Merger could go further, regulators permitting
Members of the European banking community are largely in
favour of the proposed merger of London Clearing House (LCH)
and Clearnet, but would like to see the deal go even
The current proposal (see last week) would see the two
clearinghouses brought under a single holding company, LCH
Clearnet. Although designed to offer users a "virtual single
central counterparty (CCP)", the deal would see two platforms
and two guarantee funds maintained.
European Securities Forum (ESF), the banking industry body
that has been lobbying for clearing consolidation for years,
issued a brief statement welcoming the move as "as an important
further step toward integrated clearing and settlement in
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