attack on the City of London as a global financial centre.

"Accordingly, industry is strongly encouraged to work together in developing strategies that will reduce their reliance on UK CCPs that are systemically important for the union," the EU executive said.

Shifting existing swaps positions worth billions of euros from London would be a complex and costly undertaking for banks. ($1 = 0.7800 pounds) (Reporting by Huw Jones; Editing by Toby Chopra, Kirsten Donovan)


Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BÖRSE AG -0.18% 137.75 Delayed Quote.-1.71%
LONDON STOCK EXCHANGE PLC -1.17% 8438 Delayed Quote.8.88%
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Financials
Sales 2020 3 241 M 3 844 M 3 844 M
Net income 2020 1 147 M 1 361 M 1 361 M
Net Debt 2020 1 786 M 2 119 M 2 119 M
P/E ratio 2020 22,3x
Yield 2020 2,25%
Capitalization 25 267 M 29 909 M 29 970 M
EV / Sales 2020 8,35x
EV / Sales 2021 8,11x
Nbr of Employees 6 427
Free-Float 96,5%
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Mean consensus HOLD
Number of Analysts 22
Average target price 158,66 €
Last Close Price 137,75 €
Spread / Highest target 35,8%
Spread / Average Target 15,2%
Spread / Lowest Target -2,00%
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Managers
NameTitle
Theodor Weimer Chief Executive Officer
Martin Jetter Chairman-Supervisory Board
Christoph Böhm Chief Operating & Information Officer
Gregor Pottmeyer Chief Financial Officer
Mareike Sich Head-Financial, Corporate & IT
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