LCH.Clearnet, Europe’s largest independent clearing house, will on Wednesday unveil plans to offer the first global clearing service for asset managers, pension and hedge funds in interest rate swaps – the largest part of the over-the-counter derivatives market.

The move comes only two weeks after the Obama administration laid out a new regulatory framework for the way such derivatives should be used, including insistence that all “standardised” OTC derivatives be processed through a clearer to reduce counterparty risk in the financial system.