Members of the European banking community are largely in favour of the proposed merger of London Clearing House (LCH) and Clearnet, but would like to see the deal go even further.
The current proposal (see last week) would see the two clearinghouses brought under a single holding company, LCH Clearnet. Although designed to offer users a "virtual single central counterparty (CCP)", the deal would see two platforms and two guarantee funds maintained.
European Securities Forum (ESF), the banking industry body that has been lobbying for clearing consolidation for years, issued...