Board of Directors

Limited Board SA Board
Laurie Adams - Independent

Laurie Adams is Chairman and independent non-executive director of LCH Limited. He is a Chairman of LCH Limited Nomination and a member of Remuneration Committee.

Laurie started his career as a banking solicitor at Allen & Overy in 1979, moving to Grand Metropolitan PLC in 1982 then onto Prudential Bache Inc in 1984 where he founded the UK legal and compliance function. He subsequently became managing director and European general counsel at Lehman Brothers International. From 1990-2000 Laurie served as European Head of Legal & Compliance at Citigroup during which he merged and led the Salomon Smith Barney and Schroders legal teams. Following this, Laurie became Global Head of the Legal & Compliance investment banking wholesale division of ABN AMRO based in London. In 2003 he was awarded Global Internal Counsel of the Year by Legal Business for restructuring ABN AMRO’s worldwide legal function.

In 2004 he became a Director of Siblu Holdings Limited where he co-led a £50m buy-in management buy-out of a French based caravan park business and subsequently refinanced the business for £100m in 2006.

In 2007, Laurie was appointed as a NED and Chair of the Risk Committee at Northern Rock PLC. As a member of the Recovery Board he helped successfully restructure and sell Northern Rock to Virgin Money in 2012.

Laurie was also the EBRD representative on the Supervisory Board of Parex Bank in Latvia from 2008 to 2013 and was a Non-Executive Director of Exane Limited between 2012 and 2019. He also served as a Chairman of the Principality Building Society, the UK’s 6th largest Building Society from 2013 to 2021.

Laurie holds an MA in Jurisprudence from Oxford University.

Isabelle Girolami - Chief Executive Officer, LCH Limited

Isabelle Girolami is Chief Executive Officer of LCH Limited.

Isabelle joined LCH in November 2019 from Crédit Agricole, where she was most recently Deputy CEO for the Corporate and Investment Banking business, responsible for financial markets across fixed income and equities. Isabelle joined Credit Agricole in 2015 as Global Head of Financial Markets.  She also served as Vice Chair of the Association for Financial Markets in Europe and a Board Member of Global Financial Markets Association.

Prior to Crédit Agricole, she spent seven years at Standard Chartered Bank both in London and Singapore, latterly serving as Co-Head of the Wholesale Bank ASEAN and Head of Financial Markets ASEAN. Earlier in her career, she held senior positions at Bear Stearns and BNP Paribas.

Isabelle holds a Masters degree from the HEC School of Management in Paris.  

Daniel Maguire - Chief Executive Officer, LCH Group

Daniel became Group Director, Post Trade, London Stock Exchange Group on 1 January 2020.

He was appointed Chief Executive Officer of LCH Group in October 2017. Prior to his appointment, Daniel was most recently Group COO. Daniel joined LCH in 1999, and during his 16-year career at LCH Daniel has had involvement in, and responsibility for, risk management, default management, product management, regulatory strategy, programme delivery sales, marketing and operations across LCH’s SwapClear service, chairing SwapClear Default Management Group and taking part in LCH Risk Committee.

In 2014, after returning from four years in the US, where he started and built out LCH’s North America operations and led SwapClear’s client clearing franchise, Daniel took on the role of Global Head of SwapClear and subsequently took responsibility for LCH’s ForexClear and Listed Rates services and the initiation of LCH’s SwapAgent service. Daniel worked at J.P. Morgan from 2005 to 2008 before returning to LCH on 1 September 2008 where he was immediately responsible for the successful trading and unwinding of Lehman Brothers’ LCH-cleared bond and repo portfolio.

In these functions, Daniel has made significant contributions to the development of CCP and derivatives regulatory frameworks across the globe. Daniel was appointed to the Board of the International Swaps and Derivatives Association in April 2018, and is also a member of London Stock Exchange Group’s Executive Committee.

Ron Berndsen - Independent

Ron Berndsen is an independent non-executive director of LCH Limited and SA. Ron also serves as Chair of LCH Limited and LCH SA’s Risk Committees and is a member of the LCH Audit Committees.

Ron is Professor of Financial Market Infrastructures and Systemic Risk, Tilburg School of Economics and Management at Tilburg University, on a part-time basis.    

