Eight banks have emerged as co-backers of a plan to launch a last-minute counterbid for LCH.Clearnet in a move that represents the clearest signal yet that banks are embracing the need to create a credible European clearing house for over-the-counter derivatives.

Financial News has learnt that the bankers backing the plan are BNP Paribas, Citigroup, Deutsche Bank, HSBC, JP Morgan, Royal Bank of Scotland, Société Générale and UBS, according to sources familiar with the situation. They are believed to be interested in bidding as part of a group with Icap, the interdealer broker, which confirmed its interest in LCH.Clearnet yesterday.