UPDATE 1-CME will clear energy OTC derivatives in Europe

Tue Mar 15, 2011 7:07am EDT

* Says will start service on May 6

* Says also will clear derivatives on commodities

MARCH 15 (Reuters) - Exchange operator CME Group 's London unit will start clearing over-the-counter energy and commodity derivative products starting May 2011.

CME Clearing Europe will start clearing more than 150 such contracts from May 6, it said on Tuesday.

Clearing members will include commodity and energy trading arms of BNP Paribas , Citigroup , Deutsche Bank and HSBC , among others.

The initial focus of the company's product expansion will be on commodity products such as energy, metals and agricultural, the company said.

CME Clearing Europe will launch this service by clearing eight OTC contracts based on the Dubai Mercantile Exchange's Oman crude oil futures contract. (Reporting by Arup Roychoudhury in Bangalore. Editing by Robert MacMillan.)

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