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Euronext renews clearing deal with LCH, terminates ICE agreement

Euronext NV has signed an agreement to continue receiving derivatives clearing services from the French unit of LCH Group Holdings Ltd. for another 10 years, with the deal expected to be completed in the fourth quarter.

Under the deal, Euronext will swap its 2.3% stake in LCH Group for an 11.1% share in LCH's French business, LCH SA, subject to regulatory approval. LCH is a subsidiary of London Stock Exchange Group Plc.

Euronext had previously said it would switch to Intercontinental Exchange Inc. in the Netherlands for clearing, when its LCH contract expired in 2018. Lee Hodgkinson, Euronext's head of markets and global sales, said the group will have to pay ICE an undisclosed fee for the deal termination, Reuters reported.

Some EU policymakers have argued that the clearing of euro-denominated swaps, which is predominantly carried out by LCH, should move from London following the U.K.'s exit from the EU.

Euronext said the deal will prevent the cost and disruption of migration at a time when clients are already stretched from dealing with new European securities rules and Brexit planning. Euronext and LCH will work to achieve a targeted range of reduction in clearing fees of between 5% and 15% from January 2019.

Euronext has also secured pre-emption rights, including a right of first offer, should LCH decide to sell more than 50% of the shares in LCH SA.

Euronext will also recognize at closing a net capital gain, after the share swap, of some €24 million.