UBS wins approval for €32bn Brexit swaps transfer

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

frankfurt-skyline
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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

Digging deeper into deep hedging

Dynamic techniques and gen-AI simulated data can push the limits of deep hedging even further, as derivatives guru John Hull and colleagues explain

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here