Clearing cozy corner uncovered

Well, they've done it at last. Almost taking people by surprise with an announcement that had been so long in coming that many had practically given up on it ever happening, LCH and Clearnet are coming together under one name, LCH Clearnet. Not quite a merger of the clearinghouses into one - that would have been too difficult, given regulatory and jurisdictional issues - but more a merging of systems and operational procedures into a 'virtual...