How Brexit split Aegon’s euro swaps book

Years-long effort saw trades quietly move from London to Frankfurt – but firm wants continued access to LCH

After UK voters narrowly chose to leave the European Union in 2016, it took a matter of days for then-French president François Hollande to renew a threat to London’s clearing houses – long coveted by continental politicians and feared by continental supervisors. A fierce tug-of-war has since played out in public while, in private, some large European users of those clearing houses have sought to protect themselves against the outcome.

For Aegon Asset Management – the $464 billion-asset