Despite fierce opposition from the financial industry, the U.S. House voted 228-202 Thursday to include a controversial proposal to limit big banks' controlling stakes in clearinghouses into a broader financial bill.

The measure, drafted by Rep. Stephen Lynch (D., Mass.) and backed by Nasdaq OMX (NDAQ), would prevent banks and major swap traders from collectively owning more than a 20% voting stake in swaps clearing and trading platforms.

Speaking on the House floor, Rep. Lynch said his proposal will close a gap in the existing derivatives section of the bill.

"The bill would allow these same big banks to purchase the clearinghouses that are being created to police the big banks in their derivatives trading," Lynch said on the House floor Thursday evening. "The big banks would be allowed to own and control the clearinghouse and set the rules for how those derivative deals are handled."

Opponents of the measure have argued that those taking risk in the swaps market ought to have a say in how clearinghouses are run.

They also believe the plan could represent a major threat to LCH.Clearnet, the dominant clearinghouse in the estimated $420 trillion interest rate swap market and NYSE Euronext (NYX), which is looking to break into interest-rate swap business. LCH.Clearnet is 83% owned by users, including big banks--well above the 20% threshold in the Lynch proposal.

Nasdaq is trying to stake its own claim in the interest-rate swap clearing business with its International Derivatives Clearing Group unit. LCH.Clearnet and NYSE, which have both vocally opposed the Lynch plan, are Nasdaq's competitors.

"I know that there is one group that supports it," said Rep. Tom Price (R, Georgia). But he said numerous other groups oppose it because "they believe strongly it will decrease the choices available to the American people."

Industry players still opposed the measure even after Lynch agreed to tweak the language to protect current clearinghouses from having to change their ownership structure.

A final vote on the broader House financial bill is expected Friday.

(Michael R. Crittenden contributed to this article).

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