LCH Clearnet (LCH-C) has scrapped the system it had been
developing to integrate its platforms, at a total cost of at
The news followed hard on the heels of the departure of CEO
David Hardy, whose exit, sources said, resulted from internal
wranglings over LCH-C's Generic Clearing System (GCS).
The clearinghouse said in a statement that further
development of GCS were "not economically or technically
viable, and the group has therefore decided not to continue to
use assets from GCS within its technology strategy".
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