Development of LME Clear proves a test of mettle
When board members of the London Metal Exchange (LME) voted in favour of setting up a clearing house in December 2011, they might not have expected the effort to become quite so caught up with the exchange's £1.4 billion acquisition by Hong Kong Exchanges and Clearing (HKEx), or the imminent post-crisis overhaul of European financial rules. But the plan to move away from reliance on London-based central counterparty (CCP) LCH.Clearnet has become inextricably intertwined with both these
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