LCH.Clearnet Group Limited Board Changes

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  • Professor Lex Hoogduin to succeed Jacques Aigrain as Chairman of LCH.Clearnet Group Limited & LCH.Clearnet Ltd
  • Jonathan Eliot joins Boards of LCH.Clearnet Group Limited, LCH.Clearnet SA and LCH.Clearnet LLC and chairs Group Board Risk Committees

LCH.Clearnet Group Limited today announces that Professor Lex Hoogduin will succeed Jacques Aigrain as Chairman of LCH.Clearnet Group Limited Board and LCH.Clearnet Ltd Board. This follows Jacques Aigrain's decision to step down from both Boards, as a result of his extended activities with Warburg Pincus. Jacques has been Chairman since 2010 and has played an integral part in shaping LCH.Clearnet's growth as a leading global clearing house.

Lex has been a member of the LCH.Clearnet Group Board since September 2012 and has previously chaired its Limited, SA and LLC Risk Committees. He brings extensive expertise and insight to the role, having been Executive Director at De Nederlandsche Bank (DNB) from January 2009 until July 2011 where his wide-ranging responsibilities included economic policy and research, financial stability, financial markets, clearing and settlement systems. He has also held senior positions at Robeco and Managing Director of the IRIS research institute.

Jonathan Eliot, currently a Non-Executive Director of LCH.Clearnet Ltd, also joins the Boards of LCH.Clearnet Group, LCH.Clearnet SA and LCH.Clearnet LLC. Jonathan will chair the Risk Committees across the business. Jonathan is currently Chief Risk Officer at Man Group, and has had a 27-year City career with companies including JP Morgan, Deutsche Bank and Barclays.

All appointments are effective 5 March 2015.

Commenting on the changes:

Suneel Bakhshi, CEO, LCH.Clearnet Group:
"On behalf of the company I would like to thank Jacques Aigrain for his exceptional leadership of LCH.Clearnet Group during a pivotal period in the history of our business. We wish him well in the future. I would also like on behalf of the Group, to welcome Lex Hoogduin to the role of Chairman of the Group and Limited Boards, and Jonathan Eliot who also joins the Group, SA and LLC Boards. Our leading global clearing business has never been more relevant to the future stability and success of international financial markets. Collectively, their expertise will be invaluable to LCH.Clearnet Group as we build the most trusted clearing house in the markets that we serve."

Jacques Aigrain, Outgoing Chairman, LCH.Clearnet Group:
"The past five years have been remarkable in terms of regulatory development and LCH.Clearnet has often been at the centre of these developments as part of the solution.  I am proud of what the management team has achieved with the continuous support of LSEG, and delighted to have such a remarkable qualified successor in the person of Lex.

Lex Hoogduin, Incoming Chairman, LCH.Clearnet Group:
"I am delighted to be appointed as Chairman of LCH.Clearnet Group at such an important time in its history.  LCH.Clearnet Group is a global leader in the provision of clearing and risk management services to its customers across the world, and I am very much looking forward to working with my colleagues as the business continues to grow and evolve."

Biography: Professor Lex Hoogduin

Lex Hoogduin became an independent non-executive director of LCH.Clearnet in September 2012 and chairs its Limited, SA and LLC Risk Committees.

He was an Executive Director at De Nederlandsche Bank (DNB) from January 2009 until July 2011, responsible for economic policy and research, financial stability, financial markets, statistics and payment, clearing and settlement systems. He was also project leader in the merger of DNB with the Pensioen en Verzekeringskamer.

Between 2005 and 2008 he was the Chief Economist of Robeco and Managing Director of the IRIS research institute. Prior to this he spent time at DNB, where he worked as division director Scientific Research from 2001 until 2005. From 1997-2001 he worked in Frankfurt as advisor of Wim Duisenberg, the first president of the ECB. During this period he was also connected to the University of Groningen.

He is a part-time professor in complexity and uncertainty in financial markets and financial institutions at the State University of Groningen. He holds a Master's degree in Economics from State University of Groningen, and received his PhD degree in Economics in 1991.

Biography: Jacques Aigrain

Jacques Aigrain has been Chairman of LCH.Clearnet Group Limited since 2010, and is a non executive Director of London Stock Exchange Group Plc (May 2013).  He was appointed a non-executive director of WPP on 13 May 2013. He was CEO of Swiss Re from 2006 to 2009, and prior to that, he spent 20 years with JP Morgan Chase in New York, London and Paris. In addition, he is a Supervisory Board Member of Lyondell Bassell NV, Deutsche Lufthansa AG and its subsidiary, Swiss International Airlines AG. He is also an advisory director of the Qatar Financial Centre Authority and a Partner at Warburg Pincus. He is a dual French and Swiss citizen. He holds a PhD in Economics from Sorbonne University, and a MA degree in Economics from Paris Dauphine University.
Biography: Jonathan Eliot

Jonathan Eliot is Chief Risk Officer of Man Group, a position he has held since January 2011, with overall responsibility for both corporate and fund risk management.

He was at JP Morgan for 14 years, as a trader and marketer in the Global Swap Group while based in London, Tokyo and Singapore. He was Head of Interest Rate Options and Exotics trading in Tokyo, before being appointed Head of Corporate Risk Management for Asia.

Subsequently, Jonathan held senior market risk roles at Deutsche Bank, as head of G10 Interest Rate Risk, and later as head of Non Traded Market Risk; and then at Barclays Bank, as Group Head of Market Risk. He also spent two years with Integrated Finance Limited, a corporate finance and advisory boutique founded by P. Hancock, R. Mendoza and Professor R. Merton, setting up their London operation.

He has an MA (First Class Hons.) in Mathematics, and Management, from Queens' College, Cambridge University.

For further information
Rhiannon Davies, LCH, Tel: +44 (0)20 7426 7523

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About LCH.Clearnet
The LCH.Clearnet Group is a leading multi-asset class and multi-national clearing house, serving major exchanges and trading platforms as well as a range of OTC markets.

LCH.Clearnet's world-class risk management framework provides exceptional levels of protection to international markets, as has been proven through the management of past defaults. As demand for robust clearing services continues to grow, LCH.Clearnet is committed to achieving the highest standards of risk management across all asset classes cleared.

LCH.Clearnet Group is majority owned by London Stock Exchange Group (LSE.L), a diversified international exchange group that sits at the heart of the world's financial community.