Banks said to back Icap's potential bid for LCH.Clearnet

02/23/2009 | Bloomberg

Deutsche Bank, JPMorgan Chase and other major banks, some of which hold stakes in Depository Trust & Clearing Corp., are backing a potential bid from Icap for LCH.Clearnet, sources said. DTCC offered $945 million for the London company that guarantees roughly half of the interest-rate swap trades on Wall Street. The banks are striving to maintain control of the massive swaps market. "The banks are basically positioning themselves to have the most influence possible about how a legislatively mandated clearing system evolves," said Craig Pirrong, a finance professor at the University of Houston.

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