The Securities and Exchange Commission has approved the proposed clearing house to be launched by the NYSE Euronext and the Depository Trust & Clearing Corporation, Financial Times reports. The New York Portfolio Clearing (NYPC) will let dealers post margin for Treasury futures and cash equities in a “single pot.” The new futures and clearinghouse operation will challenge Chicago-based CME Group for business in the U.S. interest-rate futures market. The new venture still requires approval from the Commodity Futures Trading Commission.

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