Ex-JPMorgan executive appointed as CEO of SwapClear

23 August 2010

Michael Davie, a former executive at investment bank JPMorgan, has been appointed as chief executive officer (CEO) of LCH.Clearnet clearing unit, SwapClear.

According to its parent company, Mr Davie is to take on the role as part of a move to bolster the OTC derivative client clearing business.

He is expected to lead the development of SwapClear to ensure the ‘buy-side’ receives the best products and services, the firm explained.

Roger Liddell, chief executive of LCH. Clearnet, stated that the appointment of the new post holder reflects the organisation’s commitment to OTC derivative clearing.

It will ensure “that SwapClear’s market leading offering evolves in line with [client] needs”, he explained.

Mr Davie 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.”

LCH.Clearnet stated it was the first clearing house to set up its own swap clearing facility for the buy-side back in December 2009 in the form of SwapClear.

By Jim Ottewill

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