LCH, a group of leading multi-asset clearinghouses and provider of risk management capabilities across a wide range of asset classes, has announced its latest senior move, with Michael Davie rejoining the group as its newest Head of SwapClear and Global Head of Rates.
The move comes ahead of a key transition in the uncleared over-the-counter (OTC) market, which will be adjusting to the passage of MiFID II regulations in less than six months. Mr. Davie will be inserted into a new senior role at LCH to help explore growing opportunities in this shifting space.
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In his new role Mr. Davie will be reporting to the recently promoted Daniel Maguire, Group COO of LCH, as well as Martin Pluves, CEO LCH Ltd. He steps into the position with immediate effect. The prior promotion of Mr. Maguire facilitated the appointment, as Mr. Davie takes over his role. Paddy Boyle is slated to continue her role as Global Head of ForexClear.
Mr. Davie’s appointment will also see him oversee the launch and development of future extensions of LCH SwapAgent. Additionally, Mr. Davie’s mandate will see him foster innovation and capital optimization via LCH’s suite of compression services. He will also be a key player in the delivery of the next phase of LCH’s portfolio margining services, which could see a rollout of new services in the near future.
Mr. Davie is re-joining LCH after having worked for the group previously for over five years. He held the roles of CEO of SwapClear between 2010 and 2014, and CEO of LCH.Clearnet, with an additional stint as the Chief Operating Officer of the same group until 2015. More recently, he also worked as the Head of Rate Services at London Stock Exchange Group, according to information made public on his Linkedin profile.
According to Daniel Maguire, COO, LCH Group, in a statement on the appointment of Mr. Davie: “I am delighted to welcome Michael back to LCH as Global Head of Rates. Michael has a proven track record of leading the SwapClear business through a period of outstanding growth. As such, he is well placed to lead LCH’s rates business through its continued expansion, including our move into the uncleared bilteral market through LCH SwapAgent.”