LCH.Clearnet needs to join cross-margin club

Contest with futures rivals is focusing attention on cross-product efficiencies

duncan-wood

Speaking over dinner, the banker gets animated, reaches for a glass of fruity red wine – and then for a similarly fruity analogy. "You're in a club. It's 2am. All the women have left. You've been biding your time, waiting to make your move, and now what? You've missed your chance. It's too late," he says, exasperated. The bungling Romeo in this story is LCH.Clearnet, the world's biggest interest rate swap clearing house. The hook-up it's after is with a futures clearing business against