Security Pacific will start a new venture in Britain.

The Los Angeles-based bank and Hoare Govett, a London brokerage house, are forming a joint venture to provide clearing, execution and settlement services for stocks, government bonds and other securities traded in Great Britain. Security Pacific said the new firm, which requires regulatory approvals in the United States and the United Kingdom, will be a key element in a global securities clearing system. The bank currently owns 29.9% of the London brokerage firm.