DTCC and LCH.Clearnet to merge

The Depository Trust & Clearing Corporation (DTCC) and LCH.Clearnet Group last month announced that they would merge to create the world's largest clearing house. The deal valued LCH.Clearnet at €739 million, equating to €10 per share. The tie-up is expected to result in significant efficiency gains and technology savings, and means the US and Europe will be supported by a common clearing infrastructure for the first time. The companies expect to close the deal by March 15, 2009.