So, the waiting is finally over? sort of. As reported last
week, the deal struck between LCH and Clearnet poses as many
questions as it answers, and even if all goes smoothly and
according to plan, the fruits of months of negotiation will
take years to ripen.
One of the questions relates to the "regulatory and
jurisdictional" obstacles to a full merger - a full merger
being one that creates a single clearinghouse with a single
guarantee fund. What exactly are these obstacles, and are they
to any extent being used as a fig leaf for more straightforward
business politics? After all, Clearnet has already overcome
similar obstacles to span national borders and become the
clearinghouse for the non-UK Euronext markets.
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