He is editor-in-chief of the Journal of Financial Market Infrastructures and a member of the Advisory Council of the SWIFT Institute.

Ron has held several high profile roles at De Nederlandsche Bank since 1992, in Economic and Monetary Policy, Head of Oversight of Payment and Securities Settlement Systems and most recently acting as Head of Market Infrastructures Policy.

He has also served as a Member of the Committee on Payments and Market Infrastructures and the ECB’s Market Infrastructure Board. He also co-chaired the FSB Group on Cross-Border Crisis Management for Financial Market Infrastructures.

He was awarded a doctorate of Tilburg University in 1992 for his PhD thesis in the area of Economics and Artificial Intelligence.

Jane Guyett CBE - Independent

Jane Guyett is an independent non-executive director of LCH Limited and serves as Chair of its Technology, Security and Resilience Committee. 

Jane spent 15 years with Bank of America Merrill Lynch where she held various roles in London and New York. She was Chief Operating Officer (EMEA and Asia) of the Global Markets Group and sat on the Board of Bank of America Securities. She began her career in Corporate Restructuring at Mitsubishi Bank Ltd London, before joining Bank of America in 1994.

Jane Guyett is the senior independent director of UK Government Investments Limited, a Parliamentary appointment, where Jane is also Chair of Risk and Audit Committee. UKGI is HM Government’s centre of excellence in corporate finance and corporate governance, advising Ministers and Parliament on complex commercial tasks.

Additionally, Jane is a member of the board of Royal London Group, the UK’s largest mutual insurance company. Jane is also Chair of Connect Plus (M25) Plc and Chair of its Risk and Audit Committee.

Until 2016, Jane was a non-executive director of U.K. Financial Investments, advising HMG on their shareholding’s in Lloyds Banking Group, Royal Bank of Scotland plc and U.K. Asset Resolution.  

Jane was awarded a CBE in Her Majesty’s New Years honours list for services to the Economy. Jane graduated from Southampton University with a BSc. Hons Economics.

Andy Hudis - Independent

Andy Hudis is an independent non-executive director of LCH Limited, Chairman of its Remuneration Committee and member of Nomination and Risk Committees. Andy also serves as Chair of the SwapAgent Board and SwapAgent Risk Committee.

Andy began his prestigious career at Goldman Sachs in 1985 as a fixed income researcher. From 1989-2000 Andy ran a team trading bond options and later assumed responsibility for European Government bond trading. He was appointed managing director in 1998. From 2000-2002 he was involved in numerous fixed income initiatives within the e-commerce space and also started serving on the boards of SwapsWire and OTCDerivNet. From 2002-2016 Andy co-ran the global CVA activity for the Rates business. This took a lead role in interpreting and implementing revised capital requirements for fixed income trading, applying appropriate hurdle rates for new activity and managing the usage of capital across the global business. Prior to Goldman Sachs, Andy worked at the Environmental Defense Fund in 1981 conducting research and performing legal advocacy on pollution issues. He then moved to Abelow Ihasz & Co. in 1983 where he was mainly focused on trade and research.

Andy holds a B.A. in Mathematics & M.A. in Chemistry from Dartmouth College.

Carole Machell - Independent

Carole Machell is an independent non-executive director of LCH Limited and SA. Carole also serves as Chair of the LCH Ltd and SA Audit Committees and is a member of LCH Risk Committee.

Carole held a series of positions at Barclays between 2006 and 2016. These included Head of the International Corporate Business, COO Barclays Wealth Global Head of Operations, Barclays Capital and COO Global Corporate Bank.

Prior to joining Barclays, Carole spent eight years at JP Morgan in a range of Operations, Technology and strategic roles. She has also worked for OMLX, The Swedish Derivatives Exchange as MD of the London exchange and clearing house.

 Carole sits as a NED on the bank boards of Weatherbys, Sainsburys, and DF Capital. She chairs either the Risk or Audit Committee and is a member of the Remuneration Committees.  She was an INED on Crown Agency Bank and the Charities Aid Foundation Bank until mid 2020. She is a Trustee of the Charities Aid Foundation and was previously a Trustee of the JP Morgan Pension Scheme.

