On the same day that Brexit launched, the London Stock Exchange Group (LSEG) and Deutsche Börse have definitively called it quits after the European Commission prohibited the proposed merger, citing the potential of a monopoly in the markets for clearing fixed income instruments. The E.C. investigation “concluded the merger would have created a de facto… Read More >>
Brexit Imperils LSE-Deutsche Börse Merger
Perhaps it was inevitable after the Brexit vote that the €29 billion ($24.4 billion) merger of the London Stock Exchange and Deutsche Börse would never see the light of day. However, the LSE’s decision not to divest its 60 percent share in MTS, the Italian bond trading platform, to appease the European Commission’s anti-trust regulators… Read More >>
LSE-Deutsche Börse Merger Hits Major Snag
The proposed merger between the London Stock Exchange Group (LSEG) and Deutsche Börse AG may have hit a major barrier because the LSEG board has rejected a stipulation from the European Commission (EC) that the London conglomerate divest its majority stake in the MTS electronic trading platform for European wholesale government bonds and other fixed… Read More >>
ISDA Worries Firms Will Miss Margining Deadline
New Variation Margining Rules Hit March 1 Starting March 1, financial services firms will be subject to “new rules that will require them to exchange variation margin on their non-cleared derivatives trades,” but many of them may miss that deadline, says Scott O’Malia, CEO of the International Swaps and Derivatives Association (ISDA) in the Jan…. Read More >>
Euronext Wants to Buy LCH Clearnet for $531 Million
Exchanges conglomerate Euronext is making an “irrevocable all-cash offer” to acquire all of LCH.Clearnet Group Ltd., a central counterparty clearinghouse (CCP), from the London Stock Exchange Group (LSEG) for €510 million ($531.3 million) in an effort to achieve pre-tax operating “cost synergies of €13 million ($13.5 million) and additional opportunities for revenue synergies,” according to… Read More >>
Brexit to Spur Exodus of 83,000 Jobs from London
Ever since the shock vote of Brexit in June, the fate of the U.K.’s financial services industry has been one of the hottest topics of discussion. There have been several reports over job losses in different sectors, the latest one being a private study from EY showing that about 83,000 positions could leave the City… Read More >>
U.K. Watchdog Challenges ICE’s Trayport Acquisition
The Intercontinental Exchange (ICE) is pushing back on the provisional findings from the UK’s Competition and Markets Authority’s (CMA) in-depth investigation showing that ICE’s $650 million acquisition of London-based Trayport, a trading software provider, could reduce competition. According to Simon Polito, chair of the CMA’s inquiry, “We examined the merger’s competition risks and given the… Read More >>
