LCH.Clearnet Hires Michael Davie to Head SwapClear's Products for Buy Side
LCH.Clearnet Ltd. has appointed Michael Davie as CEO of SwapClear, its interest rate swap (IRS) clearing service.
In his new role, Davie will lead the next phase of the development of SwapClear, which will focus on ensuring the best products and services are delivered to the buy side. Davie will report to Roger Liddell, chief executive, LCH.Clearnet.
The launch of the FCM (Futures Commission Merchant) model for SwapClear later this year, (subject to regulatory approval), will increase choice for US based customers, enabling them to clear with the world’s leading interest rate swap service within a familiar framework.
In a statement, LCH.Clearnet’s CEO Lidell 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.”
Davie, who joins LCH.Clearnet from JP Morgan, has more than 20 years experience in financial services and has held a number of senior strategic, trading, marketing and operational positions during this time.
“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,” commented Davie in the release.
LCH.Clearnet was the first clearing house to launch interest rate swap clearing for the buy side in December of 2009 through Swap Clear, offering the buy side security in case of bank default through margin segregation and portability of contracts. According to LCH.Clearnet, SwapClear continues to consolidate its position as the leading global service for IRS, clearing over 40 percent of the $342 trillion global market, across 14 currencies.
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