Carole has degrees in Classical Studies and Law from Bristol University and Lancaster Gate. She also has a diploma from Christies in Fine Art and early in her career set up and ran a successful antiques gallery in New York. She qualified as a chartered accountant with Ernst & Young in 1991.

Anthony McCarthy - LSEG

Anthony is a non-executive director of LCH Limited and CIO for London Stock Exchange Group. In this role, Tony is accountable to the CCP CEOs for the provision of IT services in each CCP.  He is a member of the Executive Committee of the London Stock Exchange Group (LSEG)..

Previously Tony was a Managing Director in IT at Deutsche Bank and was the Group CIO for the bank from March 2011 through November 2013. Before this, he was the CIO for Investment Banking Technology within Deutsche Bank’s Corporate and Investment Bank (CIB).  He spent his first 12 years with the bank based in New York, and spent his last 5 years from August 2009 through July 2014 based in London.

Prior to joining Deutsche Bank in 1997, Tony worked at Morgan Stanley for 12 years during which time he had a five-year assignment in Tokyo, from where he assumed the role of Head of Far East IT for three of those years.  

Tony received a BS in Chemical Engineering from Clarkson University and a MBA  from the State University of New York at Albany.  He was voted ‘CIO of the Year 2007’ from The Banker magazine and was named ‘Best CIO in 2009’ from the American Financial Technology Awards.

Balbir Bakhshi - LSEG

Balbir is a non-executive director of LCH Limited and CRO for London Stock Exchange Group. He joined LSEG as Chief Risk Officer in January 2021 and brings a deep commercial understanding and knowledge of risk management.

Balbir was previously Group Head of Non-Financial Risk Management at Deutsche Bank and served on the Supervisory Board of Deutsche Bank Luxembourg S.A. as Chair of its Risk Committee.

Before this, Balbir was Global Head of Operational Risk Management at Credit Suisse, having held a variety of senior roles, including UK Investment Banking Chief Risk Officer and Head of Market Risk.

Balbir started his career at LCH as a risk analyst.

Susan O’Flynn - Morgan Stanley

Susan O’Flynn is Global Head of Clearing and Collateral Strategy and Optimization and recently was also appointed European Head of Bank Resource Management for Morgan Stanley. She is responsible for strategy and optimization of the firm’s global risk exposure to CCPs and associated resource usage across all products, including listed and OTC derivatives and securities finance transactions (“SFTs”) as well as collateral optimization of all other derivatives exposures. She has held this optimization position since September 2017. From 2012 to 2017, Susan has held a number of roles including Global Head of CCP Strategy and Optimization and Global Head of Firm Secured Funding. Prior to that, she ran the Firm cross-asset Structured Funding business, raising long term secured financing for all asset classes.

Before joining Morgan Stanley in 2008, Susan worked in the Structured Funding business at Goldman Sachs in London and New York for three years, predominantly focusing on fixed income financing of vanilla and less liquid assets. Susan previously practiced as a debt capital markets lawyer for two years at White & Case LLC, focusing primarily on emerging markets. Susan holds a Masters degree in Intellectual Property Law (LLM) and a Bachelors degree in Law (LLB).

Susan has been a member of the board of LCH Limited since early 2016. She is also a member of the CFTC Market Risk Advisory Committee and Chair of the Risk Management Sub-Committee focusing on Market Conditions. She has spoken at several conferences in recent years on the importance of central clearing of SFTs including the RMA, IMN and GFF Conference as well as CCP recovery & resolution in various regulatory forums.

Kieron Smith - BNP Paribas

Kieron Smith is Deputy Global Head of Prime Solutions & Financing (PSF) group within Global Markets division of BNP Paribas Corporate and Institutional Banking, a position he has held since March 2018. In addition he holds the position of Global Head of Derivatives Execution & Clearing and Global Head of PSF Risk.

Kieron has over 20 years of experience in banking sector serving in variety of roles. Prior to joining BNP Paribas in 2014, he worked at Royal Bank of Scotland for 7 years where he was latterly the Global Head of Equity Derivatives Trading and Financing. He also held a wide range of trading management positions of a global nature in the equity derivative business. 

Prior to joining Royal Bank of Scotland Kieron worked for 8 years at ABN AMRO in the equity derivative business line trading for both corporate and institutional clients.

