Two banks begin moving swaps out of London, pre-Brexit
Part VII transfers underway as Barclays, UBS seek ‘big bang’ trade moves; clients warned of legal, regulatory questions
Time has run out for London-based banks pinning their hopes on a Brexit deal that will save them from transferring swaps contracts to EU27 hubs. At least two dealers have now kick-started processes that will allow contracts to be moved en masse, with the mooted UK and European Union withdrawal agreement facing fierce opposition in the UK Parliament.
UBS is preparing to move its European investment banking hub from London to Frankfurt through a combined cross-border merger and Part VII transfer
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