LCH Clearnet sees profits rise
The London Stock Exchange is set to take a majority stake in London and Paris-based clearing house LCH Clearnet.
LCH Clearnet, which the London Stock Exchange is set to take a majority stake in by the end of February, posted an 89 per cent rise in full-year operating profit as net revenue rose 24 per cent.
The London and Paris-based clearing house said it was talking to shareholders about raising new capital and was confident it will exceed any new regulatory requirements.
LSE cut the price of its LCH offer by a quarter in December, amid fears new regulations could force the exchange to raise €300 million additional capital in 2013. Under the new offer, the LSE will pay €366 million for a 60 per cent stake in the clearing house.
Net revenue at LCH came in at €426 million for 2012, while operating profit was €127.5 million.