London Clearing House (LCH) has overhauled its management structure to offer more accountability and autonomy to its new central counterparty business operations.
Under the restructuring, LCH has established four distinct business streams, covering its futures and options clearing business, its fixed income clearing business (LCH RepoClear), its interest rate derivative clearing business (LCH SwapClear), and its cash equities clearing business (LCH EquityClear).
The four business streams will be directed by Arun Aggarwal as managing director, business management, who takes up position on 2 July. Aggarwal joins LCH from PricewaterhouseCoopers, where he was a partner in their management consultancy practice.
Rory Cunningham, as director, business development and strategic planning, will report to Aggarwal and be responsible for establishing a business development strategy function.
The futures and options clearing stream will be headed by Richard Heyman, who joins LCH from Indosuez Carr, as director, futures and options clearing. The fixed income clearing stream will be headed by John Burke, director, LCH RepoClear, who has been working with LCH RepoClear since its inception in August 1999. The swaps clearing stream will be headed by Simon Grensted, director, LCH SwapClear, who has been closely involved for some five years in the development of the LCH SwapClear service. The equities clearing stream will be headed by Guy Simpkin as director, LCH EquityClear, who joins LCH after six years at Liffe, latterly as director, business development.
David Hardy, chief executive, comments: "LCH has come a long way since its major reconstruction in 1996. At that time, LCH provided central counterparty services to futures and options exchanges alone. It now has four thriving business streams and it is entirely appropriate that we should establish the management functionality of each of those streams in a way that will enable them to offer the best possible service now, and in the future, to our members."