Deutsche Bank (DB) is moving 50% of its euro-clearing business from London to Frankfurt, the Financial Times reports.

The volume of London’s euro clearing market cannot be overstated, as it amounts to just under €800bn a day. The business is processing and clearing euro-denominated derivatives contracts by few and powerful clearinghouses, most prominently the LCR, of the London Stock Exchange (LSE).

The German lender is one of the five biggest clearers of interest rate derivatives in the City....