Deutsche Boerse steps up clearing fight with London ahead of Brexit

[LONDON] Deutsche Boerse has introduced a profit-sharing scheme to wrest volumes from the London Stock Exchange as banks face uncertainty over cross-border markets ahead of Britain's departure from the European Union.

The German exchange's clearing unit, Eurex Clearing, said it will launch a partnership programme in November to attract more volume in clearing interest rate swaps or IRS.

An IRS is a popular derivatives contract used by companies to insure themselves against adverse moves in borrowing costs. The clearing of IRS in Europe is dominated by the LSE's LCH unit.

REUTERS