The Rainbow project is planning to buy London derivatives
exchange, EDX, in a last ditch attempt to secure the clearing
services of LCH Clearnet.
Rainbow, backed by a consortium of financial houses including
MF Global, Newedge, Deutsche Bank and Goldman Sachs, is hoping
to list products that will rival Liffes existing suite of
financial contracts. But the project has stood at a standstill
since it is yet to secure the services of LCH Clearnet as
clearer. The clearinghouse has yet to confirm whether it will
service Rainbow despite a number of protracted board meetings.
The clearinghouse has been under pressure from Liffe, which
does not want a rival exchange cleared through the same
clearinghouse as itself.
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