CME launches swap clearing house

CME Group yesterday announced it has launched a clearing service for interest rate swaps in London, just a week after US regulators began to phase in long-awaited mandates for rate swap clearing there. The US exchange operator’s London subsidiary won approval from the Financial Services Authority for its first foray into clearing over the counter financial derivatives. It has been clearing energy swaps in London for about two years. The venture aims to challenge LCH Clearnet.