Eurex, the derivatives market operated by Deutsche Börse, has signed up over 120 buyside firms to its clearing service for interest rate swaps, as competition with London Stock Exchange-owned clearing house LCH.Clearnet escalates.

In addition to the 120 buyside firms that have signed up to use EurexOTC Clear since its launch over a year ago, 32 banks and brokers are already using the service in advance of new rules that will require much of the interest rate swap market to be processed through clearing houses, according to Eurex's latest figures.