Some observers have expressed surprise that LCH and
Clearnet, having kept us all waiting for months on end, finally
chose to announce their official engagement without first
getting the blessing of IPE and LME. As shareholders, the
observers have reasoned, these two exchanges could scupper the
whole deal and make the clearinghouses look pretty stupid - to
lose one merger after a public fanfare would be unfortunate; to
lose two smacks of carelessness.
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