The clearing deal between Eurex and The Clearing Corporation (TCC, formerly BoTCC) is raising questions among clearing members who want to read the fine print before they approve it.
Under the deal, Eurex will take a 15% stake in TCC with an equity value of $15m and hold a seat on the board of the directors. The remaining 85% of the company or $85m, will be held by its current shareholders, who will occupy the other eight board seats.
That values the clearinghouse at less than half the $207m offered by Chicago Board of Trade (CBoT) earlier this year. CBoT president and ceo Bernie Dan told FO Week "One of the things BoTCC shareholders will have to evaluate is whether this [Eurex]...