February 12, 2012

NYSE sets ‘full service’ clearing house for London –

NYSE sets ‘full service’ clearing house for London – (Subs required)

One side effect of the failed NYSE / DB merger is the count of calls I’ve had to be part of projects at LIFFE to build an OTC clearing house….

Whether it’s too late for LIFFE to launch in competition with LCH, ICE, CME and Eurex in this region, is a topical question – can anyone see the point? It may be technically possible, but where will the winning formula come from?

Margin offsets between LIFFE contracts and OTC? I don’t think that’s enough – there are too many vested interests in the current players to easily grab attention and support for yet another OTC CCP.

I suppose one area they have which sets them apart is BClear – exchange lookalike equity options – although the underlying cash market hedges are over at LSE, which may announce their purchase of LCH, splitting the opportunity.

Still if they want my help… I’m willing to try.

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