Euronext is breaking a deal with a subsidiary of the London Stock Exchange Group to shift clearing functions to Italy, in a move that further reduces the role of UK-based institutions in pivotal areas of Europe’s financial markets.
Euronext, the biggest stock markets operator in the EU, said on Monday it was giving notice to LCH in Paris, which is owned by the LSE, to terminate a 10-year deal early and begin moving its equity, derivatives and commodities business to Italy.
Its move has underscored the extent to which Euronext has leveraged its €4.4bn acquisition of Borsa Italiana from the LSE earlier this year to tilt its operations to the EU and away from London.
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