From the DTCC website:
22 October 2008 – The Depository Trust & Clearing Corporation (DTCC) and LCH.Clearnet Group (LCH.Clearnet) today jointly announce that they have signed non-binding heads of terms regarding the proposed merger of the two companies. The merger proposal aims to create the world’s leading clearing house, which would operate a user-owned, user-governed model, with LCH.Clearnet moving to an at-cost based structure comparable to DTCC’s within three years. As a result of the transaction, LCH.Clearnet shareholders would receive total consideration of up to €739 million (€10 a share), the majority of which would be funded through LCH.Clearnet’s revenue.
This is good news. In the US, the DTCC is the sole securities clearing house, which means fees are considerably lower than here in Europe, where there are 8 clearing venues. DTCC charges equity transactions at $0.00066 per 100 share. Clearing houses of the old world, unite!