DTCC DROPS PURSUIT OF LCH.CLEARNET MERGER

Posted April 29, 2009

NEW YORK and LONDON – The Depository Trust & Clearing Corporation (DTCC) said that it will no longer pursue a proposed merger with LCH.Clearnet Group Ltd. that was first announced in October 2008.

According to the DTCC, LCH.Clearnet had not agreed on a basis for completing the merger. DTCC has stated that the merger would have delivered the broadest mix of tangible clearing capabilities and potential IT synergies to support trading across multiple asset classes. (See Spotlight interview with Donald F. Donahue, Chairman and CEO, DTCC, Global Investment Technology April 27, 2009).

A consortium including JPMorgan, ICAP and Deutsche Bank reportedly is bidding to acquire LCH.Clearnet Group Ltd.