LCH. Clearnet, the Anglo-French clearing house, this morning demonstrated how Europe's major independent clearers are feeling the pinch from recent shifts in the European trading market infrastructure as it reported a one-fifth decline in revenues last year.

With fierce competition in the European clearing sectors forcing providers to slash the fees they charge, London-based LCH.Clearnet felt a 21% decline in net revenues to €355.6m last year. This reduction in equity clearing fees contributed to a 26% annual decline in clearing revenues.