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February 5, 2013

ICE to Clear for LIFFE

An obscure detail of the ICE / NYSE Euronext takeover is that ICE have done a deal to clear for Euronext LIFFE for a couple of years. LIFFE were / are busy creating the capability to self-clear futures, rather than via LCH, and potentially to build out an OTC clearing offering. I have heard that this project may have been over-taken by the ICE deal, I guess the capital spend to build an in-house CCP is significant compared to a deal where the capability is outsourced to ICE, which obviously makes sense once the take-over is complete. The WSJ are reporting that the ICE deal will stand, even if the takeover of NYSE Euronext doesn’t complete.

Security Detail Protects NYSE Deal – WSJ.com.


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