Spanish stock exchange, Bolsas y Mercados Españoles’ (BME) is looking to set up a trade repository for over-the-counter (OTC) derivatives, Financial Times reports. The Madrid bourse expects to launch the service, which would be provided initially in Spain, by the second quarter of 2010.

The group already runs a clearing house for exchange-traded derivatives under its Meff derivatives subsidiary. The launch of the new repository will pit it against the U.S. Depository Trust & Clearing Corporation.

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