CHICAGO, Nov 28 (Reuters) - CME Group Inc has submitted a bid to buy the London Stock Exchange’s French clearing business for more than $340 mln pounds (400 million euros), the Sunday Times reported, setting the stage for a potential battle over the division.
Representatives for CME and LSE declined to comment to Reuters on Monday.
France’s stock market operator Euronext has previously held talks with LSE about buying the British bourse’s clearing business in France, sources familiar with the negotiations told Reuters last month.
Clearing forms a critical part of the financial system’s plumbing, guaranteeing a trade is completed even if one side of the transaction goes bust.
LSE has put the division up for sale to help get its $28 billion merger with Deutsche Boerse approved by European competition authorities.
LSE is expected to find a buyer by year’s end, the Sunday Times said. It added that U.S. stock exchange Nasdaq was also considering a bid.
Nasdaq declined to comment to Reuters. (Reporting by Tom Polansek in Chicago, Noor Zainab Hussain in Bengaluru and John McCrank in New York; Writing by Tom Polansek; Editing by David Gregorio)