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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Börse AG    DB1   DE0005810055

DEUTSCHE BÖRSE AG

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Deutsche Börse : London determined to stay top in euro derivatives clearing, LSE says

12/01/2020 | 11:29am EST
FILE PHOTO: People walk past the entrance of the London Stock Exchange in London

LONDON (Reuters) - The City of London is determined to make sure that it remains the top centre for clearing euro-denominated financial derivatives, a senior London Stock Exchange official said on Tuesday, as Britain's finance industry steps up its lobbying for permanent access to the European Union after Brexit.

Policymakers in the bloc see Britain's full departure from the EU on Dec. 31 as a chance to shift large chunks of clearing in widely used euro derivatives from London to Eurex in Frankfurt.

As banks have moved so few holdings, the EU has given temporary "recognition" to let the LSE's LCH unit keep serving EU customers until mid-2022 - although EU banks will still have to shift trading of the contracts from the UK to the bloc from Jan. 1, after a post-Brexit standstill agreement expires.

"The constant message we have had from all customers, all clients, EU and otherwise, is that they want to continue to have access because of the access to liquidity," LSE head of clearing Daniel Maguire told an online event held by the U.S. settlement house DTCC.

LCH was "pretty secure", with volumes increasing, he said.

"We need to leave the politics aside and move to the next phase, and we are hoping to secure some degree of permanent recognition in the months and years to come."

Before the EU decides on long-term access, its European Securities and Markets Authority (ESMA) is reviewing whether euro clearing is too important to stay outside the bloc.

ESMA Chair Steven Maijoor said on Tuesday this assessment will consider the degree of cooperation in information-sharing between the EU and LCH's home regulators in Britain.

The "base case" is that markets are global and activities should be undertaken where there is expertise, though such expertise was being built up inside the bloc, Maijoor told an Afore Consulting event.

(Reporting by Huw Jones; Editing by Kevin Liffey)

By Huw Jones


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BÖRSE AG -0.26% 135.5 Delayed Quote.-2.69%
LONDON STOCK EXCHANGE PLC -0.07% 9130 Delayed Quote.1.35%
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Financials
Sales 2020 3 222 M 3 909 M 3 909 M
Net income 2020 1 117 M 1 355 M 1 355 M
Net Debt 2020 1 860 M 2 256 M 2 256 M
P/E ratio 2020 22,3x
Yield 2020 2,30%
Capitalization 24 855 M 30 069 M 30 146 M
EV / Sales 2020 8,29x
EV / Sales 2021 8,03x
Nbr of Employees 6 467
Free-Float 96,5%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 157,99 €
Last Close Price 135,50 €
Spread / Highest target 41,7%
Spread / Average Target 16,6%
Spread / Lowest Target 1,85%
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Managers and Directors
NameTitle
Theodor Weimer Chief Executive Officer
Martin Jetter Chairman-Supervisory Board
Christoph Böhm Chief Operating & Information Officer
Gregor Pottmeyer Chief Financial Officer
Mareike Sich Head-Financial, Corporate & IT
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