US clearing house the Depository Trust and Clearing Corp has agreed to merge with LCH.Clearnet, paying €739m ($951m) and promising significantly reduced clearing fees.
The deal had been on the cards – Futures and Options Week reported in May that merger discussions had been instigated.
Under the terms of the non-binding agreement, the DTCC will pay up to €10 a share, most of which will be funded through LCH.Clearnet’s revenues for the next three years....