Regulators in Europe and the U.S. have focused on centralized clearing of credit derivatives as crucial to their efforts to overhaul the financial system. A number of groups, including IntercontinentalExchange, CME Group and LCH.Clearnet, are moving forward with plans for clearinghouses, but uncertainties remain. The struggle is part of a larger competition between exchanges, financial institutions and other providers of financial services to trade many kinds of assets.

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