The U.S. Securities and Exchange Commission said Thursday it has approved special exemptions to allow ICE Clear Europe Limited and Eurex Clearing AG to operate as clearinghouses for credit-default swaps.

The exemptions will essentially allow the clearing members of these two European-based clearinghouses to clear credit-default swaps on behalf of their U.S. affiliates or U.S.-based customers.

"Today's actions represent an additional piece in the Commission's ongoing efforts, in coordination with other regulators, to promote central clearing as part of a regulatory framework for credit-default swaps," said SEC Chairman Mary L. Schapiro.

The announcement comes as regulators both in the U.S. and Europe are pushing for ways to reduce systemic risk posed by over-the-counter derivatives trading. Critics blame over-the-counter derivatives, particularly credit-default swaps, for contributing to the financial crisis.

In the U.S., the Obama administration is urging Congress to pass new laws that would force all standard over-the-counter derivatives to be processed through clearinghouses, which guarantee trades.

ICE Clear Europe, owned by IntercontinentalExchange Inc. (ICE) and Eurex are now the fourth and fifth clearing platforms to receive a green light from the SEC for credit-default swap clearing, respectively.

The SEC has also approved clearing platforms for ICE Trust, CME Group (CME) and LCH.Clearnet. ICE Trust is currently the only operable clearinghouse for credit-default swaps in the U.S.

The exemptions granted for all five clearinghouses are temporary. But in the long run, such exemptions may help open up cross-border competition among multiple credit-default swap clearinghouses as more continue to open and offer clearing for a broader array of products.

-By Sarah N. Lynch, Dow Jones Newswires; 202-862-6634; sarah.lynch@dowjones.com