Kieron graduated from London School of Economics with a First Class honours degree in Economics. Kieron also co-founded the BNPP Women in Global Markets and plays an active role in the BNPP graduate recruitment program.

Nick Rustad - J.P. Morgan

Nick is Managing Director and Global Head of Derivatives Clearing at J.P. Morgan Chase.  In his role Nick oversees J.P. Morgan’s Listed and OTC Clearing and Intermediation business; this includes exchange traded futures and options, OTC rates and credit products and FX prime brokerage.

Nick is a 21 year veteran of J.P. Morgan, with extensive trading, risk and operational management experience. Prior to his current role, Nick was head of EMEA Emerging Markets Rates trading from 2010 to 2015, where he built what was widely acknowledged to the street leading franchise. Before that he held senior risk positions across the region including a period as Treasurer of JP Morgan Moscow. 

Nick is currently Chairman of the Board of the Futures Industry Association.

Nick graduated in 2000 with a BA (Hons) degree in Business Management from Nottingham Trent University.

Claude Ehlinger - Independent

Claude Ehlinger is Chairman and independent non-executive director of LCH SA.

Claude began his career at the Thomson group in 1985, before joining Finacor, a large European financial brokerage company, as Managing Director in 1987. From 1999 to 2003, he served as Chief Financial Officer at CCMX, and later Regional Financial Controller at Capgemini. He joined Eutelsat as Group Chief Financial Officer in June 2004, a position he held until July 2007.

As of 2019, Claude serves as a Senior Advisor to Wendel, a French listed investment firm which he joined in October 2016 as Chief Executive Officer of Oranje-Nassau, Managing Director and member of the Investment Committee. He previously served as Deputy Chief Executive Officer of Louis Dreyfus company, a global agricultural merchant and processor, which he joined in July 2007 as Group Chief Financial Officer. From June 2014 to October 2015, he was acting Chief Executive Officer of Louis Dreyfus company. 

Claude is Non-Executive Chairman of Stahl, a global leader in specialty chemicals, since October 2017 and a Non-Executive Director of Bureau Veritas, a world leader in testing, inspection and certification services (TIC), since October 2016.

Claude is a graduate of the École des Hautes Études Commerciales (HEC).

Christophe Hémon – Chief Executive Officer, LCH SA

Christophe Hémon is  Chief Executive Officer of LCH SA, LCH's French operating CCP.

Christophe graduated from French Business Schools.

Christophe started his career at JP Morgan where he held various positions in the Operations business of investment banking.

In 1993, Christophe joined Morgan Stanley, becoming Head of Operations in Paris, then Head of Operations for continental offices - Paris, Frankfurt, Zurich, Milan and Madrid. He was responsible for all business streams including equities, fixed income, derivatives, commodities and participated in major EU and market place projects.

In 2003, Christophe joined SA, former LCH SA, as General Secretary responsible for Risk, Finance, Legal and Membership issues and Treasury. He became Chief Executive Officer in November 2004.

Christophe serves on the Board of Directors of the Association Française des Professionnels des Titres (AFTI).

Daniel Maguire, Chief Executive Officer, LCH Group

Daniel became Group Director, Post Trade, London Stock Exchange Group on 1 January 2020.

He was appointed Chief Executive Officer of LCH Group in October 2017. Prior to his appointment, Daniel was most recently Group COO. Daniel joined LCH in 1999, and during his 16-year career at LCH Daniel has had involvement in, and responsibility for, risk management, default management, product management, regulatory strategy, programme delivery sales, marketing and operations across LCH’s SwapClear service, chairing SwapClear Default Management Group and taking part in LCH Risk Committee.

In 2014, after returning from four years in the US, where he started and built out LCH’s North America operations and led SwapClear’s client clearing franchise, Daniel took on the role of Global Head of SwapClear and subsequently took responsibility for LCH’s ForexClear and Listed Rates services and the initiation of LCH’s SwapAgent service. Daniel worked at J.P. Morgan from 2005 to 2008 before returning to LCH on 1 September 2008 where he was immediately responsible for the successful trading and unwinding of Lehman Brothers’ LCH-cleared bond and repo portfolio.

In these functions, Daniel has made significant contributions to the development of CCP and derivatives regulatory frameworks across the globe. Daniel was appointed to the Board of the International Swaps and Derivatives Association in April 2018, and is also a member of London Stock Exchange Group’s Executive Committee.

