The fight is on for LCH

On Monday, interdealer broker Icap confirmed it is "an equal member of a consortium of a number of leading financial institutions" - rumoured to include Société Générale, which declined to comment - that may place a cash offer for LCH.Clearnet and break up a non-binding merger agreement made on October 22, 2008 between the UK clearing firm and DTCC.

The European clearing house has not yet received any formal offer from the consortium and the discussions are said to be at a preliminary stage.

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