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

To continue reading...

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: