LiffeThe idea behind LiffeClear is to put Liffe on the same footing as its peers, who each have dedicated clearing arrangements that are wholly focused on operating seamlessly with the exchange they serve.LiffeClear will, in that same sense, provide an exclusive clearing service for Liffe. However, Liffe has also recognised that there will be value in retaining LCH Clearnet as an outsource service provider to LiffeClear, which will obviate the need for LiffeClear to establish brand new guarantee and banking arrangements. For Liffe clearing members, the transition to LiffeClear should be frictionless and they should see also significant economic and operational benefits developing. For Liffe’s shareholders, there will be the benefits of diversifying into a new business. For LCH Clearnet, they will be able to play a valuable role for Liffe at the same time as continuing to provide an unaffected service to their other customers.”“As a service provider to...