Whoever loses runs the risk of seeing their entire derivatives business denuded
By Steve Grob, head of group
strategy at Fidessa
One of the great things about industrial
logic is that it’s easy to slice it up in so many
different ways. This appears to be exactly what is happening
with the Deutsche Borse and London Stock Exchange merger and
the rumoured counterbids from ICE and possibly others.
Reuniting Liffe (now owned by ICE) with its original clearing
house (LCH, now majority owned by LSE) would be powerful,
especially when you throw in the OTC open interest that sits at
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