Board of Directors

Limited Board SA Board
Laurie Adams - Independent

Laurie Adams is Chairman and independent non-executive director of LCH Limited and a member of its Nomination and Remuneration Committees. He is also Chairman of the Principality Building Society, the UK’s 6th largest Building Society and an NED on Exane Limited.

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.

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. She also serves as Vice Chair of the Association for Financial Markets in Europe and a Board Member of Global Financial Markets Association.

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.

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, Chair of Connect Plus (M25) Plc, and a non-executive director of Dalcor Pharma UK.

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 an independent 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 LCH Group Executive Committee.

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.

Dennis McLaughlin - Chief Risk Officer, LCH Group Limited

Dennis has over 20 years experience in risk management and finance. He joined LCH from AON where he was the CEO for Innovation and Analytics and where he introduced and developed an entirely new suite of analytics for the insurance industry. Previous to that he held the roles of Global Head of Capital and Balance Sheet Management at Merrill Lynch and was Director of Capital, Global Consumer Group at Citigroup. Dennis started his finance career as a consultant in the Global Risk Management practice at McKinsey where he focused on the risk management of Traded Products and the development of risk systems and analytical algorithms. Prior to that Dennis was a professor at Princeton University where he taught mathematics and quantitative finance.

Dennis has an MBA from Wharton School, University of Pennsylvania, a Ph.D. in Mathematics from Brown University and a MA in Mathematical Science from University College Dublin.

Matt Jerman - Citigroup

Matt Jerman is a Managing Director and Head of European Flow Rates Trading. In his current role, Matt is responsible for trading desks covering OTC Derivatives, ETD Derivatives, Sovereign, Supranational and Covered Bond trading in G10 currencies.

Matt joined Citigroup in 1988, and began his trading career in European Swaps & Option shortly thereafter.  Initially focused on trading the four legacy European currencies, Matt’s mandate soon expanded to include other currencies. In 2000, a year after overseeing the conversion of 11 legacy currencies into the new Euro, Matt became Head of EMEA Linear G10 Rates trading.

Matt represents Citi on a number of industry forums, including the European Primary Dealers Association and Association for Financial Markets in Europe (AFMA)

In March 2016, as part of the Senior Manager Regime, Matt was appointed as the SM for Rates, Markets Treasury and Finance.

 

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.

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 S.A since January 2014.  With more than 17 years' experience at Euronext, Mr. Attia has held a number of responsibilities including market organization, business strategy, mergers and integration, and trading system design.

Mr. Attia was Chief of Staff to the President and Deputy CEO of NYSE Euronext from 2010 to 2013.   He was a member of the NYSE Euronext Technology Committee of the Board, US Operational Committee, European Operational Committee and Business Risk Group. He was also the secretary of the Investment Review Board.

In 2008, following the merger between NYSE and Euronext, he was appointed Senior Vice President in charge of the Universal Trading Platform (UTP), the common trading platform for NYSE Euronext's European and US markets. UTP has been widely recognized as an industry reference for its technological performance and integration of multiple asset-classes.

In 2004, he served as Executive Director, Head of Operations for Euronext.  He was responsible for market surveillance, the operational relationship with customers, and business development projects in Amsterdam, Brussels, Lisbon and Paris. He was in charge of market stability, regularly liaising with the College of Regulators on a number of initiatives. In 2000 he was the Program Director for the integration of Euronext, in charge of migrating the French, Belgian and Dutch exchanges to the Euronext Market Model and NSC trading system.

Mr Attia joined Société des bourses françaises in 1997. He holds an Engineering degree in computer science, applied mathematics and finance from the Institut d'Informatique d'Entreprise and also studied at INSEAD.  He was awarded, on behalf of Euronext, the Best Execution Venue by TradeTech in 2007, and the Best Equity Trading Venue by Financial News in 2005.

Mr. Attia is also a Board member of EnterNext and of AMAFI (Assocation française des marchés financiers).

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.

Diane Côté - London Stock Exchange Group

Diane Côté is the Chief Risk Officer and Executive Committee member of the London Stock Exchange Group (LSEG). Diane chairs the LSEG Group Operational Risk Committee, The Business Continuity Board and the Group Model Risk Committee.

Diane also chairs the LSEG Foundation, the Corporate Sustainability Committee, the Women’s Inspired Network and the Diversity & Inclusion Committee.

Diane represents LSEG at the ECRB Euro Cyber Resilience Board and Chairs the CityUK Cyber Security Committee.

She is a Non-Executive Director at Société Générale Group and member of its Audit Committee.

Prior to joining LSEG, Diane worked at Aviva Plc where she held the roles of Chief Finance Operations Officer and Group Chief Audit Officer covering all the international divisions of Aviva Group, and was also responsible for its Group Financial Crime Investigation team. She was also Group Risk Managing Director and Group Head of Audit for Standard Life Group during and throughout its demutualisation.  Diane has also worked for Prudential Assurance and The Mutual Group.

Diane qualified as a CA-CPA with EY and has a BComm from the University of Ottawa.

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.

Dennis McLaughlin - Chief Risk Officer, LCH Group Limited

Dennis McLaughlin - Chief Risk Officer, LCH Group Limited
Dennis has over 20 years experience in risk management and finance. He joined LCH from AON where he was the CEO for Innovation and Analytics and where he introduced and developed an entirely new suite of analytics for the insurance industry. Previous to that he held the roles of Global Head of Capital and Balance Sheet Management at Merrill Lynch and was Director of Capital, Global Consumer Group at Citigroup. Dennis started his finance career as a consultant in the Global Risk Management practice at McKinsey where he focused on the risk management of Traded Products and the development of risk systems and analytical algorithms. Prior to that Dennis was a professor at Princeton University where he taught mathematics and quantitative finance.

Dennis has an MBA from Wharton School, University of Pennsylvania, a Ph.D. in Mathematics from Brown University and a MA in Mathematical Science from University College Dublin.

Jane Guyett CBE - Independent

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

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, Chair of Connect Plus (M25) Plc, and a non-executive director of Dalcor Pharma UK.

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.