Chicago-based CME Group is set to offer clearing services to exchanges in Europe, Financial Times reports. The group is launching a new clearing house, called CME Clearing Europe, in London. The new clearing house will initially begin clearing in 153 over-the-counter (OTC) commodity contracts, such as WTI and Brent crude swaps, freight forwards and swaps on rapeseed oil. The launch will pit the CME against IntercontinentalExchange, which provides clearing in similar Brent and WTI swaps on ICE Clear Europe, also based in London.
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