CME Group, the world’s largest futures exchange operator, has expanded its clearing service for over-the-counter interest rate derivatives to include two new currency pairs, as clearing competition in the swap market heats up.

CME is set to begin clearing British pound and Canadian dollar-denominated interest rate swaps by the end of the year. The bourse launched interest rate swap clearing operations in the final quarter of 2010 offering clearing for dollar rates. Euro-denominated rates followed in October 2011. Coupled with the planned addition of Swiss franc and yen rates clearing, CME says it will be able to cover 94% of the vanilla IRS market.