Michael Davie becomes SwapClear CEO
LCH.Clearnet, the Anglo-French clearinghouse, has appointed Michael Davie CEO of SwapClear, its interest rate swap clearing service. Davie will lead the clearing facility in a crucial phase of development, as the OTC market moves towards transparent trading and clearing of swap trades.
Davie, who joins from JP Morgan, has enjoyed a 20 year career in finance, taking in strategy, trading, marketing and operational positions with firms including The Bankers Trust and IBM. He will report to Roger Liddell, LCH.Clearnet chief executive. SwapClear director Joe Reilly will report to Davie, a spokesperson for the bourse confirmed.
“OTC derivatives clearing has never been more important and SwapClear is the global leader in this field," Davie said in statement. "I am greatly looking forward to working with our current and prospective clients to ensure the service is developed in...