Liffe, the NYSE Euronext-owned European derivatives markets, has outlined its plan to compete head-on with its largest international rivals the Chicago Mercantile Exchange and Frankfurt-based Eurex by launching a clearing house in the first quarter of next year.

NYSE Euronext said it has reached agreement with its incumbent clearer LCH.Clearnet to introduce before the end of March next year LiffeClear, a new clearing service for contracts traded on Liffe.