Three European clearing houses hope to present their plans for a single central clearing counterparty (CCP) before Europe's biggest banks issue a request for proposal, in which the clearing houses would have to bid for the CCP business.

According to one source close to a clearing house, last week's decision by French clearing house Clearnet to engage in discussions with the London Clearing House and Germany's Eurex Clearing, should send a clear signal to the European Securities Forum that plans for a CCP model will be proposed by the end of the year.