Frankfurters' foray

摘要

SEEN from the continent, it just isn't right. LCH, a firm mostly owned by the London Stock Exchange (LSE), dominates the clearing of interest-rate derivatives. Each day it clears $3.4trn-worth, counting both sides of a trade. (The simplest variety is a swap of fixed and floating rates, allowing counterparties to reduce or increase their exposure to changes in rates.) In euro-denominated derivatives, the biggest category after dollars, LCH'S market share comfortably exceeds 90%, according to Clarus Financial Technology, a research firm.