CME Group, the Chicago-based futures exchange, plans to set up a clearing service for over-the-counter credit default swaps in Europe in addition to its existing offering in the US, the exchange said on Friday.

The disclosure is a sign that exchanges are racing to provide clearing of CDSs on a transatlantic basis after it became clear last week that European regulators had persuaded the industry to establish a Europe-based CDS clearer to complement initiatives in the US.