EUROCLEAR and SICOVAM, firms specialised in securities clearing, have announced their merger that will give rise to the largest clearing institution worldwide. After the move, SICOVAM will become a fully owned EUROCLEAR subsidiary in exchange for a 16.67% stake in the new group EUROCLEAR CLEARANCE SYSTEM PLC. The total value of the transactions dealt with annually by the two partners exceeds EUR 80,000 billion. A clearing company aims to ensure that a buyer receives securities and that a...