Barclays is preparing to split its euro rates trading team because of Brexit and plans to move part of the unit that trades eurozone government bonds and interest rate swaps away from its main trading floor in London. The shift is designed to allow Barclays to continue trading euro securities with European clients even if the UK crashes out of the EU in March 2019 with no trade deal or transition agreement to maintain access to the bloc’s single market. The plan highlights the level of uncertainty over the City of London’s position as the dominant centre for trading euro securities. The European Commission and European Central Bank are pushing for the EU to retain direct oversight over clearing such assets.
