Editorial - Crossroads

LCH Clearnet (LCH-C) finds itself at a crossroads. A lot of its pre-merger optimism has dissipated over the past three years in a sea of integration cost and organisational dilemmas. It was, for instance, only in March this year that new chief executive Patrick Birley won market plaudits for abandoning a plan for intraday margining - and when the biggest support one gets from one's clientele is...