US and European firms in bid for LCH

An official representing the transatlantic consortium told Risk the group also includes BNP Paribas, Société Générale, UBS, JP Morgan, HSBC and Royal Bank of Scotland, along with interdealer broker Icap, which confirmed its involvement on February 2.

He added a small number of other major banks are also involved, with more firms interested in participating, but declined to give names.

Increased market turbulence and counterparty risk concerns have pushed clearing services into the spotlight since