Pan-European stock exchange Euronext, has signed a binding agreement of terms with ICE Clear Netherlands for the provision of derivatives and commodities clearing services.
The deal, which is expected to be formalised in the coming weeks, comes days after Euronext’s attempts to gain control of LCH. Clearnet were thwarted. The agreement will see the exchange sever ties with the Paris-based clearing firm for the purpose of derivatives clearing when an agreement with LCH comes to an end in December 2018.
Euronext was due to take control of LCH’s French clearing arm for €510m, contingent on the successful US$14bn acquisition of LCH’s parent, London Stock Exchange, by Deutsche Boerse.
A merger between the two exchange giants was blocked by EU antitrust commissioners last week on the grounds that it would created a monopoly in fixed income markets.
Full Content: Financial Times
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