clarified recent statements made by CEO Xavier Rolet to certain news outletsregarding the exchange industry.
Followingthe announcement of a planned mergerbetween LSE and Deutsche BörseAG, Rolet in an interview with the Financial Times published April 5, discussed the desire ofcustomers to reduce costs to access services on a global basis and the increasinguse of exchange-traded funds rather than futures. "Our American futuresfriends have kept increasing fees every year, in 2009, 2010, when everybody wason their back bleeding to death. Total cost of trading is too high, so it'sgoing to change,"
Thegroup clarified that Rolet was referring to the general multiyear trend ofrising rates per contract at U.S.-owned futures exchanges for listedderivatives contracts, and that his "going to change" statementrefers to the introduction of mandatory open access clearing as part offorthcoming markets legislation in Europe.
In aSunday Telegraph article publishedApril 3, Rolet reportedly criticized Intercontinental Exchange Inc. CEO Jeffrey Sprecher'strack record and described the U.S. exchange operator's ownership of as a"disaster." Rolet also referred to ICE as "some 'slash and burn'type organization," which would "kill all of the stuff we've doneover the last few years."
LSEsaid Rolet's statements were based on his own views and assessments of ICE'soperations in Europe. ICE had obtained financing for part of the debt that will be needed tofund its £10 billion takeoverbid for LSE.