FILE PHOTO: A man walks past Deutsche Bank offices in London, Britain, December 5, 2013. REUTERS/Luke MacGregor/File Photo
FILE PHOTO: A man walks past Deutsche Bank offices in London, Britain, December 5, 2013. REUTERS/Luke MacGregor/File Photo

Deutsche Bank moves major operation out of London



Germany's biggest lender Deutsche Bank said Monday it has moved "a big part" of its euro clearing operations from London to Frankfurt, in a new blow to the City as Britain leaves the EU.

With Brexit due on March 30 next year, "Deutsche Bank has begun to clear out a big part of its euro clearings to Eurex Clearing," said a spokesman for the bank, confirming a report in the Financial Times, which said the bank has shifted close to half of the operations.

Eurex Clearing is a subsidiary of Deutsche Boerse, which over the last months has been seeking to claw away business from London's LCH Clearnet, the clearing house operated by the London Stock Exchange and which has long held a quasi monopoly on euro clearing operations.

Clearing houses are a key part of the financial system's plumbing, with trillions of euros being handled every year, almost exclusively out of London.

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Such institutions act as an intermediary between buyers and sellers of financial instruments, and carry out operations like settling trading accounts.

Deutsche Bank said the shift would not involve job transfers.

Rather, its employees in London would be "pushing another button" that sends the clearing operation to Frankfurt rather than to the clearing house in London, said the spokesman.

But if other banks were to follow suit and move their clearing operations out of London, the City could lose its dominant position as a euro clearing hub.

The question of whether euro clearing houses can remain in London is one of the most contentious issues when Britain negotiates its future trade relationship with the EU after its departure.

Monster

Directed by: Anthony Mandler

Starring: Kelvin Harrison Jr., John David Washington 

3/5

 

WORLD CUP SEMI-FINALS

England v New Zealand (Saturday, 12pm)

Wales v South Africa (Sunday, 1pm)

Naga
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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

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Results

6.30pm Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m, Winner Bandar, Fernando Jara (jockey), Majed Al Jahouri (trainer).

7.05pm Meydan Classic Listed (TB) $175,000 (Turf) 1,600m, ​​​​​​​Winner Well Of Wisdom, William Buick, Charlie Appleby.

7.40pm Handicap (TB) $135,000 (T) 2,000m, ​​​​​​​Winner Star Safari, Mickael Barzalona, Charlie Appleby.

8.15pm Handicap (TB) $135,000 (D) 1,600m, Winner Moqarrar, Fabrice Veron, Erwan Charpy.

8.50pm Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m, Winner Secret Advisor, William Buick, Charlie Appleby.

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10.35pm Handicap (TB) $175,000 (T) 1,400m, ​​​​​​​Winner Velorum, Mickael Barzalona, Charlie Appleby.

If you go

The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.


The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.


The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

The biog

Name: Samar Frost

Born: Abu Dhabi

Hobbies: Singing, music and socialising with friends

Favourite singer: Adele