Anglo-French clearing house LCH-Clearnet has taken the unusual step of making a detailed submission to the UK financial regulator in a bid to resurrect plans to allow Europe’s clearers to compete directly with each other.

LCH.Clearnet, which today announced it will introduce in October free clearing for its largest clients, this month sent the Financial Services Authority a 500-page report advocating "interoperability", which involves Europe's main clearing providers linking up with each other.