(Bloomberg) -- The Intercontinental Exchange Inc. is considering moving its European clearinghouse for credit-default swaps to the U.S.

The firm is in talks with clients to shift its London facility to Chicago, where the majority of its clearing already takes place, according to people with knowledge of the discussions. Plans aren’t finalized and could change based on feedback and other logistics, one of the people said, asking not to be identified discussing a private matter.

The move would follow a trend in the CDS market, where the majority of clearing already occurs in the U.S. ICE clears about 95% of the corporate and sovereign CDS market, mostly in Chicago and about 10% in London, according to its website.

A representative for ICE declined to comment. The proposed plans were reported earlier by Reuters. 

ICE, also parent of the New York Stock Exchange, is a major clearinghouse for CDS contracts across the globe. It’s an intermediary between buyers and sellers, responsible for settling trading accounts, clearing trades, and functions such as delivery and reporting trading data.

The company began clearing credit-default swaps contracts in the U.S. and London in 2009 during the financial crisis. Its Clear Credit unit in Chicago is responsible for the U.S., while ICE Clear Europe is its London facility. The London Stock Exchange has its own clearinghouse, known as LCH.

The Clear Credit unit is recognized by European regulators, so it can handle CDS trades for European Union customers from Chicago.

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