A new clearing system for credit derivatives, backed by a group of brokers and trading platforms, will launch within six months as the market for these instruments remains gummed up in the wake of Bear Stearns' collapse.

The system, which will use the Delaware-registered Clearing Corporation as it central counterparty to all trades, is backed by 11 investment banks including Deutsche Bank and Goldman Sachs, four inter-dealer brokers, including Icap and GFI, derivatives exchange Eurex and data vendor Markit.