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Paradigm Shift in European Cash Clearing

May 11, 2009

Analysis of:LCH.Clearnet slashes fees by a third | www.ft.com

The recent move by LCH Clearnet to slash its fees is a direct result of the recent moves by the European based MTF's to gain access to liquidity pools within the established clearers in Europe. As a condition of gaining access to such liquidity pools, and as an incentive to move volumes away from emerging clearers such as EMCF (European Multilateral Clearing facility), clearers such as LCH Clearnet are bowing to pressure by reducing their clearing fees significantly. In exchange. the clearers are forcing interoperability on the market which will shift some of the MTF flows away from the emerging clearers to the established clearers.

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