LCH snubs DTCC merger
A proposed merger between London-based derivatives clearing house LCH.Clearnet and US clearing giant the Depository Trust & Clearing Corporation (DTCC) has fallen through.
LCH.Clearnet had signed a non-binding merger agreement with the DTCC on October 22 2008, which was due to be completed by March 15 this year. However, after numerous extensions to the deadline, the DTCC confirmed that the merger will not take place because LCH.Clearnet had "not agreed on a basis for consummating" the deal. The London firm declined to comment.
In December LCH.Clearnet terminated the exclusivity arrangement of the merger agreement so as to entertain a potential rival bid from a
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