LCH.Clearnet to open New York office

LCH.Clearnet to open New York office

London-based LCH.Clearnet has opened an office in New York to support a push into the US over-the-counter and exchange-traded clearing business.

LCH.Clearnet is currently the subject of a tug-of-war between US-based Depository Trust and Clearing Corporation and a consortium of European banks and interdealer brokers. The clearing house agreed to a merger with DTCC in October, but is expecting a counter-offer from the European consortium later this week. The business has also been reputedly mulling an alternative option to buy out its shareholders and convert into a user-owned utility.

Roger Liddell, chief executive, LCH.Clearnet says a US presence will enable the business to provide support to a number of clearing initiatives in North America, including the Nodal Exchange and credit default swaps.

"A presence in the U.S. will enable us to respond to market demand and develop our unique OTC clearing expertise," he says. "We also foresee interest within the exchange environment."

The clearing house has appointed Ed Watts, a well-connected industry veteran, to head the New York office. Watts - a former DTCC board member - previously held the position of managing director within the operations division at Goldman Sachs, where he spent 33 years of his career.

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