Anthony Attia, Euronext Paris S.A.

Anthony Attia has been the CEO of Euronext Paris since 2014, while also serving as Global Head of Listing and Post Trade for the Group. As CEO of Euronext Paris, he has transformed and improved the relationships with the French ecosystem, clients and regulators, and developed Euronext’s equity listing franchise by growing pan-European SME and Tech initiatives. In addition, he has led the development of Euronext’s state-of-the-art proprietary trading platform, Optiq® as well as the launch of Euronext of CSDs connecting Interbolsa, Euronext VPS and VP Securities.

From 2009 to 2013, based in New York, he served as Senior Vice-President and Chief of Staff at NYSE Euronext. Areas of responsibilities included strategy, technology and integration.

In 2004, he was appointed as Executive Director, Head of Operations for Euronext. He was responsible for market surveillance, exchanges operations and business development. At the creation of Euronext in 2000, he was the Integration Program Director, in charge of migrating the French, Belgian and Dutch exchanges to the Euronext single order book and trading system. Mr Attia began his career in the Paris stock Exchange in 1997.

He is a member of the Board and Audit Committee of LCH SA, a member of the Board of Euroclear Holding, a director of Euronext Dublin and the Vice-President of FESE, the Federation of European Exchanges. He is also the Chairman of the Board of Directors of Liquidshare.

In 2020, he was recognised by Business Insider as one of 100 people transforming business, driving change and innovation in their companies and across industries.

He holds an Engineering degree in computer science, applied mathematics and finance.

Ron Berndsen - Independent

Ron Berndsen is an independent non-executive director of LCH Limited and SA. Ron also serves as Chair of LCH Limited and LCH SA’s Risk Committees and is a member of the LCH Audit Committees.

Ron is Professor of Financial Market Infrastructures and Systemic Risk, Tilburg School of Economics and Management at Tilburg University, on a part-time basis.    

He is editor-in-chief of the Journal of Financial Market Infrastructures and a member of the Advisory Council of the SWIFT Institute.

Ron has held several high profile roles at De Nederlandsche Bank since 1992, in Economic and Monetary Policy, Head of Oversight of Payment and Securities Settlement Systems and most recently acting as Head of Market Infrastructures Policy.

He has also served as a Member of the Committee on Payments and Market Infrastructures and the ECB’s Market Infrastructure Board. He also co-chaired the FSB Group on Cross-Border Crisis Management for Financial Market Infrastructures.

He was awarded a doctorate of Tilburg University in 1992 for his PhD thesis in the area of Economics and Artificial Intelligence.

Marc Breillout - Independent

Marc Breillout is an independent non-executive director of LCH SA and Chair of Remuneration and Technology, Security & Resilence Committees. Marc also serves as a member of the Audit and Risk Committees.

Marc spent most of his career at Société Générale, beginning in 1978. After a few years during which he held various positions in the bank’s Paris headquarters, including in the IT division, he joined the bank’s Finance department in 1986 to design and implement its asset and liabilities management system.

In 1993, Marc moved to the Corporate and Investment Bank division of SG (SGCIB) as General Manager of FIMAT (most recently Newedge), the brokerage arm of Société Générale. He spent four years in New-York during which he was appointed CEO of the worldwide FIMAT group.

Marc moved back to Paris in 2001 to be appointed COO of SGCIB. Later on, he took on the role of head of the debt and finance division of SGCIB in charge of structured finance, fixed income and commodities.

In 2008, Marc joined Natixis, another France-based bank, to assume the role of COO before being appointed head of the Capital Markets division.

Now retired, Marc is a board member of Sucden Financial, the London based brokerage arm of the French trading company Sucres et Denrées.

Marc Breillout graduated from the Ecoles des Hautes Etudes Commerciales ( HEC) in 1977.

Brigitte Trafford – London Stock Exchange Group

Brigitte is a non-executive director of LCH SA and Chief Communications and Marketing Officer. She is a member of the Executive Committee of the London Stock Exchange Group (LSEG). Brigitte leads the Group's Communications, Government Relations, Regulatory Strategy, Sustainability and Marketing functions.

