CME Group hires ex-LCH.Clearnet boss to lead European clearing
28 July 2009 | 6187 views | 0
Chicago-based derivatives exchange operator CME Group has hired former LCH.Clearnet boss Andrew Lamb to head up its planned European clearing venture.
CME Clearing Europe, is still waiting for the go-ahead from the UK's Financial Services Authority to become a UK Recognised Clearing House (RCH). If recognised, the London-based venture will serve as a central counterparty clearer for over-the-counter derivatives.
Lamb will initially act as a special advisor to the group during the RCH approval process and, subject to recognition, become CEO, responsible for the development of strategic initiatives, risk management policies and day-to-day operations of the venture.
Lamb was head of risk and deputy CEO at London Clearing House from 1993 to 2003 and then CEO and director of LCH Clearnet between 2004 and 2006. He also served for 15 years at the Bank of England, including four years as senior advisor, derivatives and commodity markets.
Craig Donohue, CEO, CME Group, says: "As part of our global growth strategy, CME Clearing Europe will help to extend the safety and security of central counterparty clearing to our European clients, both through the initial offering of CDS clearing and additional locally relevant products we plan to offer in the future."
Kim Taylor, MD and president, CME Clearing, adds: "Building on more than a century of CME Clearing's default-free risk management experience in the United States, we look forward to working with our European customer base to develop the European clearing and settlement services they need to manage risk not only in this challenging economic environment, but for the long term as well."