Fresh from escaping the clutches of its counterpart in the US, London-based clearing house LCH.Clearnet must now face up to a new decision: bow to a new bid by a consortium of its biggest users that could keep clearing costs significantly above those of the US, or forge its own way with fee cuts and deals that put it in direct competition with rivals.

The clearing house has hit the headlines in the last two weeks for the collapse last month of a takeover bid by US clearing giant the Depository Trust & Clearing Corporation and the subsequent emergence of an offer by the Icap-led consortium of 11 users.