Anglo-French clearing house LCH.Clearnet has reported its first loss since it was formed through a merger in 2003, as volumes dropped and its cash equities business was forced to lower tariffs amid heightened competition.

LCH.Clearnet, which was formed from a merger between the London Clearing House and Paris-based Clearnet, today reported a full-year loss of €91m. This deficit was the clearing house's first in six years and followed sequentially larger profits: from €68m in 2003 to €220m in 2008.