Deutsche Boerse wants to win a quarter of the euro clearing market from London if the UK leaves the European Union, Deutsche Boerse’s new CEO said on Wednesday.
Theodor Weimer’s comments came at an annual press conference, where he said: “The course for the future will be set in 2018, and we now have a unique opportunity to build a credible alternative to London.
“We need a second euro clearer for Europe, one that is within the EU27: here in Frankfurt.”
Currently, the London Stock Exchange’s LCH business dominates clearing of euro-denominated trades.
However, the EU has indicated it would like this business to stay within the EU bloc if Brexit happens.
Such a move could threaten jobs in London and threaten its position as Europe’s leading financial center.
“I see a whole range of opportunities for us to grow,” added Weimer.
“Acquisition-driven growth is a staple of our sector.
“Because the stock exchange business is a scale business, size is vital for our success.”