11 December 2017
visit www.avoka.com

DTCC calls off LCH.Clearnet merger

29 April 2009  |  11154 views  |  0 Broken record

The Depository Trust and Clearing Corporation has called off its pursuit of LCH.Clearnet after the parties failed to reach agreement over a proposed transatlantic merger.

The DTCC's withdrawal leaves the way clear for a consortium of banks led by inter-dealer broker Icap to make an offer for the London clearer. The 12-strong group is understood to have communicated with the LCH.Clearnet board to say it will be ready to make an offer by the end of May.

Their intervention has finally scuttled DTCC's ambitions to create a cross-border clearing colossus after it initially signed a heads of agreement with LCH.Clearnet in October last year.

In a statement, the company says: "LCH.Clearnet has not agreed on a basis for consummating the proposed merger with DTCC and, after consultation with our Board of Directors, regrettably DTCC sees no choice but to pursue other strategic alternatives to develop seamless transatlantic clearing services to support the needs of our customers and the industry."

The constortium-based bid is understood to have the tacit support of European regulators, who would prefer ownership and oversight of the clearer to remain under EU jurisdiction.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

LSE pulls out of LCH.Clearnet consortium

LSE pulls out of LCH.Clearnet consortium

13 March 2009  |  8598 views  |  0 comments
LCH.Clearnet to open New York office

LCH.Clearnet to open New York office

11 March 2009  |  6928 views  |  0 comments
LCH.Clearnet mulls buying out investors - FT

LCH.Clearnet mulls buying out investors - FT

05 March 2009  |  5825 views  |  0 comments
LCH.Clearnet to develop eurozone clearing house for credit default swaps

LCH.Clearnet to develop eurozone clearing house for credit default swaps

13 February 2009  |  11007 views  |  0 comments
HSBC and JPMorgan join SwapClear; DTCC hits back at LCH.Clearnet critics

HSBC and JPMorgan join SwapClear; DTCC hits back at LCH.Clearnet critics

03 February 2009  |  9203 views  |  0 comments
Icap-led consortium preps counter-bid for LCH.Clearnet

Icap-led consortium preps counter-bid for LCH.Clearnet

02 February 2009  |  6642 views  |  0 comments
DTCC and LCH.Clearnet propose merger

DTCC and LCH.Clearnet propose merger

22 October 2008  |  9674 views  |  0 comments

Related company news

 
visit www.response.ncr.comvisit http://info.nice.comvisit www.aciworldwide.com

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18062 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11024 views comments | 7 tweets | 6 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
6595 views comments | 13 tweets | 20 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6410 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
5816 views comments | 5 tweets | 12 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job