The discussions have reached an outcome, read the full story here

No big surprises, lots of ‘synergies’, and support for open access / horizontal clearing model, which is unavoidable given the breadth of LCH’s customers.

The deal legally closes later this year, this neatly puts NYSE in a position to want to become independent from LCH for their futures clearing, and lines up LSE, NYSE, NASDAQ, ICE, CME & Deutsche Borse in a race as combined execution & clearing businesses.

As far as I know not one of them has any plans to be a SEF, yet, would make sense to create one, or buy someone who could be, and then fully compete with the new trading platforms who want to take volume in the new OTC trading space.

Maybe LCH will finally move out of Aldgate to Paternoster square and give the staff a more uplifting view than the one if the hoop & grapes pub ;-)