LCH.Clearnet Group said its operating profit increased 81 percent in 2011, to 106.9 million euros. Underlying operating profit was 335.0 million in 2010.
Net revenues increased 16% to 387.2 million euros. That compares to 335.0 million in 2010.
Clearing income was up 16%. Net investment income was up 21%. The company reported “strong volume growth across all key business areas.’’
This year, the clearinghouse group will launch a foreign exchange service and enhance its credit default swap service.
The company also said it closed market positions with a combined notional value of more than 14.7 billion euros in the aftermath of the default of derivatives market participant MF Global. No recourse to the group’s default fund was necessary, it said.
The results are, said chief executive Ian Axe, “testimony to the strong growth in our core exchange clearing business as well as our fast growing over-the-counter business.’’
Tom Steinert-Threlkeld writes for
