Responding to NYSE Euronext's (NYX) announcement regarding its European clearing strategy, LCH.Clearnet Group Limited, a counterparty clearing house in Europe, on Wednesday confirmed that it has held constructive preliminary discussions with NYSE Euronext. The talks were regarding its current intentions with respect to the clearing arrangements of its cash equities and derivatives businesses.
In its statement, LCH.Clearnet welcomed NYSE Euronext's intention to agree a long term clearing arrangement with the clearing house with respect to its continental regulated cash equities markets. This would replace the existing contract with a new long term arrangement. For the existing contract, a termination notice had initially been served in May 2010, and the contract extended until December 2013.
Ian Axe, CEO of LCH.Clearnet said, "LCH.Clearnet will work collaboratively with NYSE Euronext, clients, market participants and regulators to ensure a smooth transition and continuation of clearing services. We wish NYSE Euronext every success in its clearing strategy and look forward to continuing to serve NYSE Euronext as a key long term client and clearing member in cash equities."
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