UK and US regulators have signed off plans by the IntercontinentalExchange’s London-based clearing house to offer buyside clearing of credit default swaps, backed by support from 12 dealers.

The development comes a month after Ice Clear Europe transitioned derivatives contracts from NYSE Liffe into its clearing house ahead of a prospective merger between Ice and NYSE Euronext, and marks further progress in preparations for sweeping reforms to the OTC derivatives market.