The Depository Trust and Clearing Corporation (DTCC), the largest financial clearinghouse in the U.S., is in talks to merge with its European rival LCH.Clearnet in a deal worth approximately $950 million.

The merger would create “the world’s leading clearinghouse,” which will “enable both the European and U.S. financial communities to benefit from the services of a user-owned, user-governed, at-cost model across a broader range of markets and asset classes,” said LCH.Clearnet Chairman A. Chris Tupker.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.