Societe Generale is opening a Paris hub this month to clear derivatives in the European Union in the latest sign of euro business moving from Britain to the bloc ahead of Brexit.
Reuters reports that the bank said the new unit would join several clearing houses, including the London Stock Exchange’s LCH SA in Paris and Deutsche Boerse’s Eurex Clearing in Frankfurt.
Customers were asking for their trades at the bank to be cleared in the EU, a SocGen spokeswoman said. LCH SA will be used for clearing credit default swaps, and Eurex will clear interest rate swaps (IRS), she said.
Hit the link below to access the complete Bloomberg News article:
Societe Generale builds clearing hub in Paris ahead of Brexit
Standard Chartered cuts jobs in UAE retail bank: sources
Have something to tell us about this article?