Well, the public had been waiting for it for so long
that when it was finally published people couldn't wait to get
their hands on a copy to find out who was going to be killed
off. No, we're not talking about Harry Potter and the Order of
the Phoenix here, but the merger document for LCH Clearnet. And
while rightly pointed out by all and sundry that the proposal
leaves many questions unanswered, it does seem as though, at
this stage at least, there are no casualties for the time
being. David Hardy has got the top job, with Patrice Renault
his deputy. Longer term, though, "some natural headcount
optimisation" (a wonderful euphemism for job losses) will
result from "harmonisation and progressive integration of
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