LCH-C loses CEO

LCH Clearnet (LCH-C) CEO David Hardy has resigned his position after 19 years at the firm. The news came in a statement following a clearinghouse board meeting and there was no early indication of a likely successor.

Although reasons for his departure were not immediately known, the clearinghouse has come under pressure due to the escalating costs of merging the formerly separate entities of London Clearing House and Clearnet. During its annual results announcement in May, however, LCH-C said that these costs were now levelling off (see FO Week Vol 11 No 17).

The firm declined to...