There were tensions between the various regulators

In the aftermath of the annual general meeting of the CHL.Clearnet, the Executive Director of the Franco-British Chamber of compensation, Roger Liddell, explains the "Echos" issues that are emerging around the ownership of his company, now at the heart of the concerns of regulators. It is actively coveted by the Lily Group consortium of 14 banks business and of the London Metal Exchange (LME). The pattern of the Compensator says its dealings with the authorities European and French and is committed to providing a credit derivatives clearing service before the end of the year.

Your Assembly is to endorse a share repurchase plan that will significantly reduce your ownership. Have you received the support of the French authorities in this initiative

Absolutely. The France Bank and the Ministry of the economy have sent us very positive messages about it.

Do you recognize that this operation facilitates Lily Group

It is not me to speak on behalf of the members of this consortium, among which figurent many of our most important users. We speak with them regularly, but we are not concerned with the exchange of actions taking place during our securities buyback program. What I can assure you on the other hand, is the amount that we offer, or 11.5 per share, dividend included, is more advantageous than everything that Lily Group could offer so far. The it is important to remember is that this transaction allows us to rebalance the structure of our shareholders and, in this sense, we are fulfilling our goal.

Do you not think that the concentration of your ownership in the hands of your largest customers present risks to the market

Not at all. On the contrary, we believe that it is the best way to ensure a better alignment of interests between us and our users. This problem is rather the customers who are not present in the capital or who decide to leave the program that the General Assembly has just approved, more than 97.

The new boss of the London Stock Exchange, Xavier Rolet, complains of your tariffs, which he considers too high, and the structure of your company, that he wishes to separate between Paris and London. That her answer you

Xavier wants to see its costs down as possible. It is a general trend: this "business" is doomed to find less and less profit. Reduction of the number of our shareholders will precisely allow to better respond to their requirements on this point. On the separation of the entities of our group, I think he was referring to the differences that they encounter in each jurisdictions. CHL. Ltd. and LCH Clearnet. Clearnet SA operating in two different regulatory environments.

You are committed you in February to develop a "credit default swaps" clearing service for the euro area, as the want the French Government and the European Commission. Where are you

Our French branch is actively working on this issue and we will offer this service before the end of the year.

In this field, you have been advanced by other operators, including the American IntercontinentalExchange (ICE)

Indeed. The ICE has been very active in the United States and today is trying to do the same in Europe. The question is whether if they succeed to impose himself. Unlike them, our CDS clearing service will be not held by a stock operator, an argument that might be of interest to some of our customers. In addition, we are established in the euro area, which is not the case of the solution proposed in Europe by the ICE.

Do you develop your own data centre to reference all of the exchange of credit derivatives traded OTC

Non. We will use the only one that exists to this day, the DTCC first American Clearing House, Editor's note. A computer link has just installed the week last to use its data.

The European authorities wish yet to the development of this "data warehouse" in the euro area...

We are well aware. We have about these issues of dialogues supported with regulators on part of the Atlantic.

How do you explain the failure of the friendly offer the DTCC, made just a year ago

Between the time the offer was made and the time where we we are removed, the situation on the markets has changed. There were tensions between the various regulators. The crisis has pushed each jurisdiction to concern itself with more of the market in its own zone.