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Brexit p10
Keep an eye on it!
London Stock Exchange (LSE) / Financial Services
The UK has been the European hub for trading OTC (over the counter) currency derivatives since records began about 20 years ago. The City is home to the biggest inter-dealer brokers, clearing houses and law firms that make up the industry. While a Brexit would have no benefits for this market, it’s safe to assume that it would mean something. So, how bad would it be? London Stock Exchange is a majority shareholder in LCH Clearnet, the world’s largest clearing house, which only recently escaped an ECB move to ban some of its activities if it remained headquartered in London (source: Bloomberg). There are now indications that EU authorities would revisit this if Britain leaves. However, LSE’s tie up with Deutsche Bourse might just make life a bit easier – if it goes through. One to watch.
Broker Consensus
NB All pricing and consensus data from Bloomberg on 14 March; full rundown available on request
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Prepared by Michael van Dulken, Head of Research
