CME Clearing Europe starts clearing rate swaps

CME Group has received regulatory approval from the U.K.'s Financial Services Authority and has started clearing interest-rate swaps in London. The venture, called CME Clearing Europe, handles seven currencies and will compete with LCH.Clearnet. Royal Bank of Scotland, Goldman Sachs, HSBC, Credit Suisse, BNP Paribas, JPMorgan Chase and Nomura are connected to the new venture. Morgan Stanley, UBS and Citibank are expected to join soon.

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