ICE Futures Europe, the London-based energy derivatives market, has secured regulatory approval to launch a UK clearing arm, becoming the latest exchange to tap the lucrative sector by bringing its clearing operations in-house.

ICE Clear Europe was granted permission to operate in the UK by the Financial Services Authority, following an Office of Fair Trading review, according to a statement. ICE plans to transfer its open interest from LCH.Clearnet, its current clearing partner, by July 18.