Industry sources have suggested that Intercontinental Exchange (ICE)'s planned European clearing service is designed primarily to poach revenue currently made by LCH Clearnet (LCH-C) and not necessarily to create greater efficiencies.
One source told FO Week that the proposed ICE system, ICE Clear, would be very similar to the current LCH-C service and that it will simply come down to whether or not ICE can persuade members to switch over.
"For LCH members who only trade ICE there will be some headaches associated with the switch, but it may be a different matter for member firms who currently use LCH-C...