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Profit leaps at LCH Clearnet
Clearing house LCH Clearnet this morning posted an 89 per cent rise in full-year operating profit as revenue jumped 24 per cent.
The London and Paris-based clearing house, which the London Stock Exchange (LSE) is due to take a majority stake in by the end of February, said annual operating profit came in at €127.5m (£109m). Revenue was logged at €426m for the year.
LSE cut the price of its LCH offer by a quarter in December, amid fears new regulations could force the exchange to raise €300m additional capital in 2013.
Under the new offer, the LSE will pay €366m for a 60 per cent stake in the clearing house .