EU’s Brexit clearing grab slow to lift off

Clearing members say clients aren’t transferring material volumes from LCH to Eurex rapidly

LCH and dragon
LCH HQ, London: Eurex Clearing is expected to be the largest beneficiary of it being off-limits for EU clearing members

The migration of cleared swaps from UK central counterparties to EU counterparts has only made slow and immaterial progress, according to clearing members speaking during a virtual conference.

“Eurex does seem to be making some headway in volumes … but I think if you look at numbers directly, at rates clearing volumes at LCH and Eurex, material risk transferred between the two CCPs hasn’t really played out yet, particularly for the longer-dated portfolios,” said Farida El-Gammal, global

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