LCH Clearnet (LCH-C) has scrapped the system it had been developing to integrate its platforms, at a total cost of at least €70m.
The news followed hard on the heels of the departure of CEO David Hardy, whose exit, sources said, resulted from internal wranglings over LCH-C's Generic Clearing System (GCS).
The clearinghouse said in a statement that further development of GCS were "not economically or technically viable, and the group has therefore decided not to continue to use assets from GCS within its technology...