Liffe launches joint venture with London Clearing House
Tuesday 30 March 1999
Brian Williamson, Liffe chairman, said the new venture would allow the two organisations to explore business opportunities that did not naturally fall within their individual remits.
Liffe and the LCH - which provides clearing services to the International Petroleum Exchange and the London Metal Exchange as well as Liffe - plan to combine their expertise to offer new trading and clearing initiatives to the market's major players.
The venture could serve as a stepping stone for Liffe to enter other financial markets such as equities, Mr Williamson said. However, he acknowledged that any move away from the exchange's traditional base could require the co-operation of other City institutions.
The Liffe chairman stressed that the joint venture with the LCH was not a prelude to a full-scale merger, but was rather one of a number of partnerships that Liffe intends to pursue as a means of securing its longer term future. He said: "Liffe will remain a customer of the London Clearing House for day-to-day business, but as far as development is concerned it will have a partner."
A development board will be asked to oversee the joint venture in its initial stages. Pen Kent, non-executive director of NatWest and former executive director of the Bank of England, is among the development board members, as are Sir Brian Pitman, Lloyds TSB chairman, and Alastair Clark, an executive director of the Bank of England.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photos leak: 'These are completely fake' say singer's representatives
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Israel to appropriate 400 hectares in West Bank for ‘state use’
Kate Upton nude pictures leak: Model's representatives 'looking into' authenticity of naked images
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
iJobs Money & Business
£40000 - £50000 per annum + benefits+bonus+package: Harrington Starr: SQL Impl...
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...