The effects of DTCC's long-awaited move to take over LCH Clearnet, one of the worst-kept secrets since Financial News broke the story a year ago, could ultimately be far more wide-ranging than they might immediately seem.

For while the clearing merger itself paves the way for massive cost savings, estimated at hundreds of millions of euros, for investors across Europe, a potential second strand to the project could change the face of the European securities industry more dramatically.