Depository Trust & Clearing Corp. to buy U.K. company for $1B

Jeff Harrington, Times Staff Writer
Posted: Oct 23, 2008 12:48 PM

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Depository Trust & Clearing Corp., the huge securities clearinghouse with a key hub in Tampa, has inked a $965-million deal to buy a counterpart in the United Kingdom.

By combining with U.K.'s LCH.Clearnet Group Ltd., DTCC will become a major trans-Atlantic clearinghouse for stocks, bonds and derivatives.

DTCC, which runs a 450-employee securities processing facility in New Tampa, clears billions of dollars daily in Wall Street and government securities transactions.

LCH.Clearnet brings experience in clearing derivatives such as interest-rate swaps.

Jeff Harrington can be reached at jharrington@sptimes.com or (727) 893-8242.

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Depository Trust & Clearing Corp. to buy U.K. company for $1B

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