The clearing house is a joint venture between NYSE EuroNext and the Depository Trust Clearing Corporation (DTCC).

FORBES: NYPC Cleared For Q1 Launch, Ready For A Dogfight With CME

Banks say that costs in Europe are several times America's, where the Depository Trust and Clearing Corporation handles most security trades.

ECONOMIST: Securities settlement in Europe

It took the intervention of Congress and the Securities and Exchange Commission to set up the Depository Trust and Clearing Corporation which moved American non-government securities markets from seven settlement agencies to one settlement organisation and one central counterparty.

ECONOMIST: Securities exchanges