The bourse says Spanner's appointment is a key step in its plan to take greater control of its clearing business.

It comes off the back of proposals outlined in May to set up a clearing house, jolting its current supplier LCH.Clearnet.

LME says its feasibility study into self-clearing is now at an advanced stage and Spanner will take charge of the project.

Martin Abbott, CEO, LME, adds: "We are delighted that Trevor has joined us at the LME. His expertise will enable us to continue making progress on our clearing project, maximising efficiencies and value for our members."