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 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Kate Moss: Previously unpublished nude photo revealed by Mert and Marcus
- 3 Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
- 4 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 5 Bad Jews poster 'censored' on London Tube
Tourist films plane's descent just metres above packed Caribbean beach
Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
Becky Watts: Four appear in court charged with hiding body parts after teenager's death
Isis 'bulldozes' Nimrud: UNESCO condemns destruction of ancient Assyrian site as a 'war crime'
Professor Brian Cox brands astrology-believing Tory MP David Tredinnick an 'outlier on the spectrum of reason'
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
iJobs Money & Business
£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£12 - £15 Hourly Rate: Jemma Gent: In this role you will report to the Head of...
£8 per hour: Recruitment Genius: This Pension Specialist was established early...