Private-equity companies are backing the development of a new clearinghouse, according to people familiar with the matter, a move apparently designed to compete with similar trade-processing venues affiliated with major banks.

The identities of the private-equity backers behind the project, called "Baseclear," couldn't be learned, nor could its location or the types of contracts on which the new venture will focus on clearing.

-By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com

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