ICE chief Jeff Sprecher said on Wednesday he would not bid for the LSE Group but the race for SwapClear is not run yet
With ICE pulling out of the race for the
LSE, another, more intriguing option faces the US exchange.
Contrary to expectations,
ICE is out of the running for the London Stock Exchange
leaving the field (almost – CME must surely be
considering a move) clear for Deutsche Bourse to have a shot at
completing the deal.
However, ICE is not necessarily out of the
running for SwapClear, or at least the SwapClear open
Portfolio margining between
over-the-counter (OTC) and exchange-traded derivatives (ETD)
contracts is at the heart of the value proposition for the
proposed merger; indeed, it is at the heart of the value
proposition for most exchanges today as collateral costs rise
across the industry.
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