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Deutsche Bank and UniCredit launch swaps on Brexit in London
Deutsche Bank AG and UniCredit SpA transferred some of their currency swap transactions from London to Frankfurt in May as the banks ended the Brexit tragedy to prepare for the worst. A dozen banks took part in a switch transaction in which lenders closed existing swap positions in the UK and opened equivalents in Germany, according to people close to the deal who asked not to to be named because the transactions are private. Some of the 10, including JPMorgan Chase & Co. and Commerzbank AG, acted as market makers, considering that the exercise was an opportunity to generate revenue by negotiating with the banks ….
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