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How Brexit split Aegon’s euro swaps book

Years-long effort saw trades quietly move from London to Frankfurt – but firm wants continued access to LCH

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After UK voters narrowly chose to leave the European Union in 2016, it took a matter of days for then-French president François Hollande to renew a threat to London’s clearing houses – long coveted by continental politicians and feared by continental supervisors. A fierce tug-of-war has since played out in public while, in private, some large European users of those clearing houses have sought to

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