Imagine a database containing every detail of the trades in the $270 trillion (€226 trillion) over-the-counter derivatives market. It would provide traders with an independent offsite store of their transactions, could automate payments and might be used to resolve common disputes.

The Depository Trust and Clearing Corporation, the financial industry-owned US clearing house, is to create just such a database in its latest move to entrench itself deeper into the vast and profitable OTC markets.