Global clearing house LCH has announced its latest senior move, appointing John Horkan as the Chief Operating Officer (COO), effective immediately. He replaces Daniel Maguire who was promoted last week to LCH Group’s CEO.
Horkan takes on the role in addition to his current responsibilities as LCH Head of SwapClear in North America, a role he has held for nearly six years. In his new position, John will be reporting to the recently promoted CEO Daniel Maguire.
As LCH’s COO, Mr. Horkan will be responsible for achieving new business growth, maintaining customer relationships and driving innovation and efficiency. He is also charged with developing an integrated global product strategy, working alongside the CEOs of the the group’s various central counterparties, and with the group’s chief risk officer.
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Mr. Horkan originally joined LCH back in 2012, following a nearly two-decade tenure with Bank of America Merrill Lynch and J.P. Morgan where he served in several roles including Regulatory Reform Program Manager for Global Banking & Markets, COO of Global Markets Sales and Corporate Bond Sales.
His appointment completes a reshuffling of LCH’s senior management team since the LSE agreed terms with minority shareholders for increasing its controlling stake in the clearer. The deal was viewed as central to the LSE’s efforts to diversify and capitalise upon new regulatory rules although many OTC markets participants have concerns that they may be forced to incur higher costs when executing and clearing their transactions at the same venue.
LCH is the world’s largest clearing house for interest rate swaps, which makes up the majority of all off-exchange trading.
Commenting on the appointment, Daniel Maguire, CEO of LCH Group, said: “I am delighted to confirm John’s appointment as LCH Group’s new Chief Operating Officer. As LCH North America Head, John has played a pivotal role in enhancing relationships with our expanding US-customer base. In his new role, he will oversee the execution of our strategy including driving operational efficiency programmes as we continue to grow the Group’s global business.”