Summary
THEY say in business that the longer something takes to do, the more likely it is to be of value. If there is any truth in this, the merger announced yesterday between two sets of financial plumbers, America's DTCC and London-based LCH.Clearnet, should be a blockbuster.
In fairness, though, it was fiendishly complicated. The shareholding of LCH.Clearnet, which was formed from a merger of the London and French clearing houses and subsequent recapitalisation, had a CDO-like complexity that was bound to take some time to unravel and had almost as many conflicts of interest.See the full content of this document
Extract
A Deal Whose Time has Come ; City Comment
It does not help, either, that so many investment banking shareholders have had difficulty st...
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