Clearing Corporation defends valuation

Executives from The Clearing Corporation (TCC) last week hit back at suggestions that its deal with Eurex may represent poor value compared with Chicago Board of Trade (CBoT)'s previous purchase offer.

The Eurex - TCC clearing deal will allow Eurex to take a 15% stake in TCC, for $15m. The remaining 85% or $85m of TCC will be held by its current shareholders. According to TCC president and ceo Dennis Dutterer,...