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today, 4:56 pm
Author:
Alex Ciutacu
The biggest German creditor confirmed Monday that he was "moving" a lot of his business from London to Frankfurt. "We expect other banks to follow us," says Frank Hartmann, spokesman for Deutsche Bank.
London has long been As a brokerage yard for the euro banknote trade, the volume flowing through the city is huge, about 1.5 trillion dollars a day.
Although the bank only has a few hundred employees, the importance of product intermediation in the euro is massive. If all the banks moved these London divisions, or if the EU required them to move after the Brexit, the loss would be immense because the ecosystem would become less efficient.
The European Central Bank has always maintained that these divisions it should be only 19 countries that use the single currency, and the UK has never considered the euro as a viable option, keeping his pound sterling.
Brexit threatens London's role as a European financial center, Paris and Frankfurt compete to attract as many new customers as possible to the detriment of the British
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