An independent clearing house group is celebrating after receiving recognition from the Financial Services Authority (FSA) for its compliance.
LCH.Clearnet SA has been granted recognised overseas clearing house (ROCH) status by the organisation, which means it is able to conduct any activity in the UK in relation to its services.
Supervised internationally by nine regulators based in the countries it works in, the company originally submitted its application for ROCH status at the end of last year.
Christophe Hemon, chief executive of LCH.Clearnet SA, said the status was proof of its "robust legal framework" and financial services compliance.
"FSA recognition as an overseas clearing house will enable us to broaden our clearing offering, bringing greater efficiency and security to the markets we serve across Europe," he added.
News of the recognition has come after Margaret Cole, director of enforcement at the FSA, suggested that the fines handed out by the body are evidence of the importance of compliance.