NYSE Euronext has decided to put a term in 2012, all commercial contracts with the CHL group.Clearnet. NYSE Euronext is by far the largest client and one of the main shareholders of the independent Board of Franco-British compensation. With the participation of 9.1 in the capital of the holding company and a contribution corresponding to 40 of the turnover of CHL.Clearnet Group and some 80 of its French branch, CHL.Clearnet SA, the company of transatlantic market is the main element of the business model of the Compensator.
Market company led in Europe by Dominique Cerutti, number two of group, will develop, end of 2012, both houses of own compensation, one based in Paris, dedicated to the compensation of the negotiations on shares and stock derivatives, and the other, based in London, responsible for guaranteeing the return to rates, commodity derivatives and to the Exchange. London activities of BClear in compensation of the derivatives of shares would therefore moved to Paris. In a second time, the Nyse Euronext clearing services could be offered to stakeholders on the markets will, to the CDS market actors and other platforms for negotiation. According to our information, it is likely that a portion of the OTC contracts and the CDS of the euro area also arrive in Paris. A nice point marked by Christine Lagarde, the Minister for the economy, which had been a priority of the domiciliation in Paris from clearing organizations, including the CDS of the euro area.
The decision of Nyse Euronext to create two structures, costs, and additional operational expenses that this entails, has influenced surely by the firm determination of the Minister to defend and develop the place. "We combine our agenda with that of the place of Paris." "It is one of the objectives of the group, as I have reaffirmed it upon my arrival rue Cambon Parisian headquarters of Nyse Euronext, Editor's note", declares the "Echos" Dominique Cerutti. Like most of its competitors, CME Group, IntercontinentalExchange (ICE) and Deutsche Börse, Nyse Euronext embraces now the model vertically integrating all of the services rendered to its customers, thus leaving the "horizontal" model which was the source of the transatlantic merger in 2007. The stock market has opted for a solution internal based on the updating of technology "trade registration system (TRS) - clearing processing system (CPS)" of the Liffe, the derivatives exchange London, because she wants to "master the whole of the value chain", including Exchange services effective, fast and, especially, competitive.
New business model
Without detail the savings customers realize by migrating to its own clearing houses, Dominique Cerutti ensures they will certainly find "their interest". The rates charged by LCH.Clearnet had several times been criticism on the part of some of his major accounts, including Nyse Euronext and the London Stock Exchange (LSE), subject to a growing competitive pressure on the part of the alternative platforms. The Franco-British clearing house has thirty months to redesign its business model. NYSE Euronext says does not want to put it at the foot of the wall. He was ready to open, if necessary, discussions to define a common agenda for the restructuring of the activities. How to suggest that its decision could pave the way for consolidation. And why pas, an offer on the French branch of LCH.Clearnet Group The clearing house you want to comment.
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