NYSE Euronext, LCH.Clearnet Extend Clearing Deal Until 2013
16 Giugno 2011 - 10:20AM
Dow Jones News
NYSE Euronext (NYX) said Thursday that London-based clearing
firm LCH.Clearnet Group Ltd. has agreed to continue the clearing of
trades for NYSE Euronext's (NYX) European equities and derivatives
markets until 2013.
These clearing arrangements were initially set to end in
November 2012. The extension means that clearing for derivatives
will continue until June 2013 and the clearing for cash equities
will continue until December 2013.
The move will give both parties the time needed for their own
strategic plans "to crystallize, while providing operational
stability and continued service to our customers in the meantime,"
NYSE Euronext Chief Executive Officer Duncan Niederauer said.
LCH.Clearnet CEO Ian Axe said: "We look forward to continuing to
support NYSE Euronext, as we have for many years, and to providing
them with our world class service. In parallel, we are working with
them on a longer term plan regarding cash equities' clearing
arrangements."
NYSE Euronext is finalizing its planned merger with Germany's
Deutsche Boerse AG (DB1.XE).
And last month, LCH.Clearnet said it has received "various
proposals indicating an interest in pursuing some form of possible
business combination or other cooperation."
It said talks are still at a preliminary stage and there can be
no certainty that they will result in any transaction.
Recent media reports have speculated that NYSE Euronext, Nasdaq
OMX Group Inc. (NDAQ) and the London Stock Exchange Group PLC
(LSE.LN) have submitted bids, though the LSE denied it was in talks
with LCH.Clearnet.
Two weeks ago, Niederauer confirmed his company had joined with
market data firm Markit Group Ltd. in a proposal to buy
LCH.Clearnet.
NYSE Euronext's progressing merger with Deutsche Boerse is not
seen as being affected by any deal for LCH.Clearnet, Niederauer
told reporters last week at the Sandler O'Neill Global Exchange and
Brokerage Conference in New York.
A clearing house sits in the middle of a trade, assuming the
counterparty risk involved when two parties trade.
- By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0)
2078429486, vladimir.guevarra@dowjones.com
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