JPMorgan, Citi Join Group to Lure Clearing to Frankfurt

JPMorgan Chase & Co. and Citigroup Inc. have joined a venture intended to make Frankfurt a viable alternative to London for the clearing of euro-denominated derivatives, showing how the stakes are rising as the U.K.’s date of departure from the European Union draws nearer.

Other firms that have joined a revenue-sharing agreement with Frankfurt-based clearinghouse Eurex Clearing include Credit Suisse Group AG, HSBC Holdings Plc, Deutsche Bank AG, Morgan Stanley and Citadel, according to a statement from Eurex.

The clearinghouse, which is a unit of Deutsche Boerse AG, will share its revenue from clearing interest-rate swaps with the 10 firms ...