Shareholders of LCH.Clearnet have voted overwhelmingly in favour of adopting the equity redemption plan proposed by the clearing house’s board in September.
The decision brings to an end a year of uncertainty about the clearing house’s future, which has included takeover approaches by US clearing firm the Depository Trust and Clearing Corp and by a consortium of banks led by Icap, the interdealer broker. The result will be a structure in which ownership of LCH.Clearnet is aligned more closely with its customer base than before, but control is kept in Europe and does not pass to a narrow clique of bulge bracket firms.
A spokesperson for LCH.Clearnet confirmed to Futures and Options Intelligence that 97% of the shareholders that took part in the vote yesterday (October 14) supported the plan.
“We are pleased the proposed redemption has been approved by our shareholders. We believe that...