So the deal between Depository Trust & Clearing Corp and LCH.Clearnet is off. Don’t ask why – you’re not important enough to know. Our lords and masters have decided what’s best.
Or, as LCH.Clearnet would put it, the deal never got close enough to happening to be voted on by shareholders. DTCC’s veiled expression of frustration with the Anglo-French clearing house in its press release announcing the calling off of talks may be the closest we get to an explanation.
DTCC was clearly not willing to go hostile with its bid, so LCH’s shareholders and users will not get the chance to say whether they thought the deal was a good idea.
We can only guess what discussions were held among the LCH.Clearnet managers and board, or why they decided against the deal.
Bidders in the shadows
What we do know is that...