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LCH.Clearnet SA's application to become a Recognised Overseas Clearing House under s288 of the Financial Services and Markets Act 2000.

Start date: 10 December 2009
End date: 11 January 2010


The competition report was sent to HMT in March 2010.


On 1 October 2009 the Financial Services Authority (FSA) accepted an application from LCH.Clearnet SA to become a Recognised Overseas Clearing House under section 288 of the Financial Services and Markets Act 2000 (FSMA).

LCH.Clearnet SA is the commercial name of Banque Centrale de Compensation, a clearing house incorporated in France. LCH.Clearnet SA is a bank and a 100 per cent subsidiary of LCH.Clearnet Group Limited, a holding company incorporated in the United Kingdom. LCH.Clearnet Group Limited is a private company, limited by shares and registered in the United Kingdom.

LCH.Clearnet SA acts as a clearing house in France, the Netherlands, Belgium and Portugal (NYSE Euronext markets), in Luxembourg (Bourse du Luxembourg), in Italy (MTS Italy), and in Germany (Berlin Börse Equiduct Trading). Its principal business is the provision of central counterparty clearing services in respect of certain equities and bonds, interest rate and commodity futures and options, equity and index futures and options, OTC bonds and repos, and energy contracts.

LCH.Clearnet SA is developing its clearing house activities in the UK and has consequently applied to become a Recognised Overseas Clearing House for the purposes of FSMA.

Under section 303(3) of FSMA 2000, the OFT must report to H M Treasury, the FSA and the Competition Commission on whether any of the regulatory provisions or combination of regulatory provisions of an applicant for recognition have a significantly adverse effect on competition. When assessing competition in this context, the OFT is likely to pay particular attention to the applicant's rules on participation criteria in its arrangements for clearing and settlement of trades.

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