LCH.Clearnet signals further commitment to buy-side offering
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LCH.Clearnet signals further commitment to buy-side offering 20 August 2010London Reporter: Justin Lawson
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In order to strengthen its global OTC derivative client clearing offering, LCH.Clearnet Ltd (LCH.Clearnet) has appointed Michael Davie CEO of SwapClear, its market leading interest rate swap (IRS) clearing service. In this new role, Michael will lead the next phase of the development of SwapClear which will focus on ensuring the best possible products and services are delivered to the buy-side. He will report to Roger Liddell, chief executive, LCH.Clearnet.
Roger Liddell, chief executive, LCH.Clearnet commented; "Clients represent a large proportion of the global interest rate swap market. Michael's appointment reflects our commitment to delivering OTC derivative clearing services to the buy side and of ensuring that SwapClear's market leading offering evolves in line with their needs."
Michael Davie, CEO of SwapClear, LCH.Clearnet said; "OTC derivative clearing has never been more important and SwapClear is the global leader in this field. I am greatly looking forward to working with our current and prospective clients to ensure the service is developed in line with their requirements."
The launch of the FCM (Futures Commission Merchant) model for SwapClear later this year* will increase choice for US based customers, enabling them to clear with the world's leading interest rate swap service within a familiar framework."
Michael has over 20 years experience in financial services and has held a number of senior strategic, trading, marketing and operational positions during this time. He joins LCH.Clearnet from JPMorgan.
In December 2009, LCH.Clearnet was the first clearing house to launch interest rate swap clearing for the buy-side through SwapClear, offering a unique level of security to buy-side clients in the case of a bank default through margin segregation and portability of contracts. SwapClear continues to consolidate its position as the leading global service for IRS, clearing over 40% of the USD342 trillion global market, across 14 currencies.
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