Liffe, the NYSE Euronext-owned European derivatives markets, has laid down the gauntlet to its rivals in the credit derivatives clearing race, by laying out an aggressive pricing and incentive plan, which includes a revenue sharing scheme for exchange members.

The exchange's new over-the-counter credit derivatives clearing facility will be priced at €10 per €1m-worth of notional risk traded, when it launches on December 22, Financial News has learnt.