Daniel Maguire Appointed Global Head of SwapClear

Report date

Wed, 05/03/2014

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LCH.Clearnet Group (LCH.Clearnet) today announced that Daniel Maguire has been appointed Global Head of SwapClear, LCH.Clearnet’s global interest rate swap clearing business. Daniel replaces Michael Davie, who will focus on his role as CEO of LCH.Clearnet Ltd. Daniel Maguire will report to Michael Davie and join LCH.Clearnet Group’s Executive Committee.

Daniel Maguire brings a strong track record of performance to his new role, most recently as the Head of SwapClear in the United States and Global Head of Product and Marketing, where he spearheaded SwapClear’s development into client clearing. Daniel has a depth of experience, originally joining LCH.Clearnet in 1999. He returned to LCH.Clearnet in 2008 having spent three years at JPMorgan Chase, working in the Global Commodity Exotics and Hybrids business.

Suneel Bakhshi, CEO of LCH.Clearnet Group, said: “We are delighted that Daniel Maguire is assuming the role of Global Head of SwapClear. He brings a wealth of experience to the role, having played an integral part in building SwapClear’s US business over the past two years. Under his leadership, SwapClear will continue to build on its reputation of closely partnering with members and clients to deliver world-class service and solutions.”

“I would also like to take this opportunity to thank Michael Davie for his exceptional leadership over the past three years. He led SwapClear through a period of significant growth in a rapidly evolving competitive and regulatory landscape. As CEO of LCH.Clearnet Ltd., Michael is playing a key role in developing and executing the Group’s strategy as we position ourselves to provide even more effective solutions to our clients worldwide.”

SwapClear is LCH.Clearnet’s market-leading interest rate swap clearing service, clearing 90% of the cleared over-the-counter interest rate swaps market during January 2014. Throughout 2013, SwapClear cleared a total daily average of $2 trillion USD, notional.

For further information:

USA- Liz Bruce, Fitzroy, Tel + 1 212 498 9197

UK- Kamyar Naficy, LCH.Clearnet, UK, Tel + 44 (0) 20 7426 3787

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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 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 recent 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 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.

About SwapClear

SwapClear is LCH.Clearnet’s world leading over-the-counter interest rate derivatives (IRD) clearing service. With more than 139 market makers active in the interest rate swap market that clear through SwapClear and $507 trillion notional cleared, SwapClear provides both clearing members and buy-side clients with access to the deepest pool of liquidity with significant portfolio efficiencies. Over the past 14 years, SwapClear has maintained its leadership position, currently clearing over 85% of the cleared IRD market, in six products across 17 currencies. Since the introduction of buy-side clearing, more than $80 trillion notional has been cleared by the buy-side using the service, which is over four times that of the nearest competitor. SwapClear is committed to investing in its infrastructure and solutions to address evolving global regulations and the needs of its customers.