Brigitte has more than 25 years’ corporate affairs experience at Virgin Media, Lloyds Banking Group, ICAP and ITV plc. Earlier in her career, she worked at Dow Jones, publisher of the Wall Street Journal, leading its global communications from New York.

Brigitte is also a global advisory board member of NewsGuard Technologies, an organisation that issues trust ratings for news websites.

Brigitte is half French and a graduate of Emmanuel College, Cambridge University.

Jeroen Krens - HSBC

Jeroen Krens is COO Fixed income trading at HSBC, globally responsible for execution of the Business strategy, planning and resource allocation.  Jeroen joined HSBC in that role in 2014 having previously held Trading, Treasury and COO roles at the Royal Bank of Scotland and ABN AMRO in the US , Japan and the EU.

 Jeroen earned an MSC in Business Administration  from the RU Groningen in the Netherlands. Jeroen is currently serving his second term as  a Board member of ISDA having joined the Board in 2017 after previously serving from 2012-2014 whilst at RBS.

Eric Litvack – Société Générale

Eric Litvack is a Managing Director and Head of Regulatory Strategy for Société Générale Corporate and Investment Bank, with responsibility for coordinating the business response to the evolving regulatory environment across the investment bank. Prior to this, he was Chief Operating Officer for the equities and equity derivatives activities of SG CIB's Global Markets division, and has also held various trading and business management positions within Société Générale's Equity Derivatives business.

Eric joined Société Générale in 1986.  He has been based in Paris since 1996, having previously been employed in derivatives trading by Société Générale in London.  

Eric graduated in 1985 from the University of Toronto.  He has been a member of the Board of the International Swaps and Derivatives Association, Inc. (ISDA) since 2006 and a member of the Board of LCH SA since April 2013.

Jane Guyett CBE - Independent

Jane Guyett is an independent non-executive director of LCH SA and serves as a member of its Technology, Security and Resilience and Remuneration Committees. Jane is also an independent non-executive director of LCH Limited. 

Jane spent 15 years with Bank of America Merrill Lynch where she held various roles in London and New York. She was Chief Operating Officer (EMEA and Asia) of the Global Markets Group and sat on the Board of Bank of America Securities. She began her career in Corporate Restructuring at Mitsubishi Bank Ltd London, before joining Bank of America in 1994.

Jane Guyett is the senior independent director of UK Government Investments Limited, a Parliamentary appointment, Jane is also Chair of Risk and Audit Committee. UKGI is HM Government’s centre of excellence in corporate finance and corporate governance, advising Ministers and Parliament on complex commercial tasks.

Jane is also Chair of Connect Plus (M25) Plc and Chair of its Risk and Audit Committee.

Until 2016, Jane was a no- executive director of U.K. Financial Investments, advising HMG on their shareholding’s in Lloyds Banking Group, Royal Bank of Scotland plc and U.K. Asset Resolution.  

Jane was awarded a CBE in Her Majesty’s New Years honours list for services to the Economy. Jane graduated from Southampton University with a BSc. Hons Economics.

Carole Machell - Independent

Carole Machell is an independent non-executive director of LCH Limited and SA. Carole also serves as Chair of the LCH Ltd and SA Audit Committees and is a member of LCH Risk Committee.

Carole held a series of positions at Barclays between 2006 and 2016. These included Head of the International Corporate Business, COO Barclays Wealth Global Head of Operations, Barclays Capital and COO Global Corporate Bank.

Prior to joining Barclays, Carole spent eight years at JP Morgan in a range of Operations, Technology and strategic roles. She has also worked for OMLX, The Swedish Derivatives Exchange as MD of the London exchange and clearing house.

 Carole sits as a NED on the bank boards of Weatherbys, Sainsburys, and DF Capital. She chairs either the Risk or Audit Committee and is a member of the Remuneration Committees.  She was an INED on Crown Agency Bank and the Charities Aid Foundation Bank until mid 2020. She is a Trustee of the Charities Aid Foundation and was previously a Trustee of the JP Morgan Pension Scheme.

Carole has degrees in Classical Studies and Law from Bristol University and Lancaster Gate. She also has a diploma from Christies in Fine Art and early in her career set up and ran a successful antiques gallery in New York. She qualified as a chartered accountant with Ernst & Young in 1991.