UBS wins approval for €32bn Brexit swaps transfer

Decision tests boundaries of deposit-taking element, after Barclays had part of its earlier transfer rejected

UBS has approval to move almost 6,000 London-booked swaps master agreements to Frankfurt

UBS has won high court approval to transfer €32 billion ($36.4 billion) of assets – primarily derivatives – from London to Frankfurt. The court order ensures 2,483 of the bank’s EU27 clients retain access to services in the event of a no-deal Brexit by shifting contracts en masse and without the need for contractual changes or a cumbersome novation process that could subject legacy trades to new regulatory requirements.

Part of a wider plan to Brexit-proof contracts and move the Swiss dealer’s

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