Germany's Deutsche Börse is exploring the possibility of introducing clearing reforms to its cash equities platform, in a sign of the growing pressure on incumbent exchanges to succumb to rising industry clamour for competition in Europe's clearing market.

The exchange council of Börse Frankfurt, home to the German exchange's cash equities market Xetra, established a working group at the end of last year to explore so-called interoperability - the model whereby multiple clearing houses may clear for a trading platform - according to two sources familiar with the situation.