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Deutsche Boerse says about 20 banks join its clearing programme
[FRANKFURT] About 20 banks have signed up to Deutsche Boerse's profit-sharing scheme on interest rate swaps at its clearing business, the company said on Monday.
The programme, announced last month, aims to wrest trade from the London Stock Exchange amid the uncertainty over Britain's departure from the European Union.
Deutsche Boerse's EU-based alternative has signed on banks including Bank of America Merrill Lynch, BBVA, Citi, Commerzbank, Deutsche Bank, HSBC, JP Morgan and Morgan Stanley.
Deutsche Boerse's Eurex Clearing business is giving companies until Nov 20 to sign up early with incentives.
The 10 most active programme participants will be eligible for a "significant" share in revenues of interest rate clearing, and have a say in how Eurex is run.