The possible failure of clearing house LCH.Clearnet to deliver a promised euro general collateral pooling product could deal a heavy blow to two trading platforms vying with derivatives exchange Eurex for dominance of the European repurchase agreement market.

Interdealer broker Icap and trading platform EuroMTS, owned by Borsa Italiana, are relying on LCH.Clearnet to be able to compete with Eurex Repo's two-year-old Euro GC Pooling service.